Campbell's Is Enjoying a Lift to Sales and Profits
Demand has taken a turn higher at The Campbell Soup Company (NYSE: CPB) in recent weeks. The prepared food specialist said in a filing with the Securities and Exchange Commission on Monday that its business has been on the upswing since COVID-19 fears began reorganizing shopper priorities and forcing more at-home time.
Sales have jumped at its retailing and supermarket partners in recent weeks, and that increase has more than offset the decline Campbell is seeing from its restaurant customers. "We are currently experiencing significantly higher sales for our retail products in both our meals and beverages and snacks segments," executives said in the report. So far its supply chain has held up and, while costs have jumped in a few areas, overall profitability is increasing, thanks to the higher demand and a shift toward more profitable food products.
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Source Fool.com
