Campbell suffers 11% net sales plunge in Q3

In the three months ended May 2, US soup sales plunged 21 percent, with volume declines in ready-to-serve soups, condensed soups, and broth.

Campbell Soup Company has recorded net sales of $1.98 billion in the third quarter, dropping 11 percent from the $2.24 billion in the same period last year when the pandemic's peak triggered an increased demand for food purchases.

The meals & beverages unit's sales dropped by 14 percent to $1.04 billion, mainly due to declines in the US for products such as soup and Prego pasta sauces, compounded by sales declines in Canada and food service.

In the three months ended May 2, US soup sales plunged 21 percent, with volume declines in ready-to-serve soups, condensed soups, and broth.

Meanwhile, the snacks division posted an 8 percent net sales to $945 million. It offered such salty snacks as Pop Secret popcorn, Cape Cod potato chips, and Snyder’s of Hanover pretzels.

Campbell updated its full-year sales guidance to reflect its third-quarter results. It now expects a sales decline of 3 to 3.5 percent, compared with the 2.5 to 3.5 percent drop it projected earlier.

Mark Clouse, Campbell Soup Company President and CEO, revealed that on top of challenging sales comparison to last year's demand surge at the onset of the pandemic, they are also impacted by short-term increases in supply chain costs, a rising inflationary environment, and some execution pressures.

Clouse noted that all the issues are addressable and that the company is taking appropriate actions, such as putting pricing in place.


Japan travel news, japan travel guides, japan holiday destinations and japan reviews

LATEST NEWS

NEWS RELATED

Lordstown Motors’ stock takes a dive after losing its CEO and CFO

Photo by: Lordstown Motors/Facebook Lordstown Motors has been struggling with the business for some time now and rather than getting better, it seems that the company is experiencing more issues. Things are getting worse especially now that it was reported its chief executive officer and chief financial officer have stepped…

Read more: Lordstown Motors’ stock takes a dive after losing its CEO and CFO

Cafe de Coral to speed up China expansion after mainland business, sops boost restaurant firm’s net profit

Hong Kong-listed Cafe de Coral Holdings, one of Asia’s largest restaurant and catering groups operating quick-service restaurants, will speed up its expansion in mainland China with 17 store openings in the pipeline. The company revealed its plans after its net profit for 2020 almost quintupled, despite lower revenue in Hong…

Read more: Cafe de Coral to speed up China expansion after mainland business, sops boost restaurant firm’s net profit

Stanley Ho’s youngest son Mario launches firm to help family offices tap investment opportunities in Greater Bay Area

Mario Ho Yau-kwan, the youngest son of the late Macau casino tycoon Stanley Ho Hung-sun, has set up a family office platform to help wealthy families tap opportunities in the fast-growing Greater Bay Area. Ho, 26, a maths whizz and the youngest finance graduate ever from the Massachusetts Institute of…

Read more: Stanley Ho’s youngest son Mario launches firm to help family offices tap investment opportunities in Greater Bay Area

Using a Shared Folder to Connect Your Mac to a Synology Drive

While Windows-based machines often have a lot of options when it comes to hardware and software, users of Mac computers and Apple operating systems aren't so lucky. Thankfully, there isn't much need for anything else when using a Synology Drive. What is the Synology Drive? To put it simply, the…

Read more: Using a Shared Folder to Connect Your Mac to a Synology Drive

Moderna recruits former Johnson & Johnson executive Paul Burton to be its medical chief

Photo by: Moderna/Facebook Moderna has assigned its new chief medical officer after recruiting a former Johnson & Johnson executive. It was reported that effective on July 6, Dr. Paul Burton will be joining the American pharmaceutical and biotechnology company based in Cambridge, Massachusetts. As per Market Watch, Dr. Burton worked…

Read more: Moderna recruits former Johnson & Johnson executive Paul Burton to be its medical chief

Ferrari launches luxury fashion business

Photo by: Ferrari Style/Facebook Ferrari is widely known to be a luxury sports car manufacturer. The Italian company may not be solely known for its sports cars anymore as it recently ventured into a new kind of business, and It involves fashion. Ferrari is expanding its business scope and has…

Read more: Ferrari launches luxury fashion business

Philips announces recall for its ventilators and sleep apnea machines over cancer risk

Photo by: Philips/Facebook Philips initiated a voluntary recall for some of its sleep apnea machines and ventilators. The American multinational conglomerate company cited concerns for a foam component that may get detached or degrade and become toxic when inhaled by the user. It was said that if such a thing…

Read more: Philips announces recall for its ventilators and sleep apnea machines over cancer risk

How Hong Kong’s family offices can use impact investing to help fight wealth inequality

At a time when wealth inequality is recognised as one of the underlying causes of tension and despair in Hong Kong, the government is stepping up efforts to promote the city as a family office hub for ultra-high net worth individuals. InvestHK is setting up a dedicated global team to provide…

Read more: How Hong Kong’s family offices can use impact investing to help fight wealth inequality

US Supreme Court revives LinkedIn bid to shield personal data

Hyundai Motor halts operations in US plants

SBW reportedly the only bidder for the Eastar Jet acquisition

Chinese sportswear maker Xtep gets US$129 million boost from Hillhouse Capital to grow K-Swiss, Palladium brands in global markets

Celltrion’s COVID-19 antibody treatment shows positive results in the phase 3 trial

Toshiba blames former CEO for scandal

S. Korea's strawberry exports up 25% in first five months

Mars commits to improving female shea workers’ livelihoods

OTHER NEWS