CAMDEN, N.J. (AP) — Campbell Soup Co. says its net income slipped by 5 percent in its fiscal third quarter because of higher costs and sluggish sales.
The Camden, N.J.-based company says it earned $177 million, or 55 cents per share, in the three months ended April 29. That compares with a net income of $187 million, or 57 cents per share, in the same quarter last year.
Excluding one-time items, the company earned 56 cents per share. Analysts on average expected 52 cents per share, according to FactSet.
The company said its gross profit margin fell to 38.8 percent, from 40.4 percent, as a result of higher costs for ingredients and increased promotional sales.
Sales in its key U.S. soups segment declined 3 percent from a year ago.