ConAgra Foods Inc, the maker of Slim Jim beef jerky and Chef Boyardee pasta, said it would exit its struggling private label foods business and reported a 3.7 percent rise in quarterly sales.
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ConAgra's move to exit the private label foods business comes two years after its $5-billion acquisition of Ralcorp, which made it the biggest U.S. maker of foods sold under supermarket brands.
Net profit attributable to ConAgra was $209.2 million, or 48 cents a share, in the fourth quarter ended May 31. ConAgra lost $324.2 million, or 77 cents a share a year earlier. Net sales rose to $4.1 billion from $3.96 billion. (Reporting by Sruthi Ramakrishnan in Bengaluru and Anjali Athavaley in New York; Editing by Savio D'Souza)