Campbell Soup misses revenue estimates as the trend of eating at home eases

FILE PHOTO: Cans of Campbell's Soup are on display in a New York supermarket
FILE PHOTO: Cans of Campbell’s Soup are displayed in a supermarket in New York City, U.S. February 15, 2017. REUTERS / Brendan McDermid / File Photo

December 8, 2021

(Reuters) – Campbell Soup Co missed market expectations for quarterly revenue on Wednesday, as consumers headed to restaurants after COVID-19 restrictions were eased, affecting its revenue. corporate instant meals and soups.

Packaged food manufacturers were among the winners of last year’s pandemic as consumers stuck at home stocked up on cooking essentials and snacks, as they ate out at home after the pandemic. The health crisis closed outdoor eateries around the world.

However, as economies reopen, more consumers flock to restaurants and cook less at home, sending demand for packaged foods down from last year’s peak.

Campbell Soup’s net sales fell to $2.24 billion in the first quarter ended October 31, from $2.34 billion a year earlier. Analysts expect revenue of $2.28 billion, according to Refinitiv IBES data.

Net income brought by the company fell to $261 million, or 86 cents per share, from $309 million, or $1.02 per share, a year earlier.

(Reporting by Deborah Sophia in Bengaluru; Editing by Vinay Dwivedi) Campbell Soup misses revenue estimates as the trend of eating at home eases

Bobby Allyn

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