June 29, 2017 / 11:40 AM / 25 days ago

Conagra Brands quarterly profit jumps 29 pct

1 Min Read

June 29 (Reuters) - Chef Boyardee pasta maker Conagra Brands Inc reported a 29 percent rise in quarterly profit as it cut back on promotions and jettisoned unprofitable products.

The company also announced a $1 billion share buyback plan.

Net income attributable to the company rose to $151.3 million, or 36 cents per share, in the fourth quarter ended May 28, from $117.6 million, or 27 cents per share, a year earlier.

Net sales fell 9.3 percent to $1.86 billion. (Reporting by Sruthi Ramakrishnan in Bengaluru, Editing by Anil D'Silva)

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