Campbell Soup reports double-digit growth

Adjusted EBIT rose by 15% to USD 449 m.

The snacks business was also successful in the period, with such strong brands as Pepperidge Farm, Goldfish Cracker, Kettle, Snyder’s of Hanover and Lance. Net sales in this segment increased by 15% to USD 1.12 bn. According to the company, Goldfish crackers in particular contributed significantly to growth in the biscuit segment, and Snyder's pretzels and Kettle and Cape Cod crisps in particular in the salty snacks segment. The business was characterised by inflation-related price increases, but also price discounts, as well as partial volume declines and increased advertising spend compared to the prior-year quarter.

“Our strong first-quarter results reflect our continued success in driving the relevance of our brands and improving our execution across our supply chain,” commented Marc Clouse, President and CEO of Campbell Soup, the positive development. “Mark Clouse. With the momentum of our strong first-quarter performance and confidence in our strengthened supply chain, we are raising our full-year fiscal 2023 guidance while taking into account the volatile economic environment.” Instead of the previously planned growth rate of between 4% and 6%, management now expects an increase of between 7% and 9%.