As soup and V8 beverages struggle, Campbell's soup reported a 30 percent decrease in revenue from the last fiscal quarter the Associated Press reported Tuesday.
"It's still pretty small," Craig Owens, chief financial officer at Campbell's told the AP. "It's not a very significant portion of our soup sales."
Campbells also saw its shares drop six percent to $39.28 mainly due to the Thanksgiving holiday occurring later in November this year. Orders were also held back until the fourth fiscal quarter. The company's stock has increased over 13 percent however within the past year.
"(The) proliferation of specialty beverages and packaged fresh juices for putting its V8 beverage category under pressure," Campbell's Soup chief executive officer Denise Morrison told the AP. "Like its soups, V8 drinks are shelf-stable and don't have to be refrigerated until they are opened."
The soup maker's news is the latest development as it attempts to re-construct itself as a main source for canned food, and other sealed goods available in grocery stores. This comes during a time when consumers search for fresh food products in markets' produce, meats, and dairy are provided for purchase.
The company also recently catered to a younger crowd through soups in attractive packaging, and modernized plastic pouches. Sauces for dinner dishes were in black as a way to model items on blackboard menus at bistro-style restaurants.
Campbells has been thinking of ways it can attract individuals in their 20s and 30s, and make their packaged foods more diverse to meet the needs of consumers Christian Monitor reported.
This is because of Campbell's competitors from grocery stores who have expanded their ready-to-eat food areas. Other businesses that offer made to order, and warm soups are also contenders.
Campbells makes Pepperidge Farm cookies and Prego spaghetti sauces in addition to soups. It most recently purchased Bolthouse Farm Juices and Plum Organics baby food.
