ST. LOUIS – What has happened to the value consumer? A day after TreeHouse Foods, Inc., said its quarterly performance was negatively impacted by value consumers trading up from private label to branded products, Post Holdings, Inc., repeated the point and added the company’s value brands are being impacted as well.

“I almost thought about stealing the chart that — the slide that TreeHouse had about the discretionary blip and the impact on the value segment because I thought that was fairly illustrative of what we are seeing,” said Robert V. Vitale, president and chief executive officer of Post Holdings, Inc., during an Aug. 6 conference call to discuss third-quarter results. “I think there are some channel issues. I think there are some consumer issues, but they feel transitory. And I always hate to use the word feel, but that’s the best I’ve got right now.”

Mr. Vitale attributed weakness in the market for value…

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