Business

INFLATION KICKS CAMPBELL’S IN THE CAN

by The Chicago Times Staff

June 10, 2021

CAMDEN, NJ — Campbell’s, which is known for soups, pasta sauces, and snacks from brands like Pepperidge Farms and Prego, saw increased demand during the early days of the pandemic, but sales of snacks fell 8% in the third quarter, while sales of soups and jarred pasta sauces fell 14%, according to the company’s third-quarter earnings report.

As more Americans are vaccinated against COVID-19 and spend more meals outside the home, it is a hint that fewer individuals are continuing to stock up on shelf-stable foods and packaged products with eateries reopening.  Campbell’s net sales fell 11% in the third quarter compared to the same period last year, when the pandemic was at its peak and stay-at-home orders were plentiful.

Mark Clouse, CEO of Campbell Soup, said the company’s prices for suppliers such as raw materials, as well as freight and labor, have risen.  The corporation is “putting pricing in place” for the upcoming fiscal year due to inflation.

Following its earnings release on Wednesday afternoon, Campbell’s Soup’s stock dropped 6%.

Categories: Business

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