USA: ConAgra Foods comments on near term trends, outlook for fiscal 2002
ConAgra Foods (NYSE: CAG), one of America's leading branded food companies, Friday (22 June) commented on the near-term outlook for its business. The company expects results for fiscal 2002 to be substantially more profitable than fiscal 2001, which ended May 27, 2001. Bruce Rohde, chairman and chief executive officer, commented, "Fiscal 2001 was impacted by a variety of factors, as our company, our customers and our consumers were all affected by a softening economy and higher energy costs. In addition, we've seen customers in our industry aggressively reducing inventory balances, so shipments, sales, and profits were lower than would be suggested by improved consumer purchases of our products.
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