USA: Campbell reports consumer purchases of U.S. soup increased 5 percent for second quarter; earnings per share at $.65
Campbell Soup Company (NYSE: CPB) today reported diluted earnings per share of $.65 for the second quarter ended January 28, 2001, even with the same period last year. Net sales in the quarter increased 2 percent to $2 billion, a 5 percent increase before the impact of currency and divestitures. This performance was largely driven by significant improvement in the U.S. soup business, which resulted from increased marketing investments, including the "M'm! M'm! Good!" advertising campaign, and more seasonable winter weather. For the quarter, U.S. soup consumer purchases increased 5 percent. For the first six months of the fiscal year, U.S. soup consumer purchases increased 4 percent. As expected, net earnings for the quarter declined 4 percent to $271 million compared to $281 million a year earlier due to continued increases in marketing investment.
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