The US food manufacturer recorded $2bn in non-cash impairment charges, driving a $1.92bn net loss for fiscal 2026.
Conagra Brands reported a $1.9bn annual loss after taking $2bn in non-cash goodwill and brand impairment charges. The charges, primarily tied to a decline in its share price and market capitalization, were split between its Grocery & Snacks ($215m) and Refrigerated & Frozen ($1.75bn) divisions.
The company posted a net loss of $1.92bn for the 53 weeks ending 31 May, compared to a $1.15bn profit the prior year. Net sales fell 2.9% to $11.28bn, while fourth-quarter sales rose 3.6% to $2.88bn, remaining flat on an organic basis.
Operating losses reached $1.63bn, down from a $1.36bn profit a year earlier. CEO John Brase, who assumed the role last month, cited near-term opportunities to stabilize margins and boost brand investment.