Campbell Soup Issues Profit Warning

Campbell Soup Co., the world’s leading soup maker, warned that profit for its current fiscal year will be well below Wall Street forecasts because of sluggish sales of its main product. Executives said lower-than-expected consumption of condensed soup in the first and second quarters will derail Campbell’s ambitious plan to boost domestic sales this year with a string of new products and heavy advertising. Campbell cited a reduction of 18 cents to 23 cents a share in earnings in its current fiscal year, which ends July 31. Analysts, who had expected earnings of $2.13 a share, noted that a 23-cent drop would push profit down to last year’s level of $1.90 a share. Shares of Camden, N.J.-based Campbell tumbled $6.78 to close at $45.38 on the New York Stock Exchange, where it was one of the biggest losers of the session, after hitting a 52-week low of $44.94 earlier in the day.