Sept 10 (Reuters) - Campbell Soup ( CPB ) is dropping
"soup" from its name to become "The Campbell's Company," CEO
Mark Clouse said on Tuesday, a pivot symbolizing the company's
shift to other packaged food such as jarred sauces like Rao's
and Goldfish snacks.
Clouse told Wall Street at its investor day that Campbell's
is focusing on 16 top brands across its meals and beverages and
snacking division including Goldfish, V8 beverages and Prego
sauces.
"Today we're so much more than soup," Clouse said.
Campbell's was the first to sell canned soup more than a century
ago. The company's cans later were featured in iconic pop art by
Andy Warhol.
To meet financial guidance, the company will require soup
sales to remain stable, Clouse said. Campbell's executives said,
however, that as the U.S. population ages, soup sales may rise
because older people eat more soup than younger generations.
Campbell's is looking to its Goldfish snacks for growth, and
expects the crackers to become its largest brand by its 2027
fiscal year, executives said.
US-focused consumer goods companies such as Campbell,
Conagra and J.M. Smucker have seen weak demand
as cost-conscious consumers have been trading down to cheaper
alternatives amid sticky inflation.
Snacking is experiencing pressure as middle and lower-income
households face financial strain, Clouse said.
He added that the company has not yet seen much impact from
consumers taking appetite-suppressing GLP-1 drugs for weight
loss such as Wegovy.
Campbell provided a dour profit forecast after reporting
quarterly sales below estimates on the back of higher input
costs and tepid demand.