The Campbell Soup Company has reported a rise in sales of 4% to $1.7bn in the third quarter ended 1 May 2005, thanks to price and sales allowances, which added 2% and currency which added a further 2%. Volume was flat, the company said.
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Net earnings for the third quarter of fiscal 2005 were $146m compared with $142m in the same period in the previous year. The prior year’s third quarter results included a $10 million after-tax gain from the settlement of a class action lawsuit.
For the first nine months of fiscal 2005, the company reported net earnings of $611m versus $588m for the prior year. Net sales were $6.1bn for the first nine months of fiscal 2005, an increase of 7% .
“Our company’s third quarter results continued our strong year-to-date performance across multiple businesses,” said Douglas R. Conant, Campbell’s president and chief executive officer. “We are very pleased with the performance of Pepperidge Farm, Arnott’s biscuits, Godiva Chocolatier, and our Away From Home soup business.”
“In our US soup, sauces and beverages segment, lower trade promotion activity and the pricing action we took at the end of February, as anticipated, impacted volume unfavourably, especially in ready-to-serve soup,” he said. “However, we grew sales of condensed soup 4% in the quarter and 6% for the first nine months, the best performance in many years.”
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