Conagra (NYSE: CAG) is a large food maker that has to deal with the everyday ups and downs in consumer buying habits. It is doing that today, noting that there are some unique lingering effects from the coronavirus pandemic. However, the really important goal for 2024 is likely to be found on the company's balance sheet, where debt reduction is a key focus.

Conagra's sales ebb and flow over time. Right now things are ebbing, but it is a bit of an unusual situation.

During the company's fiscal first quarter 2024 earnings call, CEO Sean Connolly noted that, "...over the summer was, it was this paradoxical combination of selective splurging and broad-based belt tightening." Basically, costumes were looking to spend on things like travel and in order to do that they needed to save elsewhere. Food was one area that felt the pinch, as consumers stretched their budgets.

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Source Fool.com