Campbell profit declines 3.7%

Campbell Soup Co. says its first-quarter profit fell 3.7%, but its sales rose as people bought more condensed soup.

The company said it earned $260 million, or 71 cents a share, in the quarter ended Nov. 2. That compares with $270 million, or 70 cents, a year earlier. The Camden, N.J., soup maker says its sales increased 3% to $2.25 billion.

Excluding one-time items, such as restructuring costs and losses on commodity hedges, Campbell would have earned $281 million, or 77 cents a share.