ConAgra sales fall short, profit tops forecasts

ConAgra Foods Inc (CAG.N) posted weaker quarterly sales though its profit beat expectations, raising concerns about the strength of its brands as consumers turn more to private-label products.

Shares of the maker of Banquet frozen dinners and Hebrew National hot dogs fell more than 3 percent.

ConAgra, which sold off units like a commodity trading business to focus more on branded consumer foods, saw profit in its consumer foods unit jump 34 percent.But sales in that unit were up only 1 percent.