Chicago's food giants look to entice consumers back to legacy brands
<p>It’s been a tumultuous few years for the packaged food industry, particularly for Chicago-area companies. </p><p>Chicago-based Conagra Brands, known for Healthy Choice frozen meals and Slim Jim meat sticks, warned shareholders Wednesday that the company’s financials would get worse before it got better.</p><p>Conagara CEO John Brase, who stepped into his role in June, said during the earnings call that a lack of investment into its portfolio was a problem and that it was "too large and too complex for too long."</p><p>“None of these issues developed overnight, and none will be solved overnight,” Brase said.
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<p>It’s been a tumultuous few years for the packaged food industry, particularly for Chicago-area companies. </p><p>Chicago-based Conagra Brands, known for Healthy Choice frozen meals and Slim Jim meat sticks, warned shareholders Wednesday that the company’s financials would get worse before it got better.</p><p>Conagara CEO John Brase, who stepped into his role in June, said during the earnings call that a lack of investment into its portfolio was a problem and that it was "too large and too complex for too long."</p><p>“None of these issues developed overnight, and none will be solved overnight,” Brase said. “But they are solvable, and we're going to take bold, decisive actions to address them head-on.”</p><p>Conagra reported a net loss of $1.9 billion for the fiscal year ended May 31. Net sales for the fiscal year was $11.3 billion, a 2.9% year-over-year decline.</p><p>For the fourth quarter, it reported a net loss of $1.6 billion, compared to a profit of $256 million for the same period a year earlier.
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- <p>It’s been a tumultuous few years for the packaged food industry, particularly for Chicago-area companies. </p><p>Chicago-based Conagra Brands, known for Healthy Choice frozen meals and Slim Jim meat sticks, warned shareholders Wednesday that the company’s financials would get worse before it got better.</p><p>Conagara CEO John Brase, who stepped into his role in June, said during the earnings call that a lack of investment into its portfolio was a problem and that it was "too large and too complex for too long."</p><p>“None of these issues developed overnight, and none will be solved overnight,” Brase said.
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Chicago's food giants look to entice consumers back to legacy brands
Sources1TypeCoverageChicago Sun-Times