These are hardly the best of times for most food companies. Branded food is never a market with high overall volume growth in the best of times, and now price-conscious consumers are making sure that any significant pricing action has real volume consequences. At the same time, price inflation seems nearly unrelenting.
That limits just how much Campbell Soup (NYSE:CPB) can do with its own strategy. At the same time, it's a bit curious that a company that arguably has margin to spare is willing to trade growth to preserve those leading margins.
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