US food group ConAgra has booked an increase in full-year profits, despite what it describes as challenging economic conditions.

For the 12 months to the end of May, profits rose by 13.2% to US$818.8m. Operating profits climbed by 11.8% to reach $830.3m, the company reported today (23 June).

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Sales in the period amounted to $12.30bn, a 2.4% increase on the prior-year.

For the fourth quarter, profits soared 183.4% to $255.6m, while operating profits increased 46.7% to $494.6m. Sales edged up 5.3% to $3.21bn.

“Overall marketplace and economic conditions remain challenging, as our consumer foods segment incurred 9% cost inflation this quarter,” said ConAgra’s CEO, Gary Rodkin.

He added that “high input costs and difficult economic conditions are expected to continue to create challenges in fiscal 2012”.

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Despite this, Rodkin said the company remains committed to its long-term EPS growth goal of 6% to 8% annually.

Click here to view the full earnings release and check back later for further insight into ConAgra’s full-year results.

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