Packaged food company ConAgra Foods Inc has reported a sharp rise in income for the first quarter ended 28 August 2005, reflecting a large gain on its sale of a stake in Pilgrim’s Pride.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Net income for the period was $352.1m, compared with $134.7m in the same period last year. Sales rose to $3.363bn, compared with $3.383bn last year.
The company’s figures include a $329.4m gain on the Pilgrim’s Pride sale.
“Operating profitability for fiscal 2006 is off to a good start,” said Bruce Rohde, chairman and chief executive officer of ConAgra Foods. “We are executing better in key areas of our business, and we are also encouraged by the fact that input cost inflation trends for some items are moderating following the significant cost increases we experienced in recent quarters.”
In the company’s retail products sector, sales and volume decreases reflect a combination of the effect of price increases, customer and product mix changes, continued challenges for some packaged meats products, and to a lesser extent, a rigorous SKU (stock keeping unit) reduction program, the company said. Sales of foodservice products were roughly equal to last year, while food ingredients sales rose.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
