Campbell Soup is still showing good results from the pandemic, but the sales momentum is slowing.
Campbell Soup is still showing good results from the pandemic, but the sales momentum is slowing.
The latest quarterly results showed a 21% year-over-year increase in soup sales, but this is less than half the gain soup showed in the quarter before. Overall sales for the quarter increased 7.3% over last year, to $2.34 billion, and profit jumped 86%, to $309 million.
Like many processors of center-store staples, Campbell saw demand for its soups and snacks soar as shoppers stocked up during fears of shortages. CEO Mark Clouse told investors he expects some of the boost from the pandemic to persist after it’s over, with some consumers continuing to work more from home and using their newly developed cooking skills.
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