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Food company Campbell Soup Company (NYSE:CPB) reported third-quarter results Wednesday that were highlighted by double-digit growth in organic sales and 35% growth in core soup sales.
Campbell Soup CEO Mark Clouse was a guest on CNBC's "Squawk on the Street" to further discuss the results and the company's outlook.
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What Happened
Campbell saw two very different phases of soup-buying trends over the last few months, Clouse said.
The first phase of buying was consistent with trends seen ahead of a major blizzard, but in every single region of the U.S., the CEO said.
Consumers were stocking up on shelf-stable items, and at one point sales of Campbell's soup were up more than 140%, he said.
The second and more recent phase saw consumers went on to shop for food items that are cheap, easy and quick to make while also providing some comfort.
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In Campbell's case, the company is seeing repeat purchase trends playing out, so the growth in household penetration will "continue moving forward," Clouse said.
"We are investing heavily into this moment to do the best we can in retaining these households, building relevance, building equity, building usage, all the things we know will be important."
What's Next
Two trends could be working against Campbell's: the weather is warming up and consumers might want to consume less soup, and restaurants are reopening all over the country.
Clouse said the company is likely to see a slowdown in demand from these headwinds, as expected, but sales will likely remain "elevated" from a historical perspective.
In fact, some of the categories Campbell operates in have seen flat-to-negative demand over a 10-year period.
The stock was down 4.77% at $49.53 at the time of publication.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.