Campbell: Reports Third-Quarter Fiscal 2021 Results

Camden / NJ. (csc) Campbell Soup Company reported results for its third-quarter fiscal 2021 ended May 02, 2021. Highlights and summary of a challenging period:

  • Net Sales decreased 11 percent as a result of lapping the demand surge at the onset of the pandemic in the prior year.
  • Earnings Before Interest and Taxes (Ebit) was USD 272 million, comparable to prior year. Adjusted Ebit decreased 27 percent to USD 283 million.
  • Earnings Per Share (EPS) from Continuing Operations decreased 2 percent to USD 0.54. Adjusted EPS decreased 31 percent to USD 0.57.
  • Nearly 75 percent of brand portfolio grew or held share highlighting strong brand health and continued momentum.
  • Updates full-year fiscal 2021 guidance.

Mark Clouse, Campbell’s President and CEO, said, «While we recognized the third quarter would be a challenging net sales comparison to the demand surge at the onset of the Covid-19 pandemic a year ago, we faced additional headwinds. Our results were impacted by a rising inflationary environment, short-term increases in supply chain costs, and some executional pressures as we continued to advance our transformation agenda, primarily in our Snacks division. We are confident that these are all addressable, and we are taking appropriate actions, including putting pricing in place for the next fiscal year. Our confidence is further strengthened by the underlying health of our brands. Nearly three-quarters of our portfolio gained or held share in the quarter, with most of our core categories having grown at higher rates than pre-pandemic levels.»

For additional information please read the company’s PDF file below (143 KB):