Campbell Profit Down 20% on Higher Costs
From Bloomberg News
Campbell Soup Co. said its fiscal fourth-quarter profit declined 20%, the biggest drop in more than two years, as costs for marketing and job cuts rose.
Net income at the world’s biggest soup maker fell to $59 million, or 14 cents a share, from $74 million, or 18 cents, a year earlier.
Sales in the period ended Aug. 1, which was a week shorter than the year-earlier quarter, dropped 1.5% to $1.43 billion, Camden, N.J.-based Campbell said.
Shares of Campbell fell 70 cents to $25.50 on the NYSE.
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