Campbell, Hormel, Smucker Post Sales Gains

Sept. 4, 2020
Quarterly results for three of Food Processing’s Top 100 companies continue to show results heavily affected by the pandemic.

Quarterly results for three of Food Processing’s Top 100 companies continue to show results heavily affected by the pandemic.

Campbell Soup said sales for the quarter ending June 30 were up 12% over the previous quarter last year. That contrasts with a 17% year-over-year rise in the previous quarter. Profit for the most recent quarter was $86 million, compared with a loss of $8 million in the same quarter last year.

CEO Mark Clouse told analysts that the company is anticipating a return to healthier eating and away from comfort foods as the pandemic wears on. A short-term goal is ensuring that the supply chain gets stocked with soup ahead of the cold-weather season.

Hormel Foods had $2.38 billion in revenue, a 4% increase for the quarter over last year. Profit was up 2%, to $203 million.

Hormel’s 19% gain in retail sales was matched by a 19% loss in foodservice sales, reflecting the shift in channels forced by the pandemic. The acquisition of barbecue brand Sadler’s Smokehouse earlier this year helped drive revenue on the retail side.

J.M. Smucker put up quarterly sales of $1.97 billion, an 11% year-over-year increase. Retail consumer foods, including its namesake jams as well as Uncrustables sandwiches and Jif peanut butter, were up 22%, while out-of-home/international sales dropped 19%.

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