Today ConAgra Foods (NYSE: CAG), one of the world's largest packaged food companies, reported record first quarter sales and earnings for the period ending August 26, 2001. First quarter earnings were $.36 per diluted share, representing 44% growth over earnings of $.25 per diluted share in the first quarter of fiscal 2001. Sales increased 8% to reach $7.6 billion and operating profit improved 20% to $528 million. The company's overall performance reflects strong food volume growth, a larger portfolio of value-added products due to the acquisition of several food brands late in the first quarter of fiscal 2001, and more favorable market conditions for some business units.