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ConAgra cuts profit forecast on weak private label sales
date:Feb 12, 2014
ConAgra Foods Inc cut its full-year profit forecast for the second time, blaming weak sales in its private-label business and a steeper-than-expected fall in sales of its own brands such as Chef Boyardee pastas.

The company's shares fell 8 percent on Tuesday to their lowest in more than a year.

ConAgra became the top U.S. producer of private-label foods when it bought Ralcorp for $5 billion in January last year as recession-hit shoppers grew accustomed to cheaper store-branded products.

ConAg

12/24 11:05