Campbell Soup Company (NYSE:CPB) reported an encouraging start to the festive season as it reported first-quarter results in line with its expectations.
The Camden, New Jersey-based firm said sales in the financial quarter ending October were $2.5 billion, down 2% or 1% on an organic basis.
On a two-year-compound annual growth rate net sales increased around 6% and organic net sales grew around 7% due to rising prices, the company said.
Adjusted EBIT fell 9% to $407 million and adjusted EPS dropped 11% to $0.91.
The firm reaffirmed full-year financial 2024 guidance and continues to expect the acquisition of Sovos Brands Inc to close in calendar year 2024.
Mark Clouse, Campbell's president and CEO said: “We are off to an encouraging start in our important holiday season, and we expect to build momentum for the balance of the fiscal year.”
“We are confident in reaffirming our full-year guidance,” and “remain excited about adding the Sovos Brands portfolio and expect to close the transaction in calendar year 2024.”