You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: I'm Rebecca Gardy, Head of Investor Relations at Campbell Soup Company.
These statements rely on assumptions and estimates, which could be inaccurate and are subject to risk.
As stated in the release from this quarter onwards adjusted net earnings will exclude unrealized mark-to-market gains and losses on outstanding undesignated commodity hedges until such time that the related exposure impacts operating results.
Accordingly, fiscal 2021 adjusted results and guidance for adjusted EBIT and adjusted earnings per share growth rates reflect this change.
Also beginning this fiscal year, the foodservice and Canadian business formerly included in the Snacks segment is now managed as part of the Meals & Beverages segment.
Segment results have been adjusted retrospectively to reflect this change.
On Slide four, you'll see today's agenda.
Mark will share his overall thoughts on our first quarter performance, as well as in-market performance by division.
Mick will discuss the financial results of the quarter in more detail, and then review our guidance for the full-year fiscal 2022.
Organic net sales were down 4% for the quarter, driven by the expected lapping of prior year retailer inventory replenishment, as well as constrained supply in the current quarter.
We were however, up 5% versus fiscal 2020 and consumption was, up 2% versus prior year and up 9% versus two years ago, signaling strong persistent consumer demand.
This dynamic resulted in a 6 point difference in net sales versus consumption in measured channels, a relationship we do not expect to continue through the remainder of the year.
Like many of our competitors and customers, we faced supply chain pressures, particularly around labor constraints and transportation capacity and our net sales results reflect those pressures.
I'm very proud of how our teams navigated costs related to this volatility.
Their strong execution combined with effective pricing actions across both segments, led to adjusted EBIT and adjusted earnings per share results consistent with our expectations and in line or ahead of two years ago.
On Slide seven, with end-market demand remaining strong across both of our segments and the pricing actions we announced at the end of our prior fiscal year now reflected on shelf.
We feel confident about the outlook for the full fiscal year.
We recently announced additional inflation justified pricing actions to offset continuing increases in ingredient and packaging costs, logistics and labor.
This second round of pricing should be effective in January and evident on shelf in the third quarter.
This will result in some added pressure in Q2 as pricing catches up with more recent inflation, but moving into the second half we expect margin progress and earnings recovery as we use all of our available mitigation tools.
To address labor challenges in our network, we have taken specific actions and see early signs of improvement, such as increased on-boarding, lower absenteeism and improved retention.
We've seen a recent uptick in the volume produced across the plants and we expect to begin to rebuild our inventories in the second quarter, but not fully recover until the second half.
Our ingredient and packaging spend, we are now over 85% covered, thereby reducing the variability in the upcoming quarters, while we continue to deliver on our supply chain productivity improvements and our cost savings initiatives.
In addition, we've made selective supply related reductions in marketing and selling investments in the first quarter, which we expect to reverse and fully return to targeted levels as we move into the second half of the year.
Labor and supply challenges are impacting certain brands to a greater extent than others creating some short-term share and consumption pressure.
We expect this to be evident, particularly through the second quarter as we cycle through recovery on labor and supply.
With the strength of our brands in the share gains that have been so consistent and broaden our business over the last two years.
We remain very confident that share positions will improve, once we return to full capacity and investment in the second half of the fiscal year.
Turning to our Meals & Beverages division, I continue to be pleased by the underlying health of the portfolio and the performance of the brands.
Organic net sales were down 6% versus prior year, lapping 11% growth in the prior year and up 5% versus fiscal 2020.
Consumption though flat year-over-year was, up 9% versus two years ago, reflecting the strength of demand for our products.
Turning to Soup on Slide 10, our Win in Soup strategy continues to show positive results.
We retained households and held share in the quarter.
More people are participating and remaining in the soup category than pre-pandemic levels.
Household penetration on ready-to-serve condensed eating and Swanson broth are all ahead of the prior year.
Additionally, compared to prior year the dollar spent per buyer increased as our pricing actions took effect.
While volume per buyer remained flat reflecting the health, relevance and sustained momentum of our brands.
These compelling data points provide evidence that we are retaining our expanded consumer base, despite consumer mobility increasing, returning competition and our inflation driven higher price points.
US Soup consumption grew 2% over elevated levels in the prior year.
Bringing growth versus two years ago to 9%.
Repeat rates and household penetration remained ahead of two years ago on Pacific Foods, ready-to-serve, condensed and Swanson broth.
Condensed dollar share was down slightly in the quarter, however, we continue to be encouraged by evidence to quick-scratch cooking behavior continues.
And our consumer tracking studies, more than a third of the people surveyed indicated that they cook more compared to the prior month.
Additionally, we are seeing the need for quicker meal preparation as consumer shift to hybrid work arrangements, leading to the need for quicker lunches, while working from home and preparing dinners after returning from the workplace.
This is driving an overall increase in our eating share interestingly with our strongest growth in condensed eating coming from millennials.
As you may have noted in more recent periods, we are seeing some recovery of private label in the condensed segment.
This is not unexpected given the recovery from an extended period of supply constraints.
It's important to note, our two-year share gains remain very strong and we remain very confident in our overall competitive position versus private label as we move forward with continued strong support and programing.
Ready-to-serve increased share in the quarter, including over 3 points of share gains among millennials.
Within ready-to-serve Chunky had a very strong quarter, increasing consumption 8% on top of 2% growth in the prior year quarter and grew share by 0.6 points versus prior year.
This is despite elevated promotional levels from competition.
On Swanson broth, we also grew share by 1.6 points, representing the third consecutive quarter of growth as supply recovery continued.
Our Pacific Foods growth engine delivered its eighth consecutive quarter of holding or growing share, driven by sustained momentum on broth, despite remaining supply challenges due to labor pressures paired with high demand.
Turning to Sauces, Prego remain the number one share leader for 30 straight months.
However, short-term material availability is adding pressure on supply and creating more recent pressure on shares, which we expect to improve as we fully recover on inventory in the second half.
Pay share began to improve in Q1 and grew households, compared to prior year.
We see pace continuing to improve throughout the year.
I want to conclude my comments on Meals & Beverage by highlighting an important underlying trends.
Across the Meals & Beverage portfolio, we continued to show strong performance with younger households.
The percentage of buyers under the age of 35 has increased versus the prior year quarter on nearly all key brands.
Specifically on US Soup, the percentage of buyers under 35 increased almost 2 points this quarter and the average age of Campbell Soup consumers are getting younger.
The millennial cohort is the fastest growing segment in condensed eating, ready-to-serve and broth.
Importantly, as we look beyond the current short-term volatility and begin to assess the ability for Meals & Beverages to continue to contribute growth into the future.
This dynamic is a very important indicator and supports our efforts to increase relevance with a new generation of consumers.
Organic net sales were, down 1%, primarily due to labor-related supply constraints, but grew 4%, compared to fiscal 2020, in-market performance was strong growing 5% over the prior year quarter and 9% on a two-year basis.
This dynamic has resulted in low levels of retail inventory that we're working on and expect to recover through the second half of the fiscal year.
Our power brands continue to fuel performance with in-market consumption growth of 6% this fiscal year and 13% on a two-year basis, driven by double-digit consumption growth across the majority of our brands.
We are pleased to see repeat rates on all eight power brands ahead of the prior year and compared to fiscal 2020.
Goldfish performed very well in the quarter, increasing share by half a point and growing consumption high single-digits versus prior year behind strong marketing activation, improved performance in multi-packs and continued successful limited addition flavor innovations resulting in improved base velocities and increased household penetration.
We are winning with consumers, gaining share and driving significant consumption increases.
Innovation continue to be a key growth driver with limited addition Goldfish Jalapeno Popper being the Number One velocity new item launched in the cracker category in the quarter, marking the second quarter in a row, we achieved this metric with our limited edition flavor innovations.
We also continue to increase the relevance additional [Phonetic] kids audience with 60% of new buyers being households with our kids.
We continued to drive share growth on other brands as well, including Snack Factory pretzel crisps by 2.5 points, Kettle Brand potato chips by more than a point and Cape Cod potato chips 2.6 points.
However, as previously mentioned, labor availability on certain Snacks segments is putting pressure on share in several areas.
In particular, cookies Lance crackers, Late July and Snyder's of Hanover pretzels in the quarter.
We are making good progress on recovering, but do expect some of these headwinds to persist into Q2, more broadly recovering in the second half.
As I mentioned earlier, we continue to be pleased with the speed and progress we have made to address the executional pressures experienced last year.
Although, we will still lap a challenging Q2 as we deal with the [Technical Issues] half of the year with progress on margins and shares.
Given our solid first quarter results and their consistency with our expectation [Technical Issues] our full-year guidance.
As previously mentioned while we expect to still have a difficult comparison in Q2 as we lap year ago strength and begin to recover on labor and supply pressures.
We remain very confident in our expectations of positive second half performance and momentum exiting the year.
We look forward to sharing our strategy to unlock our longer-term full growth potential next week at our Investor Day.
Turning to Slide 17, as Rebecca mentioned at the start of the call from this quarter onwards we will exclude from adjusted net earnings, unrealized mark-to-market gains and losses on outstanding undesignated commodity hedges, until such time that the related exposure impacts operating results.
Our adjusted financial results and guidance reflect this change.
For the first quarter as we left 8% growth in the prior-year, organic net sales declined 4%, due to the anticipated cycling of year ago retailer inventory recovery and supply pressures.
The resulting year-over-year fall in [Phonetic] decline more than offset the favorable impact of net pricing in the quarter.
As Mark highlighted earlier consumer demand remains strong in [Technical Issues] basis were 5% higher, compared to two years ago or the first fiscal quarter of 2020.
Adjusted EBIT decreased 15%, compared to prior year, it was 1% higher on the two-year basis, despite the significant levels of inflation on ingredients, packaging, labor, warehousing and logistics.
Our adjusted EBIT margin was 17.4%, compared to 19.5% in the prior year and slightly down from fiscal 2020.
Adjusted earnings per share from continuing operations decreased $0.12 or 12% versus prior year to $0.89 per share, but remains well ahead of fiscal 2020.
On the next Slide, I'll break down our net sales performance for the first quarter.
As I mentioned, the impact of lapping the post-COVID search retailer inventory recovery and supply constraints largely related to industrywide labor challenges along with select material constraints, held back our ability to meet the continued elevated demand.
The operations team continue to execute well in a challenging environment.
Organic net sales decreased 4% during the quarter, driven by a 6 point volume headwind, which reflects lapping of the prior year retailer inventory recovery and the before mentioned supply constraints.
Favorable price and sales allowances drove a 4 point gain in the quarter, which was partially offset by a 2 point headwind due to some spend back on promotional spending in the quarter closer to pre-pandemic levels.
The impact of the sale of Plum subtracted 1 point.
All in our reported net sales declined 4% from the prior year.
Turning to Slide 19.
Our first quarter adjusted gross margin decreased by 200 basis points from 34.5% last year to 32.5% this year.
Mix had a negative impact of approximately 70 basis points on gross margin as we cycled last year's retail inventory recovery and favorable operating leverage.
Net price realization drove a 190 basis point improvement, due to the benefits of our recent pricing actions, partially offset by increased promotional spending.
Inflation and other factors had a negative impact of 470 basis points with the majority of the decline driven by cost inflation as overall input prices on a rate basis increased by approximately 6%.
Along with other industry participants, we experienced significant inflation across all input cost categories, including ingredients, packaging, labor, warehousing and logistics.
That said, our ongoing supply chain productivity program contributed 120 basis points to gross margin, partially offsetting these inflationary headwinds.
Our cost savings program, which is incremental to our ongoing supply chain productivity program added 30 basis points to our gross margin.
The previously described initiatives to mitigate inflation highlighted on the next page, include price increases and trade optimization, supply chain productivity improvements and cost saving initiatives and a continued focus on discretionary spending across the organization.
We remain focused on inflation mitigation as we continue to expect core inflation for the year to be high single-digits with a more pronounced impact in the second half of fiscal 2022.
As you saw on the previous page, the progress we made in the first quarter to mitigate these inflationary pressures reduced the impact to 130 basis points on our adjusted gross margin.
Moving to the next Slide.
We have achieved $15 million in incremental year-over-year savings and remain on track to deliver our cumulative savings target of $850 million by the end of fiscal year.
We are working toward expanding our plan to $1 billion and we'll share more details next week at our Investor Day.
Moving on to other operating items.
Marketing and selling expenses decreased $38 million or 18% in the quarter on a year-over-year basis.
This decrease was driven by lower advertising and consumer promotion expense or A&C and lower selling expenses.
Although, A&C declined 31% as investment was moderated to reflect supply pressure, we expect it to normalize as supply strengthened throughout the year.
Overall, our marketing and selling expenses represented 7.6% of net sales during the quarter and 130 basis point decrease, compared to last year.
Adjusted administrative expenses increased $17 million or 12% largely, due to expenses related to the settlement of certain legal claims as higher general administrative costs were largely offset by the benefits of cost savings initiatives.
Adjusted administrative expenses represented 6.9% of net sales [Technical Issues] to summarize the key drivers of performance this quarter.
As previously mentioned adjusted EBIT decline 15% as the net sales declined and the 200 basis points gross margin contraction, resulted in a $36 million and $44 million EBIT headwinds respectively, partially offsetting this was lower marketing and selling expenses, contributing 130 basis points to our adjusted EBIT margin.
This was a short-term action targeted in areas by supply constraints were most significant and we expect to fully return to targeted investment levels as soon as labor is in place and supply recovers.
Higher adjusted administrative and R&D expenses had a negative impact of 110 basis points and lower adjusted other income had a 30 basis point impact.
Overall, our adjusted EBIT margin decreased year-over-year by 210 basis points to 17.4%.
The following chart breaks down our adjusted earnings per share change between our operating performance and below the line items, a $0.17 impact of lower adjusted EBIT was partially offset by a $0.02 favorable impact from lower interest expense and a $0.04 impact of lower adjusted taxes, due to the favorable resolution of several tax matters in the quarter.
This resulted in better-than-expected adjusted earnings per share of $0.89, which was down $0.25 per share, compared to the prior year.
Turning to the segments, in Meals & Beverages organic net sales decreased 6%, as favorable price and sales allowances in the quarter were more than offset by volume declines across US retail products, including V8 beverages, Prego pasta sauces and US Soup, as well as in Canada.
Volume decreased primarily as a result of cycling the retailer inventory recovery in the prior year quarter and due to supply constraints, increased promotional spending relative to moderated levels in the prior year, partially offset the impact of recent price increases.
Sales of US Soup decreased 2%, cycling 21% increase in the prior year quarter.
Operating earnings for Meals & Beverages decreased 17% to $280 million, the decrease was primarily due to a lower gross margin and sales volume declines, partially offset by lower marketing selling expenses.
The lower gross margin resulted from higher cost inflation, higher levels of promotional spending, higher other supply chain costs and unfavorable product mix, partially offset by the benefits of recent pricing actions and supply chain productivity improvements.
Overall, within our Meals & Beverage division, the first quarter operating margin decreased year-over-year by 260 basis points to 22.1%.
Within Snacks, organic net sales decreased 1% to $1 billion, as favorable price and sales allowances were more than offset by volume declines and increased promotional spending, compared to moderated levels in the prior year quarter.
Declines in partner brands Pop Secret popcorn, driven by elevated prior year demand and Late July snacks due to supply pressures were partially offset by gains in Goldfish crackers and Pepperidge Farm cookies.
Sales of power brands increased 30%.
Operating earnings for Snacks decreased 5% for the quarter, driven by increased administrative expenses, due to the settlement of certain legal claims and a slightly lower gross margin, partially offset by lower marketing and selling expenses.
The slight decline in gross margin resulted from higher cost inflation, unfavorable product mix and higher level of promotional spending, largely offset by the benefits of recent pricing actions.
Supply chain productivity improvements and cost savings initiatives and lower other supply chain costs.
Overall within our Snacks division first quarter operating margin decreased year-over-year by 60 basis points to 13.2%.
I now turn to cash flow and liquidity.
Fiscal 2022 cash flow from operations increased from $180 million in the prior year to $288 million, primarily due to lower working capital related to outflows mostly from accounts payable and accrued liabilities, partially offset by lower cash earnings.
Our year-to-date cash outflows for investing activities were reflective of the cash outlay for capital expenditures of $69 million, which was comparable to prior year.
In light of the current operating environment, we are reducing our planned full-year capital expenditures from $330 million to approximately $300 million for fiscal 2022.
Our year-to-date cash outflows for financing activities were $220 million, the vast majority of which are $179 million, represented the return of capital to our shareholders, including a $160 million of dividends paid and $63 million of share repurchases during the quarter.
At the end of the first quarter we had approximately $475 million remaining under the current $500 million strategic share repurchase program.
We also have $250 million anti-dilutive share repurchase program, of which approximately $176 million is remain.
We ended the first quarter with cash and cash equivalents of $69 million.
Turning to Slide 28, as covered earlier, adjusted net earnings now excludes unrealized mark-to-market gains and losses on outstanding underestimated commodity hedges and the guidance for adjusted EBIT and adjusted earnings per share growth rates reflect this change.
We continue to expect full-year fiscal 2022 net sales, adjusted EBIT and adjusted earnings per share performance to be consistent with the guidance we provided during our fiscal year-end earnings call.
Overall, we expect accelerating inflationary pressures and higher labor-related costs to be partially mitigated with sustained in-market momentum, while at prior year results in the second quarter, we expect topline performance to improve sequentially year-over-year, as supply begins to recover.
However, with respect to margin, we expect continued pressure driven by additional core inflation across commodities and higher labor-related costs without the benefit of our second wave of pricing, which will not be in place until the end of the second quarter.
As we move into the second half of the year, we expect our inflation mitigation actions collectively along with the continuous recovery of labor to result in margin progress and earnings recovery through the year.
For the full-year, we expect organic net sales to be minus 1% to plus 1%.
Adjusted EBIT of minus 4.5% to minus 1.5% and adjusted earnings per share of minus 4% to flat versus the adjusted fiscal 2021 results.
The sale of Plum is estimated to have an impact of 1 percentage point of fiscal 2022 net sales.
I'm truly grateful for their continued dedication and commitment and look forward to sharing our strategy to unlock our full growth potential at our Investor Day next week.

user
q1 adjusted earnings per share $0.89 from continuing operations excluding items.
q1 adjusted earnings per share $0.89.
reaffirms full-year guidance which has been adjusted.
qtrly net sales as reported (gaap) $2,236 million, down 4%.
qtrly organic net sales decreased 4% cycling retailer inventory recovery in prior year.
second quarter top-line performance is expected to sequentially improve year-over-year.
also in the second quarter, with respect to margin, the company expects continued pressure.
remains on track to deliver annualized savings of $850 million by end of fiscal 2022.

assistant