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Campbell Soup Company sees Q2 drop in net sales
Rafaela Sousa

Rafaela Sousa

10 March 2022

Campbell Soup Company sees Q2 drop in net sales

Campbell Soup Company saw a 3% decline in its second-quarter net sales, as it "lapped a difficult comparison and navigated labour and supply constraints". The company posted net sales of $2.21 billion, compared to last year's $2.28 billion. Campbell's net earnings for the quarter stood at $212 million. Meanwhile, in the three months ended 30 January, net sales in the company’s meals & beverages unit declined by 3% to $1.28 billion. Sales for US soup decreased 1%, due to reductions in condensed soups, partially offset by gains in ready-to-serve soups and broth. Sales for Campbell's snacks unit decreased 3% to $934 million, while sales of power brands were up by 1%. The decrease was due to declines in non-core businesses and in certain salty snacks, such as Late July snacks. These were partially offset by gains in Goldfish crackers. Mark Clouse, Campbell’s president and CEO, said: "As expected, our second quarter was challenging as we lapped a difficult comparison and navigated labour and supply constraints, made even tougher by the Omicron surge. However, heading into the second half of the fiscal year, we are seeing labour availability and service levels improve, better mitigation of inflation with pricing, and strong levels of demand all underpinning our confidence in our delivery of full-year guidance.”

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