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Campbell Soup dropping 'soup' in name to become 'The Campbell's Company'
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Campbell Soup dropping 'soup' in name to become 'The Campbell's Company'
Sep 10, 2024 11:56 PM

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.

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