Campbell Soup Co. reported fourth quarter earnings of $74 million, up from $55 million one year ago. The company said its earnings for fiscal 2004 would be lower than analysts expected.
Sales rose to $1.5 billion from $1.2 billion in the same year ago quarter. The quarter ended Aug. 3, 2003. The company cited a number of factors that contributed to the increase, including reduced promotional spending and acquisitions. However, the total marketing investment for the quarter rose 17%, the company said.
The company has underway a marketing initiative to overhaul its soups, including packaging and store presentation. The initiative focuses on the condensed soup market, which has been eroding for years.
For the fiscal year, the company reported revenue of $595 million, up from $525 million. Sales were $6.7 billion, up from $6.1 billion in fiscal 2002.
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