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Business Briefing / Earnings

Campbell profit declines 15%

February 24, 2009|Times Wire Reports

Campbell Soup Co. said second-quarter profit fell 15% as retailers cut back inventories.

Net income dropped to $233 million, or 64 cents a share, the Camden, N.J., company said. Excluding restructuring expenses, profit was 65 cents a share, a penny more than the average analyst estimate compiled by Bloomberg.

Sales declined 4.3% to $2.12 billion as a stronger dollar trimmed revenue outside the U.S.

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