Campbell Soup reported lower-than-expected quarterly earnings as consumers preferred restaurants after the pandemic eased, affecting sales of the company’s ready-made meals and soups.
Packaged food companies were among the pandemic’s biggest winners, as consumers stocked up on cooking and snacks as they took their meals home.
However, as the economy and restaurants opened up, more consumers returned to restaurants and cooked less at home, leading to a drop in demand for packaged food from last year’s peak.
Campbell Soup sales fell to $ 2.24 billion in the first quarter to October 31, up from $ 2.34 billion a year ago.
Analysts had expected $ 2.28 billion in revenue.
Net income fell to $ 261 million, or 86 cents a share, from $ 309 million, or $ 1.02, a year earlier.
Source From: Capital