Campbell Soup, the largest manufacturer of soup in the world, has reported a 20% drop in profit from $74m a year ago to $59m for its fourth quarter ended August 1, 2004.

Restructuring costs and lower sales were to blame for the drop in profits, which led to a drop of 67 centres for shares in Campbell to $25.53 on the New York Stock Exchange. In addition, the fourth quarter for 2004 had 13 weeks compared to the 14 week-long fourth quarter in 2003.

For the 2004 financial year, the company’s profit was $647m, up nearly 9% from the $595m for 2003. Sales were $7.11bn, up 6.5% from 2003.