Campbell Soup Co. will raise prices on its condensed soups by 5 percent in June as the company tries to turn itself around amid sliding profits.
Blame high production costs and continued inflation for the price increase, said Campbell Senior Vice President B. Craig Owens in a conference call with analysts. Sales for the soup segment – Campbell’s most famous – fell 3 percent for the third quarter, which ended April 29. Overall, sales inched up 0.4 percent to $1.82 billion. But profit slid 5.3 percent to $177 million, from $187 million.