Equally important to Cramer's thesis is ConAgra's recent acquisition of Ralcorp. The deal will transform ConAgra into the top U.S. producer of store-branded foods.
"Private label is one of these trends that cannot be denied—consumers love it because it's cheaper, and grocery stores love it because private label products actually carry higher margins for them. It's win-win."
When taken all together, Cramer thinks you have a recipe for gains.
Costs are down, brands (such as Swiss Miss and Chef Boyardee) generate stronger margins and private label is a big growth area.
"That plays perfectly into Conagra's hand," said Cramer
The latest numbers appear to support the thesis.
For the quarter ended Nov. 25, ConAgra earned $211.6 million, or 51 cents per share, up from $180.2 million, or 43 cents per share, in the same quarter last year. Excluding one-time items, the company said it posted an adjusted profit from continuing operations of 57 cents per share.
Revenue rose 9 percent to $3.74 billion from $3.43 billion.
Read More: ConAgra 2Q Profit Rises 17 Pct on Acquisitions