The Clap
Campbell Soup (NYSE:CPB) lifted its sales and profits forecasts as supply chain strains ease.
What
The company recorded net sales of $2.58 billion in the fiscal Q1 2023, beating analysts’ $2.45 billion estimate.
The packaged food industry in the US has shown steady demand despite multiple price hikes throughout the year.
So What
The company attributed the increase in net income to fewer production and shipping challenges, allowing them to deliver more products to retailers.
In addition, inflation-wary consumers have moved away from expensive grocery items and look more to at-home cooking products.
Now What
The company increased its EPS forecast for the 2023 fiscal year to $2.90 – $3.00.
