Aaron Back
speaker
67 appearances
1 recordings
1 series
first heard Aug 2025
last heard Aug 2025
Aaron Back’s voice in public audio — every appearance, attributed to the second.
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Appearances
The results are pretty poor and the performance of those stocks reflects that.
I looked at five of the biggest food companies, Kraft Heinz, General Mills, Campbell, Conagra and J.M.
Smucker, and their organic sales, which is an industry measure that looks at basically sales without currency fluctuations or like mergers and divestitures.
It's a very standard measure in the industry.
It was down at four of the five.
in the last quarter, and across all five, it was down an average of 2%.
And that's just not very good.
That goes to something that you just mentioned in your intro, which is that consumers are feeling stressed, are feeling like they need to be selective with what they spend money on.
And at the same time, these companies are getting squeezed from the cost side of things.
But what is maybe the most worrying thing is that these companies have lost pricing power.
In other words,
Previously, when costs went up, they were largely able to pass those costs on to consumers by raising prices.
And now they're finding they can't do that because consumers are just fed up with the cumulative inflation of the last several years.
And that means that they're going to take a hit on margins and that's very worrying for the sector.
Yeah.
So snacks is under pressure.
And this is ironic because snacks was identified by the industry not too long ago as the biggest growth driver that they were all chasing.
And that has now just hit a wall.
So if you look at Campbell, for example, is an interesting test case because the company is really half snacks and half groceries.
They were talking about snacks being the growth driver, again, not too long ago, maybe two years ago.
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