Campbell's Co falls after lowering annual sales, profit forecasts

Shares of packaged food company Campbell's Co CPB.O down 5.28% at $38.20 premarket

Company lowers its annual sales growth forecast range to 6%-8%, from 9%-11%

Also lowers annual adjusted EPS forecast to between $2.95 and $3.05, from prior $3.12 to $3.22

Cuts adjusted annual EBIT forecast range to up 3%-5% from prior range of up 9%-11%

"Anticipated sequential top-line improvement did not materialize during the quarter, and we now have a more muted second half expectation. As a result, we are updating our full-year guidance" - CEO Mick Beekhuizen

CPB stock had fallen 3.7% YTD as of last close