Excluding items impacting comparability from the prior year, net earnings per share increased 14% in the current quarter from adjusted net earnings per share of $0.76 in the prior period.
In the first quarter of fiscal 2010, Campbell adopted and retrospectively applied new accounting guidance related to the calculation of earnings per share. The retrospective application of these provisions resulted in a reduction of previously reported diluted net earnings per share of $0.01 for both the first quarter and full year of fiscal 2009.
“We feel good about our performance in the first quarter as we delivered solid earnings growth across all of our key businesses,” said Douglas R Conant, Campbell’s president and CEO. “We’re especially pleased with the significant improvement in our gross margin, driven by increased productivity in our supply chain. Our US soup business faced difficult top-line comparisons with last year’s first quarter when sales increased 12%.
“In this year’s first quarter, we built momentum in the latter part of the quarter when, as planned, we significantly stepped up our marketing and merchandising programmes. Looking ahead, we’re optimistic about our US soup business, led by the renovated ‘Campbell’s Chunky’ line, innovations in our condensed portfolio and our ‘Swanson’ broth business.”
Source: Campbell Soup Company
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