It’s a tough time to be a packaged food company. Yesterday, General Mills reported disappointing earnings. Conagra — maker of Chef Boyardee and Reddi-wip — reports tomorrow. On one side, American shoppers are increasingly skeptical of processed food. That means once-iconic products aren’t selling as well as they used to. On another, Wall Street keeps pressing for higher profits and cost-cutting, which makes it harder to invest in developing new products.
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