Campbell Soup Company has recorded a 15% increase in first-quarter net sales to $2.58 billion, with pricing actions helping to counter the impact of volume declines.

Adjusted EBIT was up 15% to $449 million, as a result of higher adjusted gross profit, partially offset by higher marketing and selling expenses.

During the first quarter of fiscal year 2023, the company’s meals and beverages division grew its net sales by 15%, a rise driven by US retail products, including soup and Prego pasta sauces, as well as growth in foodservice. 

Snack unit net sales also increased by 15%, driven by sales of ‘power brands’. cookies and crackers, primarily Goldfish, and salty snacks, such as Snyder’s of Hanover pretzels and Kettle Brand and CapeCod potato chips, all contributed to the year-over-year growth.

Campbell CEO, Mark Clouse, said: “Our strong first-quarter results reflect our continued success in driving the relevance of our brands and improving our execution across our supply chain. Through a combination of inflation-driven pricing actions and productivity improvements, we have substantially mitigated significant inflationary pressure in the quarter while continuing to provide quality and value to consumers.”

He continued: “We are investing in the equity of our brands through effective marketing, delivering robust innovation and deploying efficient capital spending to ensure we continue to fuel improving in-market shares and growth. With the momentum of our strong first-quarter performance and confidence in our strengthened supply chain, we are raising our full-year fiscal 2023 guidance while taking into account the volatile economic environment.”