(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.
Source: Read Full Article