by FoodBizDaily.com staff writer
November 23 2009 - Campbell reported its fiscal 2010 first-quarter results today. The reports highlights solid earnings performance in all segments, significant grow margins driven by productivity growth and a 14% increase in earnings per share.
Douglas R. Conant, Campbell’s President and Chief Executive Officer, said, “We feel good about our performance in the first quarter as we delivered solid earnings growth across all of our key businesses. We’re especially pleased with the significant improvement in our gross margin, driven by increased productivity in our supply chain. Our U.S. Soup business faced difficult top-line comparisons with last year’s first quarter when sales increased 12 percent. In this year’s first quarter, we built momentum in the latter part of the quarter when, as planned, we significantly stepped up our marketing and merchandising programs. Looking ahead, we’re optimistic about our U.S. Soup business, led by the renovated ‘Campbell’s Chunky’ line, innovations in our condensed portfolio and our ‘Swanson’ broth business.”
Conant concluded, “While it is early in the fiscal year, we’re raising our guidance based on our results in the quarter and our outlook for the remainder of the year, including currency.”
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Campbell Soup Company
Address: One Campbell Place Camden, NJ 08103 USA
Telephone: +1-856-3424800
Fax: +1-856-3423878
About Campbell Soup Company
Campbell Soup Company (Campbell) is a global manufacturer and marketer of food products. The segments of the Company are U.S. Soup, Sauces and Beverages; Baking and Snacking; International Soup, Sauces and Beverages, and North America Foodservice. On March 18, 2008 the Company divested its Godiva Chocolatier business. On May 12, 2008, the Company divested certain Australian salty snack food brands and assets. In July 2008, Campbell acquired the Wolfgang Puck soup business from Country Gourmet Foods. In September 2008, Campbell announced that it has completed the sale of its Generale Condimentaire (GECO) business to Lesieur, a company indirectly held by Sofiproteol, the financial arm of the French oilseed producer. In May 2009, Campbell completed the acquisition of artisan bread maker, Ecce Panis of East Brunswick, N.J.
Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals, including soup, baked snacks, and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s,” and “V8.” For more information on the company, visit Campbell’s website at www.campbellsoup.com.