Campbell Soup Co. announced a second-quarter profit rise of 11 percent despite sales for their Chunky Soups taking a major hit. More careful business spending and currency improvements helped profits shoot up in the quarter even though shoppers sought out less expensive deals on shelves. They have plans to become more competitive in the next half of the fiscal year.
Shares of the New Jersey based soup maker slipped 2 percent at midday to $33.25. Net income for the quarter that ended Jan 31 was reported at $259 million, or 74 cents a share up from $233 million, or 64 cents in the quarter prior. Sales, despite Chunky failing to move off shelves, rose 1 percent to $2.15 billion.
On the whole Campbell modestly exceeded expectations from analysts who predicted the company sales at $2.23 billion and 73 cents a share.
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