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Campbell Soup Co. stock dropped 3.1 percent Thursday to $43.33 per share when the company’s fourth-quarter sales came in lower than expected.
The company reported a net loss of $158 million, or $0.50 per share, for the final quarter of its fiscal year. That’s compared with net earnings of $127 million, or $0.40 per share, in same quarter last year.
Excluding one-time costs, the company said its adjusted net earnings increased 9 percent to $142 million compared with $130 million in same quarter last year.
Net earnings for the fiscal year totaled $458 million, or $1.44 per share, compared with $774 million, or $2.41 per share, earned last year.
Campbell’s said it expects sales to grow 5 percent this fiscal year.
“Campbell made solid progress in fiscal 2013 as we executed our dual mandate to strengthen our core business and expand into higher-growth spaces,” Denise Morrison, Campbell’s president and chief executive officer, said in a statement.
“The centerpiece of our progress in strengthening our core business was the performance of U.S. Soup, which delivered 5 percent sales growth for the year by optimizing all the drivers of demand and accelerating consumer-focused innovation. In our Pepperidge Farm business, we delivered continued growth in Goldfish crackers, revitalized the cookies business and expanded our share in fresh bakery. We also faced some challenges this year and are taking actions to fix our underperforming U.S. Beverages and North America Foodservice businesses.”
By Jeff Parish, eParisExtra