US-based food company Campbell Soup has reported that its net earnings decreased by 7.5% to $245m or $0.78 per share for the first quarter of 2013, compared to $265m or $0.82 per share for the corresponding period in the previous year.
For the period ended 28 October 2012, the company's posted 8% increase in net sales to $2.3bn, compared to $2.1bn for the same period in 2012.
The company attributed the increase in sales during the period to the following facors - the acquisition of Bolthouse Farms, price and sales allowances, increased promotional spending and currency.
For the fiscal 2013, Campbell expects the sales to increase between 10 and 12%, adjusted EBIT (earnings before interest and taxes) between 4 and 6% and adjusted EPS (earnings per share) to be between $2.51 and $2.57.
Campbell's brand portfolio includes Condensed Soups, Chunky Soups, Select Harvest Soups, Pace Foods, Pepperidge Farm, Prego, Homepride and Arnott's Biscuits Holdings.
