Quarterly reports for three out of the Top 100 Food Processing companies reveal that severe effects of the pandemic are continuously bothering them.
As per the reports, sales of the Campbell Soups hiked up by 12% for the April to June quarter as compared to the last year. For the previous quarter, an increment of 17% was witnessed in contrast to the previous year. Monetary gain for the latest quarter was $86M leading to a loss of $8 M than the same quarter of 2019.
Mark Clouse, CEO of the company informed that the company is expecting a comeback to healthier foods parting ways from comfort foods which was in huge demand during the pandemic. A short-term objective has been set to ensure that the supply chain gets stocked with soup before the onset of winters.
Hormel Foods amassed $2.38B in revenue with a 4% increase over the same quarter of last year. Profit was up by 2% rising to $203M.
Hormel’s 19% gain in retail sales got compensated by a 19% loss in foodservice sales, reflecting the shift in channels due to the pandemic. Purchasing Sadler’s Smokehouse, a barbeque firm at the start of this year assisted in garnering revenue on the retail sides.
J.M. Smucker observed quarterly sales of about $1.97 billion with an annual increase of 11%. Sales of retail consumer foods such as its namesake jams as well as Uncrustables sandwiches and Jif peanut butter rose up by 22%, whereas out-of-home/international sales decreased by 19%.
