Campbell Soup Company has released results for its second quarter of fiscal 2022. In the aforementioned report, it states that net sales decreased 3% as well as organic net sales decreased 2%, compared to the second quarter of fiscal 2020.
Nevertheless, demand remained strong with consumption up 1% compared to the previous year and 9% in two years. In this regard, Mark Clouse, Campbell’s president and chief executive officer, notes, “As expected, our second quarter was challenging as we overcame a difficult comparison and navigated labor and supply constraints made even more difficult by the Omicron surge. However, looking ahead to the second half of the fiscal year, we are seeing improved labor availability and service levels, better inflation mitigation with pricing and strong demand levels supporting our confidence in delivering our full-year guidance.”
In the second quarter, Campbell achieved $15 million in savings under its multi-year cost savings program. The company’s guidance for this entire 2022 reflects the continued strong demand expected for the remainder of the year with a steady recovery in supply, however, underlying inflation is now expected to be in the low double digits for the full year.
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