Friday, April 19, 2024

Campbell Soup CEO talks earnings, outlook, and the consumer

#campbellsoup #consumer #soup #yahoofinance

Campbell Soup Company (CPB) reported fiscal first-quarter adjusted earnings per share of $0.91, better than analysts had expected. Net organic sales, however, fell 1% from the prior year. In an interview with Yahoo Finance Executive Editor Brian Sozzi, Campbell Soup CEO Mark Clouse says a positive for him in the quarter was how the results were in line with the company’s expectations, though he does admit volumes “are a still bit under strain.” Clouse also explains how comparisons are tough given how strong the year-ago quarter was. As to why the company reaffirmed its full-year outlook, Clouse says he is not anticipating a “radical change in consumer behavior or landscape” and that new innovations will help power sales. When it comes to the state of the consumer, Clouse explains that they are starting to see a divergence between lower income consumers and the middle-to-high income consumers. “Lower income households are really feeling pressure right now,” Clouse says, but those with higher incomes are still “very resilient.” For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

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