Conagra Brands to Discontinue Celeste Frozen Pizza
Conagra Brands is retiring the Celeste frozen pizza brand after nearly 60 years. The decision aligns with the company's strategy to focus on faster-growing, more profitable businesses.
Conagra Brands has announced the discontinuation of its Celeste frozen pizza brand, ending a nearly 60-year run for the once-popular freezer staple. The move is part of the company's strategy to divest underperforming assets and reallocate resources to higher-growth areas.
The Celeste brand originated in Chicago in 1962 when founders Celeste and Anthony Lizio began producing frozen pizzas and Italian foods for local restaurants. Quaker Oats acquired the brand in 1969, launching it nationwide with its iconic smiling face featured on packaging and advertising.
Company executives stated that the decision to exit the Celeste business is aimed at streamlining operations and concentrating on brands with greater scale and growth potential. This move is expected to improve the company's overall profit margins.
During a recent earnings call, Conagra CEO John Brase noted that while the exit created a slight headwind to first-quarter sales, it is anticipated to be accretive to margins going forward. Conagra Brands reaffirmed its fiscal year 2027 earnings forecast of $1.40 to $1.50 per share.