CORRECTED - UPDATE 2-Campbell Soup says 2009 profit might beat estimates

(Corrects percentage drop to 15 percent instead of 14 percent in paragraph 5)

* EPS 65c vs Wall St 64c view

* Sees FY09 EPS up at high end of 5-7 pct range

* Shares down 1.1 percent (Recasts; adds sales, details, analyst comment, byline)

By Brad Dorfman

CHICAGO, Feb 23 (Reuters) - Campbell Soup Co (CPB.N) posted a higher-than-expected quarterly profit and said fiscal-year earnings could slightly beat analysts' estimates as consumers turn to soup as a low-cost meal in the recession.

The world's largest soup maker said its U.S. soup sales rose 8 percent and that overall, consumer purchases at stores outpaced the company's sales to retailers.

Still, total sales fell more than the analysts' average estimate. Campbell has faced pressure in the soup segment as General Mills Inc's (GIS.N) Progresso brand has gained market share.

The sales "decline in the quarter was worse than we expected, as volume and mix turned negative in each of the company's operating segments," JPMorgan analyst Terry Bivens said in a research note.

Campbell's profit fell 15 percent to $233 million, or 64 cents a share, in the second quarter ended on Feb. 1 from $274 million, or 71 cents a share, a year earlier.

Excluding restructuring costs and other items, earnings were 65 cents a share. Analysts on average forecast 64 cents, according to Reuters Estimates.

Sales fell 4 percent to $2.12 billion as the stronger dollar curbed overseas revenue, consumer bought less-expensive products and promotional spending increased. Those factors were partly offset by prices increases that Campbell took to cope with higher grain and energy costs.

Analysts forecast sales of $2.22 billion on average, according to Reuters Estimates.

But Campbell also said on Monday that fiscal 2009 earnings-per-share growth would be at the high end of its 5 percent to 7 percent forecast range, excluding the impact of the dollar and other one-time items, as it benefits from improving margins and lower interest costs.

Including the currency impact, the company forecast would equal earnings as high as about $2.13 per share for the year, while analysts had forecast $2.12, according to Reuters Estimates.

Campbell warned in November that the stronger dollar would cut into sales and earnings. The company derives about 25 percent to 30 percent of sales from outside the United States.

Campbell shares were down 1.1 percent at $29.14 on the New York Stock Exchange. (Reporting by Brad Dorfman; Editing by Lisa Von Ahn)