(Reuters) – Campbell Soup Co missed market expectations for quarterly revenue on Wednesday, as consumers headed out to restaurants after COVID-19 curbs eased, impacting sales of the company’s ready-to-eat meals and soups.
Packaged food makers were among the biggest pandemic winners last year as stuck-at-home consumers stocked up on cooking essentials and snacks, as they took to dining at home after the health crisis shuttered outdoor eateries across the world.
As economies reopen, however, more consumers are flocking back to restaurants and cooking less at home, causing demand for packaged foods to recede from last year’s peak.
Campbell Soup’s net sales fell to $2.24 billion in the first quarter ended Oct. 31, from $2.34 billion a year earlier. Analysts were expecting revenue of $2.28 billion, according to Refinitiv IBES data.
Net earnings attributable to the company fell to $261 million, or 86 cents per share, from $309 million, or $1.02 per share, a year earlier.
(Reporting by Deborah Sophia in Bengaluru; Editing by Vinay Dwivedi)
