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Campbell: 2018 guidance cut after 'disappointing' quarter

(CercleFinance.com) - Campbell said on Friday that it had a "disappointing" Q2, weighed on by continued challenges in the US, where soup sales fell sharply over the quarter.

Campbell's Q2 net income reached 243 million dollars, or 95 cents per share, from 205 million, or 33 cents per share, a year earlier.

However, sales fell 2% to 2.2 billion dollars. Campbell's US soup sales fell 7% in its fiscal second quarter (ended 28 January) alone, due to a "key customer issue."

"We are making progress with this customer and expect sales declines in soup to moderate in the second half," CEO Denise Morrison said.

In the meantime, Campbell had to cut its forecasts for FY 2018, with sales now expected to be pretty flat, varying by -1% to +1%.

Campbell shares were down 3% in pre-market trading on the New York Stock Exchange today.

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