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U.S. Nielsen Data for packaged foods revealed a 5.5 percent decline in February sales, representing the second consecutive month of lackluster volumes. The results follow a 1.9 percent decline reported last quarter. Bernstein’s Alexia Howard mentioned the top expectations among packaged food companies.
Key Takeaways
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While saying that companies did not have firm answers for why sales were down, Howard mentioned key takeaways:
- The delay in processing of tax returns by some people had resulted in lower purchases of bulk items. “[W]e doubt this is the reason as people on certain supplemental income payments won’t be buying branded foods anyway,” the analyst pointed out.
- Advertising was less effective, with people spending more time watching CNN and Fox, rather than the food network or other typical sites.
- Concerns surrounding the political climate had resulted in people being more cautious in their purchases. Howard commented that this would be “a positive for food at home” with people spending less on eating out, so “we're having a hard time buying that too.”
- A year-over-year decline in promotional spending “which could lead retailers to fill in the gaps by promoting their own private label products (although again, this seems unlikely with retailers asking for more promotional spending),” the analyst added.
Ratings And Price Targets
- Kraft Heinz Co (NASDAQ:KHC) — Rated: Outperform, PT at $110
- Conagra Brands Inc (NYSE:CAG) — Rated: Market Perform, PT at $36
- Hershey Co (NYSE:HSY) — Rated: Market Perform, PT at $110
- Campbell Soup Company (NYSE:CPB) — Rated: Market Perform, PT at $61
Related Link: Craving Packaged Food Stocks For 2017? RBC Serves Up 4 Buy-Rated Names
Related Link: Do Avian Flu Scares Impact Chicken Stocks?
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.