Campbell Tries To Reassure Investors

But with costs up for some key ingredients and the tin used in cans up, the company decided to raise prices during the quarter. As the company raised prices, the marketing efforts were shut down.

As the world's largest soupmaker, Conant said, Campbell leads the prices for the whole industry. And for much of March and April, he said the company "took it on the chin" as it raised prices. But now, Conant says, the company has its prices and margins set for next winter's soup season.

On top of the slowdown due to the price hike, the company is getting ready to relaunch its Chunky soups with healthier varieties later this year, so it's not doing much to push sales of the old version of Chunky.

And further, shoppers have been turning away from the most convenient — and higher priced soups — like the ones that come in microwavable bowls and the drinkable Soup at Hand.

Conant said some people are buying canned soup instead, while others seem to be turning away from soup altogether.

Campbell stock rose 56 cents, or 2.1 percent, to close at $27.35 Friday.