Staying at home is good news for Campbell Soup
The strong trend continues for Camden’s Campbell Soup Company as quarantined Americans continue to crave the comfort food they produce. In March, we told you how sales had been skyrocketing at the beginning of the pandemic and the most recent sales numbers the company released show that that trend is continuing.
As reported in the Courier Post, sales for the period ending April 26th are up 15% compared to the same time last year. Soup sales, which had been on the decline, rose 35% in the quarter.
Soup is part of the “Meals and Beverages” division which, as a whole, rose 20% with items like Prego pasta sauces, SpaghettiOs, and Pace salsa leading the rise. The “Snacks” division also saw a bump; the unit with Goldfish crackers and Pepperidge Farm products was up 12%.
Mark Clouse, Campbell’s CEO is quoted in the Courier Post saying, “There were times when we would see segments like ready-to-eat soup with demand increases of 140 percent.” For the Camden based company, the stay at home order was a godsend. Clouse went on to say it was “the equivalent of a blizzard in every city in the country,” and that their plants are running around the clock.
Clouse told CNBC that he expects the strong demand to continue even as life gets back to normal, “Even if consumption is a bit down, I would expect shipments to outrun that as we replenish inventory levels in our retailers.” Competitors have also seen bumps in sales with products like Kraft Mac N Cheese selling more while people are cooped up at home.
The post above reflects the thoughts and observations of New Jersey 101.5 talk show host Bill Doyle. Any opinions expressed are Bill Doyle's own.