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The surge in sales of Campbell Soup amid a buildup of coronavirus
The corona virus turned out to be a chicken soup for Campbell’s benefit, but hungry investors still scratched the bottom of the can.
The canned soup giant reported a 15 percent surge in quarterly net sales on Wednesday as consumers hoarded stable food amid a pandemic.
But customers picked up Campbell’s goods so quickly last quarter that the company struggled to meet demand, according to Chief Executive Mark Clouse. Initial stockpiling “exceeds shipping capacity,” and the company is working to add capacity amid the challenges of sustainable supply, he said.
“Income lags behind consumption in the market [Campbell] trying to meet the surge in demand and retailers’ inventory runs out, “said Bank of America analyst Bryan D. Spillane in a note. The company” will sell more if they can make more products. “
Campbell’s shares slumped as much as 4.7 percent to $ 49.54 in early trading Wednesday.
The typical New Jersey-based company soup showed a 35 percent increase in US net sales for the three months ended April 26, a period marked by panic spending triggered by coronavirus. Net sales surged 20 percent in the wider Campbell food and beverage segment, which includes brands such as SpaghettiOs and Prego pasta sauce.
Sales boom comes when millions of new consumers buy Campbell products, with Millennials forming the largest group, Clouse said. The company said “household penetration” rose by almost 10 percentage points compared to the same quarter last year.
“Consumers are also interested in these brands because of the convenience they bring,” Clouse said in comments prepared. “All of them have seen a significant increase in consumption during the crisis.”
Campbell also increased marketing costs by 26 percent to keep the brand relevant by focusing on snack ideas and recipes, the company said.
Campbell reported adjusted earnings of 83 cents per share for the third fiscal quarter, beating Wall Street’s expectations for around 75 cents per share, according to Bloomberg data. The company now expects net sales to surge 5.5 to 6.5 percent for 2020, up from the previous guide for the most 1 percent increase.
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Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.
A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.
“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.
Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.
“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.
“Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.
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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’
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Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.
According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”
In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.
The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.
In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.
From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.
Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.
“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.
“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.
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