Campbell Soup Co. warned on Thursday of a bigger pinch for consumers in the coming year from recent price rises and said its older customers were seeking cheaper store-brand options over its soups and broths amid a rise in cost of living.
Shares of the more than 150-year-old U.S. company fell about 4 percent after it also forecast full-year profit largely below estimates on supply chain snags and soaring costs.
Multiple prices increases by companies struggling with higher costs of labor, ingredients and transportation, coupled with rising borrowing costs, have squeezed household budgets and encouraged consumers to hunt for more affordable alternatives…..