Dive Brief:
- Campbell Soup Company saw sales decrease to $2.23 billion in its second quarter, down 2% compared to this time last year. Earnings per share of Campbell's stock dove 11%.
- These earnings come among a variety of changes at the company, including an announced cost cuts initiative and an earlier shakeup in divisions.
- "Although we have robust plans in the second half to mitigate our gross margin issues, we don’t expect to offset the impact of the margin pressures that we experienced in the first half. Given our second-quarter performance and outlook for the remainder of the year, we lowered our full-year guidance on Feb. 12," said Denise Morrison, Campbell's president and CEO.
Dive Insight:
The New York Times notes that Campbell is one of many recent large food companies posting discouraging earnings as of late as consumer eating habits morph. The company also recently released four new juices to its V8 beverage line.