US-based food company Campbell Soup has reported that its net earnings decreased by 7.5%to$245m or$0.78 per share for the first quarter of 2013,compared to$265m or$0.82 per share for the corresponding period in the previous year.

For the period ended 28 October 2012,the company's posted 8%increase in net sales to$2.3bn,compared to$2.1bn for the same period in 2012.

The company attributed the increase in sales during the period to the following facors-the acquisition of Bolthouse Farms,price and sales allowances,increased promotional spending and currency.

For the fiscal 2013,Campbell expects the sales to increase between 10 and 12%,adjusted EBIT(earnings before interest and taxes)between 4 and 6%and adjusted EPS(earnings per share)to be between$2.51 and$2.57.

Campbell's brand portfolio includes Condensed Soups,Chunky Soups,Select Harvest Soups,Pace Foods,Pepperidge Farm,Prego,Homepride and Arnott's Biscuits Holdings.