Campbell Soup Company has reported a 1% rise in full-year net sales to $8.56 billion and said the business will “continue to make progress” in fiscal 2023.
For the financial year ending 31 July 2022, the company reported organic net sales growth – which excludes the impact of divestitures like the sale of the Plum Organics baby food and snacks business – of 2%, as inflation-driven pricing and sales allowances were offset by volume declines and increased promotional activity. Adjusted EBIT decreased 4% to $1.3 billion.
In the fourth quarter, Campbell Soup’s net sales – both reported and organic – increased 6% to $2 billion. The business’s meals & beverages segment also saw net sales growth of 6% and organic sales growth of 7%, led by increases in US soup and gains in foodservice and Prego pasta sauces.
In Q4, the company’s snacks unit grew its net sales by 6%, driven by sales of power brands, which were up 9%.
Mark Clouse, Campbell Soup Company president and CEO, said: “During fiscal 2022, we demonstrated a significant step up in execution across the company with improved supply chain performance and effective revenue management to counter inflation. Our solid foundation and momentum will serve us well in fiscal 2023 as we continue to make progress on unlocking Campbell’s full growth potential.”
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