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Restructuring Costs Put Campbell Soup in the Red

From Associated Press

Campbell Soup Co. said Wednesday that it lost $195 million in the fourth quarter of its fiscal year, citing a worldwide restructuring.

The loss for the three-month period ended July 31 contrasted with a profit of $72 million in the comparable period a year ago.

Sales in the fourth quarter rose 14% to $1.3 billion from $1.15 billion a year earlier.

For the full fiscal year, the Camden N.J.-based company earned $13 million, down dramatically from the $274 million reported a year earlier. The restructuring, announced Aug. 24, produced a one-time charge of $2.01 per share against earnings for the 1989 fiscal year.

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Sales for the year totaled $5.7 billion, up 16.5% from $4.9 billion in the previous year.

Besides soups, Campbell makes and markets a variety of foods under the Franco-American, Vlasic, V-8 and Pepperidge Farm labels, among many others.


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