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Camden’s Campbell Soup: Sales, Profits Dip

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Campbell's Logo (credit: AP)

Campbell’s Logo (credit: AP)

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CAMDEN, N.J. (CBSNewYork/AP) — The Campbell Soup Co.’s fiscal second-quarter income fell 8 percent as soup sales slipped. The company also cut its outlook for the rest of fiscal 2011.

Campbell said it now expects sales to be essentially flat — between a 1 percent decline and 1 percent growth, and earnings per share to fall by 1 to 3 percent.

The second-quarter result matched Wall Street expectations.

The Camden, N.J., maker of soup, Pace and Prego sauces and other foods earned $239 million, or 71 cents per share, for the period ended Jan 30. That’s down from $259 million, or 74 cents per share, a year earlier.

Revenue dropped 1 percent to $2.13 billion.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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