CAMDEN, N.J. (AP) ? Campbell Soup Co. says fiscal first-quarter net income fell 5 percent as price increases were not enough to offset lower volume in its soup and beverage businesses.
Still, net income results came in better than expected. Campbell says it is working to stabilize its U.S. soup business.
The Camden, N.J.,-based company is trying to regain lost ground after several years of declining soup sales. Shoppers have curbed their soup consumption, stopped stocking pantries or shifted to competitor's brands.
Net income fell to $265 million, or 82 cents per share, in the quarter ended Oct. 30, from net income of $279 million, or 82 cents per share, last year.
Analysts polled by FactSet expected 79 cents per share.
Revenue was nearly flat at $2.16 billion. Analysts expected revenue of $2.21 billion.
Associated Press
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