Conagra Brands has run up an annual loss of $1.9bn on the back of impairment charges.
The US manufacturer said the $2bn non-cash goodwill and brand impairment charges, recorded in its fourth quarter, were mainly due to a "sustained decline" in its share price and market cap.
The charges were recorded against two Conagra divisions: $215m for Grocery & Snacks and $1.75bn for Refrigerated & Frozen.
The charge meant the Hunt's ketchup maker posted a net loss attributable to the company of $1.92bn for the 53 weeks to 31 May. The year before, it generated a net profit of $1.15bn.
Over the year as a whole, Conagra booked more than $2.9bn in goodwill and other intangible ******* et impairment charges.
The US manufacturer said the $2bn non-cash goodwill and brand impairment charges, recorded in its fourth quarter, were mainly due to a "sustained decline" in its share price and market cap.
The charges were recorded against two Conagra divisions: $215m for Grocery & Snacks and $1.75bn for Refrigerated & Frozen.
The charge meant the Hunt's ketchup maker posted a net loss attributable to the company of $1.92bn for the 53 weeks to 31 May. The year before, it generated a net profit of $1.15bn.
Over the year as a whole, Conagra booked more than $2.9bn in goodwill and other intangible ******* et impairment charges.
21 days ago
