11/19/13 - 3:50pm
CAMDEN, N.J. (AP) — Campbell Soup’s first-quarter net income tumbled 30 percent on declining U.S. soup sales and rising costs.
The Camden, N.J. company fell well short of Wall Street expectations and it cut its forecast for the year after the slow start.
Shares dropped 7 percent before the opening bell Tuesday.
CEO Denise Morrison, who said she was disappointed in the company’s start to the fiscal year, pointed to the timing of the Thanksgiving holiday, later this year than last, which is pushing shipments into the second quarter.