Conagra Brands, Inc. (NYSE:CAG) Q4 2023 Earnings Call Transcript

The behavior shift I referenced, are a bit of a different animal. It’s not a consumer response to a particular brand’s pricing action rather it is a set of coping tactics more broadly to the overall higher cost environment. These tactics include things like just buying less for a period of time, the stuff I talked about there. So, you may look at that and say, well, the net of them both is that volumes are lower, that’s true. But if you really want to get into analytically what consumers are judging the value of a specific brand and product, you got to get into the more granular analytics whole science. And if you want to understand just the more macro consumer attitude and how they are coping with the cumulative effect of higher prices, that is you are going to get to different conclusions.

Matt Smith: Okay. Thanks for that detail. Appreciate it. I will pass on.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Melissa Napier for any closing remarks.

Melissa Napier: Thank you for joining us this morning. Investor Relations is happy to address any follow-up questions that you may have. And we hope everyone has a wonderful day.

Operator: The conference has now concluded. Thank you very much for attending today’s presentation. You may now disconnect your lines.