The Campbell’s Co. said Monday it saw stronger sales of broth and condensed soup in its latest quarter as more Americans cooked their meals at home.
“Consumers continue to cook at home and focus their spending on products that help them stretch their food budgets, and they’re increasingly intentional about their discretionary snack purchases,” Campbell’s President and CEO Mick Beekhuizen said during a conference call with investors.
Beekhuizen said Campbell’s saw the highest level of meals cooked at home since early 2020 in its fiscal third quarter, which ended April 27. Campbell’s noted sales of its broths rose 15% during the quarter while sales of its Rao’s pasta sauces were up 2%.
But Campbell’s said sales of its snacks, including Goldfish crackers and Cape Cod potato chips, fell 4% during the quarter.
Other big companies, including McDonald’s, have also noted that Americans are increasingly eating at home as uncertainty over the economy grows. Grocery prices have also moderated. In 2024, prices for food eaten at home rose 1.2%, while prices for food away from home rose 4.1%, according to the U.S. Department of Agriculture.
Snack makers like PepsiCo, which makes Frito Lay chips, and General Mills, which makes Bugles chips and Golden Grahams, have also noted lower demand for snacks in recent quarters.
Campbell’s net sales rose 4% to $2.5 billion for the fiscal third quarter, which was in line with Wall Street’s expectations, according to analysts polled by FactSet.
Disclaimer
The information contained in South Florida Reporter is for general information purposes only.
The South Florida Reporter assumes no responsibility for errors or omissions in the contents of the Service.
In no event shall the South Florida Reporter be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence or other tort, arising out of or in connection with the use of the Service or the contents of the Service. The Company reserves the right to make additions, deletions, or modifications to the contents of the Service at any time without prior notice.
The Company does not warrant that the Service is free of viruses or other harmful components
