Campbell’s Co. says sales rise as more Americans cook meals at home
By Dee-ann Durbin
FILE - The logo for Campbell's Soup appears above a trading post on the floor of the New York Stock Exchange, May 18, 2018. (AP Photo/Richard Drew, File)
The Campbell’s Co. said Monday it saw stronger sales of broth and condensed soup in its latest quarter as more Americans cooked their meals at home.
“Consumers continue to cook at home and focus their spending on products that help them stretch their food budgets, and they’re increasingly intentional about their discretionary snack purchases,” Campbell’s President and CEO Mick Beekhuizen said during a conference call with investors.
Beekhuizen said Campbell’s saw the highest level of meals cooked at home since early 2020 in its fiscal third quarter, which ended April 27. Campbell’s noted sales of its broths rose 15% during the quarter while sales of its Rao’s pasta sauces were up 2%.
But Campbell’s said sales of its snacks, including Goldfish crackers and Cape Cod potato chips, fell 4% during the quarter.
Other big companies, including McDonald’s, have also noted that Americans are increasingly eating at home as uncertainty over the economy grows. Grocery prices have also moderated. In 2024, prices for food eaten at home rose 1.2%, while prices for food away from home rose 4.1%, according to the U.S. Department of Agriculture.
Snack makers like PepsiCo, which makes Frito Lay chips, and General Mills, which makes Bugles chips and Golden Grahams, have also noted lower demand for snacks in recent quarters.
Campbell’s net sales rose 4% to $2.5 billion for the fiscal third quarter, which was in line with Wall Street’s expectations, according to analysts polled by FactSet.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
As Big Tech reports Q3 earnings, investors await proof that massive AI and cloud investments from Meta, Apple, Microsoft, and Alphabet are driving real growth.
Eric Trump joins us to discuss American Bitcoin’s mission, market strategy, and why he believes the U.S. must lead the next era of digital currency innovation.
Unreal Snacks CEO Kevin McCarthy shares how dye-free candy is leading the sweets revolution—just in time for what could be a record-breaking Halloween 2025.
In a daring daylight robbery on Sunday, thieves used a basket lift to scale the Louvre’s facade, smash display cases, and steal eight priceless jewels.
