Campbell posts 7% net sales increase for Q3, raises full-year outlook

Campbell Soup Company has recorded a 7% increase in third-quarter net sales to $2.13 billion, driven by “sustained consumer demand…and significantly improved supply”.

Consumption of Campbell’s products was up 4% compared to the prior year, and organic net sales increased 9%.

Campbell’s meals & beverages unit witnessed a 6% rise in net sales, driven by increases in US soup, foodservice and Prego pasta sauces, partially offset by declines in Canada.

Meanwhile, the food giant’s snacks business saw an 8% increase in net sales, driven by salty snacks, as well as cookies and crackers.

Campbell has raised its full-year fiscal 2022 net sales guidance to reflect its performance to date and continued supply recovery.

“As expected, we had a strong recovery across the business in the quarter with high-single-digit sales growth driven by sustained consumer demand for our brands and significantly improved supply,” stated Mark Clouse, Campbell Soup Company president and CEO.

“Our improved supply chain execution along with inflation-driven pricing began to mitigate the margin pressure we have experienced over the last 12 months. While the operating environment remains challenging and we continue to expect significant inflation, our team is executing well and Campbell is on a much stronger foundation today.”