Campbell reports full-year fiscal 2021 results; sales decline in Q4

Camden, NJ-based Campbell Soup Co. (NYSE:CPB) today reported results for its fourth-quarter and full-year fiscal 2021. The fourth quarter and full year of fiscal 2020 contained one additional week which was estimated to be 7% and 2% points in net sales, respectively, and approximately $0.04 in adjusted earnings per share.

FOURTH-QUARTER KEY POINTS

• Net sales decreased 11%. Organic net sales decreased 4% cycling elevated demand and partial retailer inventory recovery in the prior year.
• Earnings per share (EPS) from continuing operations were $0.95. Adjusted EPS decreased $0.08, or 13%, to $0.55, of which approximately $0.04 reflected the additional week in fiscal 2020.

FULL-YEAR KEY POINTS

• Net sales decreased 2%, and organic net sales were comparable to prior year.
• EPS from continuing operations were $3.30. Adjusted EPS increased 1% to $2.98.
• 75% of brand portfolio grew or held share demonstrating strong underlying brand health and momentum.
• Company plans to hold an Investors' Day on December 14, 2021.

“The fourth quarter was a positive finish to a solid year during which we successfully navigated a difficult environment, made significant progress advancing our strategic plan and addressed the executional pressures we experienced in the third quarter," said Campbell president and chief executive Mark Clouse.

"Our growth in adjusted EPS during fiscal 2021 on comparable organic sales, coupled with our expanded share growth across the majority of our core categories, demonstrated strong performance especially when compared to the significant growth in the prior year," Clouse added. "As we head into fiscal 2022, we have robust in-market momentum on our brands, strong plans to manage inflation, and a talented and committed team to lead through what we expect to be a very challenging environment."

See Campbell's full news release on Business Wire.