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Campbell Reports First-Quarter Results

U.S. Simple Meals operating earnings increased 5 percent to $274 million compared with $260 million in the prior-year period. The increase in operating earnings was driven by earnings gains in U.S. Soup, partly offset by a decline in U.S. Sauces. For the segment, benefits from productivity improvements; higher selling prices net of related volume impacts; and lower marketing expenses were partly offset by cost inflation.

Global Baking and Snacking

Sales for Global Baking and Snacking were $574 million for the first quarter, an increase of 1 percent from a year ago. The change in sales reflected the following factors:
  • Volume and mix added 2 percent
  • Price and sales allowances added 2 percent
  • Increased promotional spending subtracted 3 percent

Further details of sales results included the following:
  • Sales of “Pepperidge Farm” products increased, driven by volume gains and higher selling prices, partially offset by increased promotional spending.
    • In cookies and crackers, sales increases were driven by solid gains in “Goldfish” snack crackers and the launch of “Jingos!,” partly offset by declines in cookies.
    • Bakery sales declined. Bakery sales were negatively impacted by increased promotional spending in response to competitive activity.
  • Sales at Arnott’s increased primarily due to double-digit gains in Indonesia. Sales in Australia were comparable to the prior year.

Operating earnings for the quarter were $85 million compared with $88 million in the prior year, reflecting lower earnings in Arnott’s and Pepperidge Farm. Both businesses were negatively impacted by increased promotional spending.

International Simple Meals and Beverages

Sales for International Simple Meals and Beverages were $354 million for the first quarter, a decrease of 1 percent. Organic sales increased 2 percent. The change in sales reflected the following factors:
  • Volume and mix subtracted 1 percent
  • Price and sales allowances added 3 percent
  • Currency subtracted 3 percent

Excluding the impact of currency, higher sales in the Asia Pacific region, Latin America and Canada were partially offset by declines in Europe.
  • In Canada, higher selling prices contributed to sales growth.
  • In Europe, sales declines in Germany were partially offset by gains in France.
  • In the Asia Pacific region, sales increased due to strong growth in Japan and Malaysia.

Operating earnings were $47 million compared with $43 million in the year-ago period. The increase in operating earnings was primarily driven by higher organic sales and an increase in gross margin percentage.

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