CAMDEN, N.J. (AP) -- Campbell Soup Co. is cutting its outlook for fiscal 2011 because it spent more money to spur sales in the first quarter but shoppers didn't bite.
CEO Douglas Conant says competitors had steep promotions that the company chose not to match. Shares of the world's largest soup maker fell $1.20, or 3.3 percent, to $34.85 in premarket trading.
Campbell now expects full year revenue to grow between 1 percent and 3 percent. That's down from prior guidance of 2 to 3 percent. It expects earnings before interest and taxes to rise between 2 and 4 percent, down from 4 to 5 percent.
Campbell says first-quarter revenue will fall 1 percent and earnings before interest and taxes will drop 7 percent. It reports results Nov. 23.