Mark Clouse calls company at an “inflection point” but feels confident in positioning.

Shoppers still steering more dollars toward food, US CEO says.

Sales, volume and earnings all decline in the second quarter.

CEO says consumer adjustment to higher prices will take time.

Sales increased 4.6% in the first quarter behind private label momentum.

Improvements were made across business units with the exception of JBS Beef North America.

Comparable-store sales in North America dip 1.8% in the first quarter.

The news follows the company’s weak first-half financial performance.

Volume of product sold during the first quarter fell 16%.

Net income climbs 20% in the first quarter.