Here is a look at more of Thursday's top business stories:
Earnings rise at Campbell Soup
CAMDEN, N.J., Sept. 5 (UPI) -- Campbell Soup Co., the world's largest soup maker, said its fourth quarter net income for the period ended July 28 rose to $55 million, or 13 cents a share, from $52 million, or 13 cents a share, during the same period last year.
The company noted last year's fourth quarter results included approximately 3 cents a share from the acquisition of several European dry soup and sauce businesses.
Campbell Soup, which also makes Pepperidge Farm cookies and Prego pasta sauces, was expected to post a net income of 14 cents a share, according to Thomson First Call.
Net sales rose to $1.22 billion from $1.16 billion a year ago, helped by Campbell's May 2001 acquisition of several dry soup brands from Anglo-Dutch consumer giant Unilever Plc.
Wet soup shipments compared to a year ago were up 3 percent in the United States and 1 percent outside the U.S., resulting in a 2 percent increase worldwide.
Douglas R. Conant, president and chief executive officer, said, "We have made substantial progress in the first year of our transformation plan. We significantly increased our investment in marketing and infrastructure to put Campbell back on track.
"These marketing investments produced solid growth in many of our businesses, including ready-to-serve soups, V8 vegetable juices, Prego pasta sauces, Pace Mexican sauces, Arnott's biscuits and Pepperidge Farm cookies and breads," he said.
"We recognize that the increased marketing efforts against our condensed soup business had limited impact. However, it's important to note that we are only now realizing the first of many planned technology-driven product and package improvements in condensed soup. Overall, we significantly advanced our quality improvement agenda and we delivered strong productivity gains. In sum, we promised that we would take significant steps to build a platform to support profitable growth -- and we have," Conant added.
Looking ahead to fiscal year 2003, the company said it expects earnings per share to be approximately $1.35, excluding the impact of adopting new accounting rules related to goodwill and other intangible assets.
Pathmark posts profit
CARTERET, N.J., Sept. 5 (UPI) -- Supermarket chain Pathmark Stores Inc. said it posted a second quarter profit, helped by high volume at its stores.
Pathmark, which operates 141 stores in the New York-New Jersey and Philadelphia markets, said it posted a net income of $3.4 million, or 11 cents a share, compared with a net loss of $61.2 million, or $2.04, a share during the same period last year.
The company had forecast a profit of 7 cents to 15 cents a share.
Pathmark said its quarterly sales fell to $987.2 million from $997.7 million a year ago. Sales at company stores open at least a year declined 1.5 percent.
Looking ahead, the retailer, whose main competitors include The Great Atlantic & Pacific Tea Co., or A&P, said it expects 2002 same store sales to be flat to slightly lower, and expects to open two more stores during the remainder of 2002.
Sales rise at Limited Brands
COLUMBUS, Ohio, Sept. 5 (UPI) -- Apparel and toiletry retailer Limited Brands Inc. said its August sales at stores open at least a year, or same-store sales, rose 1 percent from the same period last year.
The retailer, which operates several chains under names including Victoria's Secret, Express, and Bath & Body Works, said its total sales during the four week selling period ended Aug. 31 rose 5 percent to $642.8 million from an adjusted $613.7 million a year ago.
Adjusted sales in 2001 exclude sales from the Lane Bryant operation, which was sold last August.
Net sales for the year-earlier period were $641 million including Lane Bryant.
Limited Brands currently operates 4,574 specialty stores.
Sales at Cato decline
CHARLOTTE, N.C., Sept. 5 (UPI) -- Women's apparel retailer Cato Corp. said its August same store sales, or sales at stores open at least a year, slipped 3 percent.
The company said last year's August sales were helped by tax rebates that consumers received from the government, a boost this year's sales were missing.
Cato said its total sales for August were $50.5 million.
The company also said its inventory "is on plan and in line to meet our third quarter sales estimates."
Sales decline at Federated
CINCINNATI, Sept. 5 (UPI) -- Federated Department Stores Inc., parent of Macy's and Bloomingdale's, said its sales at stores open at least a year fell 5.8 percent during the four week selling period ended Aug. 31.
Federated said its total sales declined 3.8 percent to $1.09 billion from the same period last year.
The company said it saw some improvement in sales trends during the last two weeks of the month, including the Labor Day weekend, giving it encouragement for achieving its plan for a 1 percent to 3 percent same store sales increase for the fall season.
Sales decline at May Department Stores
ST. LOUIS, Sept. 5 (UPI) -- May Department Stores Co. said it posted an 8.6 percent decline in August sales at stores open at least a year.
The retailer, which operates 439 department stores under names including Lord & Taylor, Filene's and Hecht's, said its total sales for the four week selling period ended August 31 declined 5.8 percent to $983.1 million.
May said it opened three department stores in August. To date, it has opened five of 11 stores planned for the year.
Its David's Bridal arm opened five stores in August for a total of 18 new stores for the year to date. Twelve more stores will be opened by the end of the year.
Sales rise at Best Buy
MINNEAPOLIS, Sept. 5 (UPI) -- Best Buy Co. Inc. the nation's largest consumer electronics chain, said its sales at stores open at least 14 months rose 2 percent in the second quarter.
Best Buy said its total sales in the quarter ended August 31 jumped 20 percent to $5 billion from a year ago.
A slowdown in customer traffic through July led Best Buy on August 8 to cut its second quarter profit outlook for the second time in two months, forecasting quarterly same-store sales off its initial view of a 4 percent to 5 percent rise.
At that time Best Buy also projected second quarter profit to range from 17 cents to 21 cents, causing Wall Street analysts to trim their estimate to 18 cents from 19 cents, according to Thomson First Call.
Best Buy said Thursday that its new second quarter earnings range from 17 cents to 19 cents a share, and the company also expects to take a $348 million charge due to a valuation of acquired businesses.
Best Buy operates about 2,000 stores under its own name, as well as banners such as Suncoast, Media Play and On Cue.
