Although Cost Savings Simmer, Campbell's 2Q Chilled by Tepid Soup Sales; Shares Offer Modest Upside
Campbell Soup continues to be plagued by languishing sales and eroding profits. In its second quarter, organic sales slipped 2% (entirely due to lower volumes) and higher commodity costs (to the tune of 330 basis points) offset the savings from productivity initiatives (which aided profits by 130 basis points), contributing to a 220-basis-point degradation in adjusted gross margins to 35.2% and an 80-basis-point decline in adjusted operating margins to 18.4%. However, this performance generally ...
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