How do you lose $393 million dollars in one quarter?
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So how do you lose $393 million dollars in 3 months?
Step 1. Run social justice ads that don’t work in the consumer staples space, and –
Step 2. Spend more money to put the same poor product in refrigerated and other higher-cost space.
How do you make things even worse?
Step 1. Say your profits are going to fall, and instead of being honest –
Step 2. Disseminate fake news blaming steel tariffs, rather than holding the company accountable for unpopular advertising and not producing legit, good quality products – and then paying up for higher-cost space.
Bonus points: Have your CEO abruptly step down.
That’s what Campbell’s did, and as a result, stock price was down over 12% on 5/18. Campbell’s future is uncertain and there’s likely still some downside momentum from a short-term technical perspective in addition to a longer, drawn out descent in price as CPB struggles to salvage its brand.
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