US: ConAgra books drop in sales and earnings
- ConAgra confident of 2011 performance
- Profits drop 30.2%
- Sales slide 5%
ConAgra sales slide 5%
US food giant ConAgra Foods said it remains “confident” of its performance, despite booking a drop in sales and earnings in the fourth quarter.
For the three-months ended 30 May, net income dropped 30.2% to US$175.2m, while operating profit dropped 19.3% to $337.8m.
Sales slid to $3.06bn, a 5% drop on the comparable period of 2009.
ConAgra said the decline was expected, principally due to the extra week in the year-ago period and challenges for the Lamb Weston operations.
Despite this, Gary Rodkin, ConAgra Foods’ CEO said: “We are pleased with our fiscal year…We grew year-over-year unit and dollar market share in our consumer foods segment, reflecting successful sales, innovation, and marketing initiatives.
“This top-line progress, coupled with cost savings initiatives, allowed us to generate strong earnings, invest for the future, and more than offset challenges affecting our Commercial Foods segment. We are confident that fiscal 2011 will continue to demonstrate our company’s earnings power and ability to generate strong cash flows,” he added.
However, net income in the full-year increased 18.9% to $1.1bn, while sales dropped 2.8% to $12.1m.
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