Campbell's swung to a loss and logged lower sales in the latest quarter, hurt by higher costs that weighed on margins as well as softer demand.

"Our performance is not where it needs to be, and we are taking decisive action to improve it," Chief Executive Mick Beekhuizen said, adding the company moving forward will increase its focus on the consumer, sharpen its execution and cut costs to support investments in its brands.

Shares fell 6.9%, to $22.15, in premarket trading.

The soup-and-snack maker on Thursday posted a fiscal fourth-quarter loss attributable to shareholders of $69 million, or 23 cents a share. That compares with a profit of $145 million, or 48 cents a share, a year earlier.

Adjusted earnings of 39 cents a share were in line with analyst estimates, according to FactSet.

Sales fell 8% to $2.14 billion, also in line with Wall Street models. On an organic basis, sales were down 1%.

Sales across its snacks division tumbled 12%, while sales across its meals and beverages unit were down 4%.

Campbell's said it will aim to cut $500 million in costs by fiscal 2030, helping to protect margins and support higher investment levels. The company also said it would slash its quarterly dividend to 25 cents a share, marking a 36% reduction from its prior quarterly dividend of 39 cents a share.

The new payout, equal to $1 a year, represents an annual yield of about 4.2%, based on Wednesday's closing price of $23.78. It will be paid Nov. 2 to shareholders of record as of Oct. 1, the company said.

For the 2027 fiscal year, Campbell's expects organic sales to decline 4% to 2%. Adjusted earnings are projected to be between $1.65 and $1.80 a share.