ConAgra Foods

(ConAgra Foods)

ConAgra Foods to Exit Private Label Business

Features Reuters

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)