Campbell Soup Company : Campbell Raising Condensed Soup List Prices 5% Next Month
05/21/2012| 11:01am US/Eastern
By Paul Ziobro
Campbell Soup Co. (CPB) plans to raise list prices on its condensed soups 5% starting in June.
Chief Financial Officer Craig Owens said Monday that the price increases are coming because the soup giant expects input costs to continue rising, although at more moderate levels than over the last year.
The price increases will not apply to Campbell's ready-to-serve soups.
Owens made the comments on Campbell's earnings call for the fiscal third-quarter. Profit fell 5.4% as the food company was hit by rising commodities prices and higher marketing and selling expenses.
Campbell is in the midst of a multi-year plan to turn around its soup business after several years of declines.
Campbell shares were down 2.3% in recent trading to $32.62.
--By Paul Ziobro, Dow Jones Newswires; 212-416-2194; firstname.lastname@example.org; Twitter: @pziobro