NEW YORK (

TheStreet

) --

Campbell Soup's

(CPB) - Get Report

first-quarter sales fell 1% to $2.16 billion because of a decrease in promotional spending and a drop in volume.

The food maker said sales of U.S. simple meals declined 3% from a year ago to $874 million, while U.S. soup sales were down 4%.

Campbell Soup's first-quarter earnings fell to $265 million from $279 million a year ago.

Campbell Soup's per-share earnings of 82 cents a share topped analysts' estimates of 79 cents.

The company confirmed 2012 fiscal-year guidance of net sales growth flat to up 2%.

-- Written by Alexandra Zendrian

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