Gross profit as a percentage of profit fell 270 bps Y/Y to 28.3%.
"We expect to improve sales growth trends in the second half of the fiscal year as we begin to lap the pricing and trade actions we undertook last year," says CEO Sean Connolly.
ConAgra guides for FY17 EPS of $1.65-$1.70 vs. $1.68 consensus. Sales are seen falling 4% to 5% for the full year.
Previously: ConAgra Brands beats by $0.04, misses on revenue (Dec. 22)
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