$660 million annual profit for Campbell

Article Abstract:

Campbell Soup Co., the Camden, PA-based food producer, achieved $660 million in net earnings for fiscal 1998. During the same fiscal year, the company spun off Vlasic Foods International, which is anticipated to post sales of $1.5 billion in 1998, and other businesses with $400 million in sales per year. Excluding restructuring charges in connection to divestitures and spinoff, Campbell Soup's earnings from its continuing operations increased 12% for fiscal 1998. For the same fiscal year, sales in the company's flagship US soup business increased 6%, but its biscuit and confectionary business decreased 2% from 1997, posting $1.52 billion in yearly sales.

Comment:

Achieves $660 mil in net earnings for fiscal 1998

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Siting spin-offs, Campbell reports a loss

Article Abstract:

Campbell Soup Co. of Camden, NJ, has recorded a loss of 7% for the year as earnings declined due to restructuring costs to pay for the spin-off of several businesses. The soup maker's net earnings from continuing operations, excluding restructuring charges, grew 12%, as sales rose 1% for the year. Campbell said that sales would have grown by 7%, but was pulled down by currency fluctuations and divestitures. Campbell reported its flagship US soup business increased 6% on a 1% growth in volume for the fiscal year, while worldwide soup sales increased 9%.

Comment:

Records a loss of 7% for the year as earnings declined due to restructuring costs to pay for the spin-off of several businesses

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Moving away from the kitchen

Article Abstract:

Campbell Soup Co. of Camden, NJ, will launch its new Away from Home division that will provide soup for fast-food restaurants as well as school and company cafeterias. The division, which will be headed by Craig W. Rydin, former president of Campbell subsidiary Godiva Worldwide, will incorporate Campbell's food-service operation that generated sales of $455 million in 1997. Rydin reported that the setting up of soup kiosks airports, shopping malls and other high-traffic sites is being considered.

Comment:

Will launch its new Away from Home unit that will provide soup for fast-food restaurants as well as school & company cafeterias

Services introduction, Institutional Food Services, Food Service Contractors, Food services

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