Consumer stocks are now as risky as they've ever been. Unemployment's historically high, consumers are spooked, and subpar earnings abound, as companies pay the price for lost competitive advantage or fiscal irresponsibility. But tough times can offer investors the best chance to buy stocks.

Even if stock prices are low, investors still need to be careful. Many companies simply won't survive the recession. And even if you love an investment, it's always Foolish to play devil's advocate, probing for its potential weak spots. To keep you and your portfolio ready for anything, I've highlighted two reasons to loathe packaged-foods producer ConAgra (NYSE: CAG).

Subpar profitability
Last week, I lavished love on ConAgralike so much salt and butter on a bowlful of Orville Redenbacher. This time around, I'm doing my best to skewer the maker of brands such as Chef Boyardee, Marie Callender's, and Slim Jim.

Whether it's a high-flying tech name, an oil-patch player, or a mundane consumer-staples company, a good investment comes down to corporate profit. Now, food staples may seem like a straightforward business, but there's plenty of room for operating profit to fluctuate among competitors, in everything from R&D and marketing expense to input costs, inventory management, and plant efficiency.

In the table below, I've highlighted how ConAgra stacks up against peers on operating margin, a measure of core business profitability that excludes losses or gains associated with interest, taxes, and extraneous items:

Company

Market Cap

Dividend Yield

Operating Margin

Price-to-Sales Ratio

ConAgra

$9.2 B

3.7%

9.3%

0.70

H.J. Heinz (NYSE: HNZ)

$11.9 B

4.4%

14.8%

1.12

Kraft (NYSE: KFT)

$41.5 B

4.1%

12.6%

1.01

General Mills (NYSE: GIS)

$19.0 B Continued...