The maker of namesake soup manufacturers and snacks like Goldfish crackers, Milano cookies and Snyder’s pretzels reported Wednesday that revenue fell 5% to $160 million throughout the three months ending Might 2, in contrast with the identical stretch final yr.
“Our outcomes had been impacted by a rising inflationary setting, short-term will increase in provide chain prices, and a few executional pressures,” CEO Mark Clouse stated in a information launch.
Campbell expects “extra pronounced inflation” throughout its upcoming quarter and lowered its monetary steering for its fiscal yr in consequence.
Many producers are climbing costs in consequence.
Campbell plans to fight increased prices by rising the costs it expenses retailers and different prospects it sells to by a median of mid-single proportion factors later this yr, Clouse stated on a name with analysts.
Retailers can soak up these increased costs, go them off to shoppers, or reply with a mix of each ways.