Retailers, consumers and prices
Check Out Line: Food makers ring up results
Check out the latest better-than-expected earnings, this time from Campbell Soup and Tyson Foods.
It looks like food investors may have plenty to be thankful for when they sit down to their Thanksgiving tables later this week.
Campbell’s first quarter profit came in well ahead of analysts’ expectations. The soup maker also said its full-year profit and sales should be stronger than it had expected. In September, Campbell forecast adjusted earnings per share growth of 5 percent to 7 percent. Now, just one quarter into the year, it expects adjusted earnings per share to jump 9 percent to 11 percent.
Tyson Foods, the world’s largest meat producer, posted a net loss. But excluding an impairment charge it earned 28 cents per share, topping analysts’ expectations by 2 cents. Revenue came in a little bit higher than last year, and well ahead of analysts’ projections.
We’ll hear more about food tomorrow, when Heinz and Hormel issue their quarterly reports.
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