Campbell Soup Co. today (21 May) warned sales and earnings in its upcoming new financial year would fall below the company’s long-term targets.

The US food group has goals for annual organic sales to grow 3-4%, for adjusted EBIT to rise 4-6% and for adjusted earnings per share to climb 5-7%.

However, ahead of an investor meeting today, Campbell said its results for the financial year starting 4 August is “expected to be below these long-term targets”.

The owner of brands including its namesake soup and Plum baby food said it expected sales to rise on an organic basis in the new year.

Campbell has seen its growth held back by a challenging US soup category and has sought to boost its top line through acquisitions and disposals in recent years. It indicated it would look again at its portfolio to hit the long-term growth targets.

The group said it “may need to continue reshaping its portfolio to achieve these long-term goals”.