Campbell Soup Profit Up on Ready-to-Serve
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Campbell Soup Co. said fiscal fourth-quarter profit rose 35% as U.S. shoppers bought more ready-to-serve soups.
Net income in the period ended Aug. 3 increased to $74 million, or 18 cents a share, from $55 million, or 13 cents, a year earlier, the Camden, N.J.-based company said. Campbell said first-quarter earnings would rise to as much as 50 cents a share, a penny less than analysts’ average estimate, according to Thomson First Call.
Chief Executive Douglas Conant is spending more on marketing and has introduced new products and packaging to try to regain sales from General Mills Inc.’s Progresso business.
Sales climbed 19% to $1.46 billion, boosted by an extra week in the quarter, higher prices and the weaker U.S. dollar against the euro and Canadian dollar. The increase was the biggest in at least 12 years.
Campbell shares rose 29 cents to $26.56 on the New York Stock Exchange.
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