ConAgra Quarterly Profit Declines

ConAgra Foods has posted a 28% fall in fourth-quarter profit due to a decline in sales in the commercial foods division, the company said.

Profit from continuing operations fell to $123m, or 27 cents a share, ConAgra said.

The company’s sales also fell 4% to $3.6bn due to a drop in its ingredient manufacturing business.

The division’s operating profit plunged 26% and the consumer foods unit, which makes packaged and frozen meals and contributes two-thirds of total sales, reported a 15% drop in operating profit.

For the quarter that ended 30 May, ConAgra’s net income was $90.6m, or 20 cents a share, compared to $174.7m, or 39 cents a share, a year earlier.