The consumer foods segment posted sales of $1.9 billion and operating profit of $187 million for the quarter and declined 6 percent on a comparable basis from last year. The segment’s comparable sales growth was 9 percent, most of which was due to net price increases.
During the quarter, sales for the commercial foods segment were reportedly $1.2 billion, 32 percent ahead of last year, as all major operations posted sales growth.
Gary Rodkin, ConAgra Foods' chief executive officer, commented, "We are pleased with the overall sales results in the Consumer Foods segment, the continued profit growth in Commercial Foods, and progress with overall supply chain and SG&A costs. We are disappointed that Consumer Foods posted a decline in comparable operating profit; however, we have already implemented actions that should generate stronger profits for the Consumer Foods business, particularly in the second half of the fiscal year."
Source: ConAgra Foods Inc.