Campbell Soup CEO on how car insurance inflation is influencing the business of snacks

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Campbell Soup News

Mark Clouse,Salty Snacks,Cape Cod Chips

Campbell Soup's CEO explains why consumers may not be reaching for that bag of pretzels down supermarket aisles.

) surprised a few on Wall Street this week when it reported volumes at its snacks division — which ranges from Snyder's Lance pretzels to Cape Cod chips to Goldfish crackers — fell 1% in the most recent quarter.

"If you are a middle- or lower-income household right now, you're still dealing with high interest rates, higher rent, you probably just took a hit on car insurance," Clouse added. "As we move closer into the summer and promotional/merchandizing activity potentially unlocking incremental demand, snacking volumes could see some relief."Organic sales projected down 1% to flat "The better than expected EPS guidance incorporating Sovos and better than feared organic sales revision should support a modest outperformance for the shares in our view.

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