Campbell's Co. says sales rise as more Americans cook 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.
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