Campbell Soup Earnings Fall 8%
Campbell Soup said fiscal first-quarter earnings fell 8% and sales fell 1% on increased promotional spending.
CAMDEN, N.J. (
) --
Campbell Soup
(CPB)
said fiscal first-quarter earnings fell 8% and sales fell 1% on increased promotional spending.
Net earnings for the quarter were $279 million, or 82 cents a share, compared with $304 million, or 87 cents a share, a year earlier.
Sales fell to $2.172 billion.
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Analysts were expecting earnings of 83 cents a share on sales of $2.2 billion.
Campbell Soup said U.S. soup sales fell 5% in the quarter, while U.S. beverage sales jumped 10%.
The company reiterated its 2011 guidance.
-- Written by Joseph Woelfel
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