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Campbell Soup lifts annual net sales forecast as demand recovers

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Campbell Soup News

Sovos Brands,Net Sales

After several quarters of declines, volumes for the company products showed a sequential improvement this year, helped by Campbell easing back on price hikes...

- Campbell Soup on Wednesday raised its forecast for annual net sales growth, banking on a recovery in demand for its ready-to-eat soups and meals and from its acquisition of Rao's sauce maker Sovos Brands.

The company, which sells ready-to-eat meals and snacks, also benefited from consumers, particularly in the lower-income cohort, looking for more affordable meals at home.Campbell expects annual net sales growth of 3% to 4%, compared with its previous range of a fall of 0.5% to a rise of 1.5%. Excluding items, Campbell Soup posted earnings of 75 cents per share in the quarter, compared with estimates of 70 cents.

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