Campbell Soup misses revenue estimates as at-home dining trend eases -Breaking
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© Reuters. FILEPHOTO: Campbell’s Soup Cans in New York City Supermarket, U.S.A February 15, 2017. REUTERS/Brendan McDermid/File Photo(Reuters) – Campbell Soup (NYSE:) Co’s quarterly revenue missed the market on Wednesday as customers went out for dinner after COVID-19 restrictions were lifted. This had an impact on sales of ready-to-eat soups and meals.
Last year, the largest pandemic winner was packaged food manufacturers. This is because consumers who stayed at home stocked up with cooking supplies and snack items as they began to eat in their own kitchens after outdoor restaurants were closed due to the crisis.
With economies opening, more people are returning to the restaurants, cooking less at home and causing the market for pre-packaged foods to fall from their peak.
Campbell Soup net sales declined to $2.24 Billion in the Oct. 31 quarter, compared with $2.34 Billion a year ago. Refinitiv IBES data shows that analysts were anticipating revenue of 2.28 billion.
From $309 million or $1.02 per shares a year prior, net earnings attributable by the company decreased to $261 millions, or 85 cents per share.
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