CAMDEN, N.J. (

TheStreet

) --

Campbell Soup

(CPB) - Get Report

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.

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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