Campbell Soup Co. posted a decline in earnings for the most recent quarter, but the company sees better times ahead.
Sales for Campbell’s second fiscal quarter were $2.21 billion, down 3% from the same quarter last year. Net income was $212 million, down from $245 million last year.
CEO Mark Clouse cited problems obtaining labor, ingredients and packaging, as well as struggles with inflation. Those challenges drove Campbell’s margins down from 34.4% to 30.3%.
However, Clouse told analysts that the labor situation is beginning to straighten out, with 3,500 new hires in the last seven months. Campbell is sticking with its forecast for fiscal 2022 of earnings per share between $2.75 and $2.85.