Company: CAG
Filing Date: 2025-03-26
Form Type: CORRESP
Source: 0000023217-25-000006
Chunk: 1

Company: CONAGRA BRANDS INC.
Filing Date: 2025-03-26
Form: CORRESP
Chunk 1
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     |   |                                          16.8% |
| Year-over-year change - adjusted                                                                                                                                                                                        |     |   |                                           0.1% |
| 1  Includes advertising and promotion (A&P) expense of $69.3 million and $72.5 million for Q2 FY25 and Q2 FY24, respectively. A&P as a percentage of net sales was 2.2% and 2.3% for Q2 FY25 and Q2 FY24, respectively. |     |   |                                                |

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| 3. | We note your non-GAAP financial measures contain several reconciling adjustments.  Please revise your discussion in your Note on Non-GAAP Financial Measures to further describe the nature of each adjustment and the reasons why management believes the adjustment and information is useful to investors. Refer to the guidance in Item 10(e)(1)(i)(C) of Regulation S-K. |

Response: In response to the Staff’s comments, we will update our Note on Non-GAAP Financial Measures to further describe adjustments and the usefulness to investors in accordance with the guidance in future filings. Set forth below, for illustrative purposes only, is an example of the updated disclosure based on Exhibit 99.1 to the Form 8-K furnished on December 19, 2024 (bold, underscored language indicates new disclosure). Note on Non-GAAP Financial Measures This document includes certain non-GAAP financial measures, including adjusted EPS, organic net sales, adjusted gross profit, adjusted operating profit, adjusted SG&A, adjusted corporate expenses, adjusted gross margin, adjusted operating margin, adjusted effective tax rate, adjusted net income attributable to Conagra Brands, free cash flow, net debt, net leverage ratio, and adjusted EBITDA. Management considers GAAP financial measures as well as such non-GAAP financial information in its evaluation of the company's financial statements . We believethese non-GAAP financial measures provide useful supplemental information to investors to facilitate year-over-year comparisons by removing non-recurring items and other items impacting comparability such as the impacts of foreign exchange, divested businesses and acquisitions, as well as the impact of any 53 rd week, as noted in more detail for each measure below. We also believe the below financial measures are used by investors and analysts toassess the company's operating performance and financial position. These measures should be viewed in addition to, and not in lieu of, the company's diluted earnings per share, operating performance and financial measures as calculated in accordance with