Campbell Soup forecasts FY 2021 sales to fall

FILE PHOTO: The logo and ticker for Campbell Soup Co. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid

(Reuters) – Campbell Soup Co said on Wednesday it expects full-year sales to fall, as the COVID-19 vaccine rollout is likely to bring back customers to restaurants and reduce their reliance on ready-to-eat soups and snacks.

The company, popular for its Goldfish crackers and namesake canned soups, forecast fiscal 2021 sales to fall between 3.5% to 2.5%.

Campbell also missed second-quarter revenue estimates, hurt by declines at its foodservices segment due to the COVID-19 pandemic.

Net sales rose 5.4% to $2.28 billion in the second quarter, but missed estimates of $2.30 billion, according to IBES data from Refinitiv.

Net earnings attributable to the company were $245 million, or 80 cents per share, in the second quarter ended Jan. 31, compared with $1.21 billion, or $3.97 per share, a year earlier.

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