NEW YORK (TheStreet) -- When it rains, it pours. Unfortunately for ConAgra (CAG) shareholders, there is no shelter for a stock that has been in a perpetual decline, losing close to 20% over the past month.While it hasn't been a "nutritious" year for the overall packaged food industry, ConAgra hasn't been able to stop the bleeding -- unlike Kraft ( KRFT) and Kellogg ( K), which have also faced headwinds due to weak volumes. For all of the criticism I've unleashed towards this company this year, ConAgra's managemen has produced nothing but dismal growth and eroding margins and has yet to prove me wrong. Now, after the company issued worse-than-expected guidance last week following another disastrous quarter, investors who insist on holding this stock might as well starve themselves.
Let me remind you that even with the 27% growth, the company still missed Street estimates. Plus, it's not just the Consumer business that is struggling. ConAgra's Commercial foods segment shed 0.4% in revenue, with a 7% decline in profits. I won't deny that management is making some progress with synergizing Ralcorp. It just doesn't seem that management is able to produce any organic growth, which measures a company's operational performance and excluding events like acquisitions. I'm not suggesting investors should completely dismiss ConAgra's absolute performance. But given how quickly this sector is known to consolidate, it's not enough to look at a single revenue number -- in this case, 27% growth -- and believe that it's digestible. With CEO Gary Rodkin making statements like, "We are revising our merchandising and promotion plans to improve our volume," it is clear that there is still a lot of work to be done. Follow @saintssense This article was written by an independent contributor, separate from TheStreet's regular news coverage.