At a time when most companies are withdrawing guidance because of the economic devastation wrought by the COVID-19 pandemic, Conagra (NYSE:CAG) filed a Current Report with the SEC today stating that it's officially reaffirming its guidance for fiscal year 2020. The company also added some more information about its situation to supplement the data supplied in its March 31 filing and support its unchanged outlook.
The run on supermarkets, which has seen people buying up large amounts of food and other household items in an effort to stock up for quarantine during the coronavirus pandemic, has given Conagra impressive sales boosts in recent days. According to the SEC filing, Conagra's retail sales for the week ending March 29 shot up 30.9%.
Snacks, which have seen purchases rise as people buy up comfort foods during COVID-19, beat previous year sales by 11.4%. Even more popular, frozen foods saw a 17.5% jump in purchases year over year for the last week of March. The most impressive gains, however, came in "staples foods," with sales soaring 55.3% year over year.
Based on these figures, Conagra's confirmation of its previously issued guidance looks to be well founded. The food company's senior executives are also meeting with selected investors today to talk about its dramatically growing retail sales and other matters related to its business and financial situation. Conagra's workforce has been pushing ahead despite the coronavirus to help keep the American food supply chain operating and get needed supplies onto grocery shelves, an effort the enterprise has recognized by giving cash bonuses to both its part-time and full-time workers.