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STORY: Shares of Conagra Brands rose as much as six percent Thursday morning, after the Slim Jim maker posted quarterly results that topped expectations.

Demand for its pantry staples and frozen food items recovered with more consumers looking to cook meals at home in the face of sticky inflation.

The company raised its annual adjusted operating margin forecast and said its cost-saving attempts were paying off.

Conagra has veered toward lowering prices in some categories such as its refrigerated and frozen foods segment and increasing promotions to appeal to budget-conscious consumers.

While sales have grown overall because of consistent price hikes, the number of products sold has fallen.

Easing supply chain concerns are expected to contribute to improvement in unit sales in the current quarter.

Analysts at Jefferies called the results positive despite an increase in spending on advertising and promotions.