The company reported a loss of $31.7 million for the period ended Feb. 26

ConAgra Foods Inc. said it plans to sell a large chunk of its refrigerated-meats business, which has annual sales of about $1.9 billion

CONAGRA FOODS ANNOUNCES STRATEGY FOR STRENGTHENING LONG TERM OPERATING PERFORMANCE; STREAMLINED PORTFOLIO, INCREASED MARKETING ON KEY BRANDS, AGGRESSIVE COST PROGRAMS AND LOWER DIVIDEND SHAPE NEW FINANCIAL PROFILE