Campbell Soup Tops Estimates; Soup Sales Fall 4%

Campbell Soup's(CPB) first-quarter sales fell 1% to $2.16 billion because of a decrease in promotional spending and a drop in volume.

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The food maker said sales of U.S. simple meals declined 3% from a year ago to $874 million, while U.S. soup sales were down 4%.

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Campbell Soup's first-quarter earnings fell to $265 million from $279 million a year ago. Campbell Soup's per-share earnings of 82 cents a share topped analysts' estimates of 79 cents.The company confirmed 2012 fiscal-year guidance of net sales growth flat to up 2%. -- Written by Alexandra Zendrian>To submit a news tip, send an email to: tips@thestreet.com.

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