US food-products company Campbell Soup has reported a fall of 5.8% in first-quarter net income.
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The company reported net income of US$161m for the quarter ended 27 October, compared with $171m for the same period last year. This year’s results included a goodwill impairment charge of $31m relating to the Stockport soup brand, which Campbell acquired in 1999. Excluding the exceptional item, the company earned $192m in the quarter.
Sales in the first quarter fell by 1.4% to $1.71bn, from $1.73bn a year earlier. Operating earnings fell by 12% to $205m.
