Campbell Gross Margins Decline
NEW YORK - Feb 15/13 - SNS -- Campbell Soup Company reported $190 million in net earnings on sales of $2,333 million for the second quarter ending January 27, compared with $205 million on sales of $2,112 million during the same three-month period last year.
This lifted net earnings for the first half of the current fiscal year to $435 million on sales of $4,669 million, compared to a net $470 on sales of $4,273 million the previous fiscal year.
The change in net earnings reflected a decline in gross margins from 38.4% last year to 35.1%. In releasing its quarterly earnings report, Campbell Soup Company said the decline in gross margin was mostly attributable to the acquisition of Bolthouse Farms, which operates with a lower gross margin structure.
The tax rate in the quarter was 30.7% compared with 33.7% in the prior year. Excluding restructuring and restructuring-related charges, the current quarter's adjusted tax rate was 31.8%. The decrease was primarily due to lower taxes on foreign earnings in the current year.
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