3 Consumer Stocks to Buy at a Discount

High uncertainty may be affecting the stock market once again, but not every stock is under pressure. In fact, numerous stocks continue to hold onto the bulk of their recent gains.

Better yet, in the long term, as the underlying catalysts driving their strong performance play out, these stocks could continue to deliver strong gains. This makes them solid contenders for a long-term portfolio.

The following three consumer discretionary or consumer staples stocks come to mind: Conagra Brands (NYSE: CAG), Macy's (NYSE: M), and Signet Jewelers (NYSE: SIG).

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Conagra Brands has many potential paths to recovery

Admittedly, while Conagra Brands has rallied higher since the start of 2026, shares are still down by over 20% over the past 12 months. Blame this on the impact of inflation and changing consumer habits on demand for branded food products. Yet while macroeconomic factors may continue to negatively affect Conagra's business, management is addressing the issue.

For instance, in January Conagra launched "Project Catalyst," an AI-based initiative intended to help the company revamp its core business. Only time will tell whether "Project Catalyst" lives up to expectations.

However, catalysts such as the sale of underperforming brands and the purchasing of faster-growing brands are still on the table. Irrespective of whether AI, mergers and acquisitions, or some other catalyst sparks a rebound for Conagra, in the meantime, investors can collect the stock's high dividend. At current prices, shares have a forward yield of 7.6%.

There's more room to run for Macy's shares

Over the past six months, shares in department store operator Macy's have surged by nearly 75%. Thanks to cost-cutting, store closures, and a pivot toward selling to more affluent customers, the retailer's financials have improved substantially.

But it's not too late to capitalize on this turnaround stock. Even after its strong surge since late last year, Macy's continues to trade at a relatively low 12 times forward earnings. For comparison, other department store retailers, like Kohl's, are trading at nearly 20 times forward earnings.

That's not to say that Macy's is necessarily deserving of a 20x forward multiple. However, there may be some room for valuation expansion if it continues to exceed expectations. The recent bankruptcy of competitor Saks Global could help with this, as it shuts down many of its stores.

Based on future forecasts, Signet Jewelers is an even greater post-rally bargain

Shares in Signet, parent company of jewelry retailers such as Kay, Zales, and Jared, have surged 80% over the past year, largely thanks to successful changes implemented by CEO J.K. Symancyk.

By differentiating its retail brands and embracing lab-grown diamonds as a growth opportunity, Signet Jewelers has exceeded expectations in its most recent quarterly financial results. That said, analyst estimates call for earnings growth of just 4% for the just-completed fiscal year ending Jan. 31.

This low growth may explain Signet's still-low valuation of 8.5 times forward earnings. Even so, valuation expansion is just around the corner. For the current fiscal year, forecasts call for earnings growth of up to 19.7%. Such a growth resurgence could push Signet's valuation higher.

Thomas Niel has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.