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Campbell Reports Second-Quarter Results

For the first half, sales increased 4 percent to $1.135 billion. A breakdown of the change in sales follows:

  • Volume and mix added 4 percent
  • Price and sales allowances added 2 percent
  • Increased promotional spending subtracted 2 percent

Operating earnings in the first half were $159 million, comparable to the prior year, reflecting growth in Pepperidge Farm offset by lower earnings in Arnott’s.

International Simple Meals and Beverages

Sales for International Simple Meals and Beverages were $405 million for the second quarter, an increase of 1 percent from a year ago. Organic sales were comparable to the prior-year quarter. The change in sales reflected the following factors:

  • Volume and mix added 1 percent
  • Price and sales allowances added 2 percent
  • Increased promotional spending subtracted 3 percent
  • Currency added 1 percent

Excluding the impact of currency, higher sales in Latin America and Canada were offset by declines in the Asia Pacific region.

  • In Canada, sales increased primarily driven by the positive impact of currency.
  • In Europe, excluding the negative impact of currency, sales were comparable to the prior year, as sales growth in France was offset by lower export sales.
  • In the Asia Pacific region, sales decreased due to declines in Australia and Japan, partially offset by growth in Malaysia.

Operating earnings were $54 million compared with $58 million in the year-ago period. The decrease in operating earnings was primarily due to lower earnings in Canada.

For the first half, sales were $759 million, comparable to the prior year. Sales were impacted by the following factors:

  • Volume and mix added 1 percent
  • Price and sales allowances added 2 percent
  • Increased promotional spending subtracted 2 percent
  • Currency subtracted 1 percent

Excluding the impact of currency, sales gains in Latin America, Canada and the Asia Pacific region were partially offset by declines in Europe.

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