ConAgra Foods emphasised the “significant progress” of its consumer foods business as it delivered a 5.1% jump in full-year net income today (25 June).
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Net income for the 52 weeks ended 31 May totalled US$978m, up from $930m last year.
Net sales rose 10.1% to $2.73bn, up from $11.56bn.
Gains in consumer foods – which accounted for 63% of sales in fiscal 2009 – were driven by volume growth and pricing mix, the company said.
Innovation, marketing and “other transformational improvements” in ConAgra’s frozen foods business produced double-digit sales growth among major frozen brands such as Healthy Choice, Marie Callender’s, and Banquet.
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By GlobalDataOther brands, including Alexia, Hebrew National, Hunt’s, Orville Redenbacher’s, Peter Pan, Reddi-wip, and Snack Pack, also posted double-digit sales growth, the company added.
“Consumer foods made significant progress in the second half of the year, and I am pleased with the momentum that is building,” CEO Gary Rodkin said.
“Commercial foods continues to deliver good results and to navigate the challenges of its markets very well. The overall health of our business is very good,” he added.
