Audio – Pricing power key for ConAgra
If ConAgra Foods Inc is planning on making its numbers for the rest of this fiscal year, it’s going to have to do it by passing on cost increases to its customes.
ConAgra makes a slew of products — everything from Chef Boyardee prepared foods to Jiffy Pop popcorn to Pam cooking spray — and most of the stuff that goes into the products they make cost more now than they did a year ago.
Gary Rodkin, chief executive of Conagra, said at the Reuters Food Summit on Monday that the company has been successful in passing on higher prices for oil, corn and milk to its customers.
If ConAgra wants to continue to make its numbers, Rodkin said more price hikes would be coming.
Rodkin was one of the featured speakers at this year’s summit, held this week in Reuters Chicago offices.