CAMDEN, N.J. — Restructuring and acquisition costs weighed on results for Campbell Soup Co. during fiscal 2013, but after adjusting for the items the Camden-based company made “solid progress” in the year, said Denise Morrison, president and chief executive officer.
Net income in the year ended July 28 was $458 million, equal to $1.46 per share on the common stock, down sharply from $774 million, or $2.43 per share, in fiscal 2012. Excluding items impacting comparability in both years, though, adjusted net earnings increased 7% to $836 million.
Net sales for the full year totaled $8,052 million, up 12% from $7,175 million in fiscal 2012.
For the fourth quarter ended July 28, the company sustained a loss of $158 million, which compared with net income of $127 million, or 40c per share, during the same quarter of the previous year. Excluding items impacting comparability in both periods, adjusted net earnings increased 9% to $142 million compared with $130 million in the prior year’s quarter. Sales for the quarter were $1,723 million, up 13% from $1,519 million.
“The centerpiece of our progress in strengthening our core business was the performance of U.S. Soup, which delivered 5% sales growth for the year by optimizing all the drivers of demand and accelerating consumer-focused innovation,” Ms. Morrison said. “In our Pepperidge Farm business, we delivered continued growth in Goldfish crackers, revitalized the cookie business and expanded our share in fresh bakery. We also faced some challenges this year and are taking actions to fix our underperforming U.S. Beverages and North America Foodservice businesses.”
The U.S. Simple Meals segment had earnings of $731 million, up 11% from $658 million during the previous year. Sales for the segment were $2,849 million, up 5% from $2,726 million.
The Global Baking and Snacking segment had earnings of $316 million, nearly flat compared with $315 million during fiscal 2012. The segment had sales of $2,273 million, up 4% from $2,193 million.
Operating earnings within the U.S. Beverages segment fell to $120 million, down 10% from $134 million during fiscal 2012. Sales in the segment also were lower, falling 4% to $742 million from $774 million.
The Bolthouse and Foodservice segment had earnings of $116 million, up 36% from $85 million during the previous year. Sales for the segment were $1,319 million, up 116% from $610 million.