Campbell Net Earnings Increase

Campbell Soup Company has reported net earnings of $304m for the first quarter of fiscal 2009, an increase of 17% compared to $260m for the same quarter of the previous year.

Operating earnings were $44m compared to $38m in the year-ago period.

The increase in operating earnings was driven by growth in Canada and the Asia Pacific region.

For the quarter, sales were $2.2bn, a decrease of 2% compared to the same quarter of the previous year.

In Europe sales declined due to a previous divestiture and lower sales in Germany, while in Asia Pacific, sales increased primarily due to gains in Malaysia, Hong Kong and Australia.

Sales for US soup, sauces and beverages were $1.14bn in the first quarter, a decrease of 5%.

Sales for baking and snacking were $530m in the first quarter, an increase of 4%.

International soup, sauce and beverage sales were $374m for the quarter, a decrease of 2% compared with 2008 figures while, sales for North America Foodservice were $159m for the quarter, a decrease of 2%.