Campbell’s says gross margins will be down similar amount in Q2

Says Q1 performance was in line with expectations. Says snacks business remains under pressure. Says had standout performance in cookies. Says reigniting Goldfish is a top priority. Says share remains stable amid dynamic environment. Says meals and beverage net sales volumes impacted by pricing. Says meals and beverages operating margin negatively impacted by tariffs, cost inflation and other supply chain costs. Says La Regina investment Provides advanced capabilities to further unlock innovation opportunities. Says cost savings and supply chain productivity improvements and net price partially mitigate inflation and other supply chain costs. Says inflation will remain for vast majority of the year. Says gross margins will be down similar amount, maybe even a little bit more, in Q2. Says not happy with where gross margins are. Comments and guidance taken from Q1 earnings conference call.