Campbell: fourth-quarter sales drop 1 percent.
(CercleFinance.com) - Campbell, the world's largest soup maker, reported quarterly revenue that was down 1%, citing a "challenging" environment for the packaged foods industry.
The group's fourth-quarter net sales decreased to 1.66 billion dollars, compared to 1.68 billion dollars in the same period a year ago, with sales falling 1% in organic terms.
The New Jersey-based company said that shifting demographics, changing consumer preferences, and the adoption of new shopping behaviour mean that sales growth remains "a challenge".
However, thanks to a drop in marketing and selling expenses, adjusted earnings before interest and taxes (Ebit) rose to 282 million dollars, from 253 million dollars a year ago.
Looking ahead to its new 2017/2018 fiscal year, Campbell expects the operating environment to remain difficult, forecasting sales to fall by up to 2%.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The group's fourth-quarter net sales decreased to 1.66 billion dollars, compared to 1.68 billion dollars in the same period a year ago, with sales falling 1% in organic terms.
The New Jersey-based company said that shifting demographics, changing consumer preferences, and the adoption of new shopping behaviour mean that sales growth remains "a challenge".
However, thanks to a drop in marketing and selling expenses, adjusted earnings before interest and taxes (Ebit) rose to 282 million dollars, from 253 million dollars a year ago.
Looking ahead to its new 2017/2018 fiscal year, Campbell expects the operating environment to remain difficult, forecasting sales to fall by up to 2%.
Copyright (c) 2017 CercleFinance.com. All rights reserved.