EXHIBIT 99.1
                                                           FOR IMMEDIATE RELEASE

       CONAGRA FOODS REITERATES PROFIT GROWTH FOR FISCAL 2003;

       COMMENTS ON CONCENTRATION OF EARNINGS IN SECOND HALF

       OMAHA, Neb., March 13, 2003--Today ConAgra Foods (NYSE: CAG) reiterated
       that it continues to expect solid earnings growth in fiscal 2003, which
       ends May 25, 2003. The company offered details on fiscal 2003 second-half
       earnings expectations resulting from segment trends, as well as the
       typical concentration of earnings across fiscal quarters.

     o    During the second half of fiscal  2003,  the  company  expects to earn
          approximately  $.70-$.73 per diluted share,  resulting in total annual
          EPS of approximately $1.57-$1.60 per diluted share. The expected range
          of  $1.57-$1.60  per diluted share updates and clarifies the company's
          initial  projection of diluted EPS of approximately  $1.60,  which was
          established at the beginning of the fiscal year.

          >>   While it is not usually the  company's  policy to offer  specific
               earnings guidance, the company provided a fiscal 2003 diluted EPS
               target  range at the  beginning of the fiscal year to reflect the
               projected magnitude of the recently-completed  divestiture of the
               fresh  beef  and  pork  business  as  well as the  impact  of the
               required  adoption of SFAS 142.  The fiscal  2003 EPS  projection
               includes  $.03  of  expenses  incurred  in  connection  with  the
               divestiture of the fresh beef and pork business.

       Segment Profit Trends. Packaged Foods and Ag Products segments continue
       to show improvement due to profit-enhancing initiatives underway. The
       outlook for the company's Meat Processing (chicken operations) and Food
       Ingredients segments continues to show weak market dynamics and lower
       volumes.

       Concentration of Second Half Earnings. Second-half earnings are expected
       to be concentrated in the fiscal fourth quarter and not in the fiscal
       third quarter, reflecting segment trends as well as typical concentration
       of the company's earnings across quarters during the fiscal year. Due to
       the markets in which the company competes as well as historical
       fluctuations in customer purchasing patterns, the company's fiscal fourth
       quarter has usually been more significant in terms of earnings as
       compared to the fiscal third quarter.

     o    Fiscal  third   quarter   reported   earnings  are   projected  to  be
          approximately $.30 per diluted share.

     o    The company projects overall fourth quarter results of $.40 - $.43 per
          diluted share,  resulting in  second-half  earnings of $.70 - $.73 per
          diluted  share.  Packaged Foods is expected to generate more profit in
          the  fiscal  fourth  quarter  than in the  fiscal  third  quarter.  In
          addition,  Ag Products is gradually  realizing profit improvement from
          the initiatives implemented last fiscal year. Due to the timing of the
          impact  of  those   initiatives,   Ag  Products   profits   will  more
          significantly improve its comparative results in the fourth quarter of
          the fiscal year rather than in the third quarter.

       Third quarter results will be released Thursday, March 27, 2003, for the
       period ended February 23, 2003. Details regarding the earnings release
       will be available on March 20. The company's fiscal year ends May 25,
       2003.

       ConAgra Foods, Inc. (NYSE: CAG) is one of North America's largest
       packaged food companies, serving consumer grocery as well as restaurant
       and foodservice establishments. Popular ConAgra Foods consumer brands
       include: Hunt's, Healthy Choice, Banquet, Armour, Bumble Bee, Louis Kemp,
       La Choy, Lunch Makers, Knott's Berry Farm, Wesson, Country Pride, Blue
       Bonnet, Kid Cuisine, Parkay, Reddi-wip, Marie Callender's, Cook's,
       Butterball, ACT II, Slim Jim, Eckrich, Chef Boyardee, Orville
       Redenbacher's, PAM, Snack Pack, Van Camp's, Peter Pan, Hebrew National,
       Gulden's, Pemmican, Brown 'N Serve, Swiss Miss, and many others. For more
       information, please visit us at www.conagrafoods.com.

       Note on Forward-Looking Statements:
       This news release contains "forward-looking" statements within the
       Private Securities Litigation Reform Act of 1995. These statements are
       based on management's current expectations and are subject to uncertainty
       and changes in circumstances. Actual results may vary materially from the
       expectations contained in the forward-looking statements. Future economic
       circumstances, industry conditions, company performance and financial
       results, availability and prices of raw materials, product pricing,
       competitive environment and related market conditions, operating
       efficiencies, access to capital, actions of governments and regulatory
       factors affecting the company's businesses are examples of factors, among
       others, that could cause actual results to differ materially from those
       described in the company's reports filed with the Securities and Exchange
       Commission. The company is under no obligation to (and expressly
       disclaims any such obligation to) update or alter its forward-looking
       statements whether as a result of new information, future events, or
       otherwise.