Campbell Soup Co. had slightly higher sales but lower profit for its recently concluded fiscal year, reflecting difficulty in balancing product prices with higher input and other costs.
Net sales for the year, which ended Aug. 1, were $8.56 billion, a 1% increase from fiscal 2021. Earnings were down 25%, but adjusted for “items impacting comparability,” they were down 4%, to $1.3 billion.
Campbell predicted sales growth for 2023 ranging from 4% to 6%, with adjusted earnings predicted to grow 1% to 5%. “The company expects improved supply chain execution and disciplined investment in its brands to drive further share recovery,” its statement reads. The company expects inflation to remain unmitigated, but that “productivity improvements and cost savings initiatives” should help lessen its impact.
“I’m proud of our team for delivering full-year adjusted EPS at the high end of our original fiscal year 2022 guidance range, despite the volatile environment,” CEO Mark Clouse said in the statement.
