Retailers, consumers and prices
Check Out Line: Campbell profit mmm, mmm good
Check out Campbell Soup’s better-than-expected profit .
The world’s largest soup company posted operating earnings of 30 cents a share in the fourth quarter of fiscal 2009.
That was four cents better than Wall Street had expected, thanks to higher prices and increased sales of condensed soup and Prego pasta sauce as people ate at home more to save money during the economic slump.
Campbell, known for its soup in the iconic red and white cans, also forecast a stronger-than-expected increase in earnings in the 2010 fiscal year.
In the past year, Campbell and most other food companies have raised prices to combat then-soaring commodity costs.
But lower market prices could be on the horizon.
The U.S. Department of Agriculture said mild weather aided in an expected record soy crop and near-record corn crop. The resulting lower prices will encourage milk and meat production, the according to the USDA.
Also in the basket:
Fashion’s Secret Helpers (Wall Street Journal)
Penney’s Adds Own Contemporary Line (WWD, subscription required)