Campbell Soup Company CEO Denise Morrison acknowledged that the company has "more hard work ahead," during an earnings presentation in which the company reported that its fiscal Q1 net earnings declined 5%, to $265 million, reports Just-Food.com.
Operating earnings were down 4%, and net sales were down 1%, although earnings jumped 8%.
Sales for U.S. simple meals declined 3%, but earnings rose 8%.
U.S. beverages saw a 3% sales decline, and a 45% drop in earnings.
Sales for international simple meals and beverages also declined 3%, and profits dropped 16%.
Global baking/snacking sales rose 4%, but earnings dropped 12%.
However, Campbell confirmed its guidance for the year ahead.
Morrison said fiscal 2012 will bring major changes at the company, vowing that Campbell "won't rest" until it changes its growth trajectory.