Food Business News - September 27, 2011 - (Page 1)

September 27, 2011 FOODBUSINESS NEWS NEWS, MARKETS AND ANALYSIS FOR THE FOOD PROCESSING INDUSTRY ConAgra profit falls 42% in first quarter OMAHA — Wheat market dynamics and inflation in the company’s Consumer Foods segment bogged down quarterly earnings at ConAgra Foods, Inc. Net income in the first quarter ended Aug. 28 was $85.3 million, equal to 21c per share on the common stock, down 42% from $146.4 million, or 33c per share, in the same period last year. Sales for the quarter were $3,072 million, up 10% from $2,804.3 million during the same quarter of the previous year. “Despite a very challenging environment and high inflation, we delivered accelerating price/mix contribution and Continued on Page 19 Story on Page 24 INSIDE Yogu Yogurt’s Greek revival hen yogurt first reached mainstream U.S. consumers in the late 1960s it was a basic product with simple flavors. It was thin, sour and promoted as being healthy. When imported Greek yogurt first reached mainstream U.S. consumers around six to eight years ago, its introduction followed a similar pattern; it was considered thick, sour, sometimes chalky, and also marketed as healthy. It is known what happened to the Continued on Page 38 W Rising poverty rate and declining median income may shift eating patterns WASHINGTON — More than 46 million Americans, roughly one in six persons in the United States, lived in poverty in 2010, according to the U.S. Census Bureau in a report issued Sept. 13. The bureau indicated 2010 was the third consecutive year in which the poverty rate for Americans rose. The news came as no surprise to those running food banks across the country who have seen a sharp increase in the number of people seeking assistance. Also, many Americans who haven’t had to turn to food banks but have seen their incomes under pressure or even decline have sought to make their dollars stretch at the grocery store, which has led to some adjustments in consumer dietary patterns, according to a respected analyst of consumer trends. The Census Bureau indicated that more Americans lived in poverty in 2010 than in any other year since the agency began tracking poverty rates in 1959. The percentage of the population living in poverty in 2010, at 15.1%, was the highest since 1993. The percentage of the nation’s children living in poverty was 22%, also the highest since 1993. By the Census Bureau’s latest measure, the poverty thresholds last year were an income of $11,139 for one person and $22,314 for a family of four. Median household income in the United States in 2010 was $49,445, down 2.3% Continued on Page 28

Table of Contents for the Digital Edition of Food Business News - September 27, 2011

Food Business News - September 27, 2011