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ConAgra posts lower-than-expected quarterly sales
December 22, 2016 / 12:35 PM / a year ago

ConAgra posts lower-than-expected quarterly sales

Dec 22 (Reuters) - ConAgra Brands Inc, the maker of Chef Boyardee pasta and Hunt’s ketchup, reported lower-than-expected quarterly sales, hurt by a strong dollar and as it discontinued sales of less-profitable products.

The company posted quarterly results for the first time since spinning off its Lamb Weston frozen potato business in November to become a branded-foods only company.

Net income attributable to ConAgra fell to $122.1 million, or 28 cents per share, in the second quarter ended Nov. 27, from $154.9 million, or 35 cents per share, a year earlier.

Net sales fell to $2.09 billion from $2.36 billion a year earlier, below the average analyst estimate of $2.11 billion, according to Thomson Reuters I/B/E/S. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Martina D‘Couto)

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