The Campbell Soup Company (CPB) posted its third quarter earnings, revealing a 6% year-over-year increase in net sales that totaled $2.23 billion. The company says the sales were due in part to its acquisition of Sovos Brands. Campbell Soup’s results also showed declining sales in its snacks unit.
Yahoo Finance Executive Editor Brian Sozzi sits down with Campbell Soup president and CEO Mark Clouse to discuss the company’s performance and its business plans moving forward.
Clouse explains why pasta sauce is a "very important area" for consumers: "It’s important to remember, though, that for many consumers in the country, they have been weathering this storm of inflation, of higher interest rates. Really pressure coming from all sides for a relatively extended period of time. I mean, we’re talking literally several years. And so that pressure has trained consumers to find a path to still feed and satisfy their family. But to do it in, in a more affordable way. And when you think about affordability, convenience and joy of your family and you put those together, really a spaghetti and pasta sauce dinner, you can’t really do better than that."
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