CAMDEN, N.J.–(BUSINESS WIRE)–Jun. 4, 2025– The Campbell’s Company (NASDAQ:CPB ) today announced that Newsweek has named the company one of America’s Greatest Workplaces 2025.
“Our recipe for success is talented people, amazing brands and fantastic food,” said Mick Beekhuizen, Campbell’s President and Chief Executive Officer. “We are committed to delivering for our people and creating a highly engaged culture to attract, grow and retain the best team in food.”
America’s Greatest Workplaces were identified by Newsweek and Plant-A Insights Group through a comprehensive assessment involving employee interviews, company reviews, publicly accessible data and an analysis of over 120 key performance indicators.
Campbell’s recently completed a $50 million investment in its Camden, NJ headquarters campus to provide more ways for employees to connect and collaborate. The project included:
The newly renovated space is complimented with best-in-class amenities, such as on-site day care, a café, complimentary health and fitness center and a variety of other services. The company also upgraded and modernized workspaces across its regional offices and manufacturing sites.
“Our strategy starts with building the Top Team. It’s our No. 1 priority as an organization because our people fuel our performance,” said Diane Johnson May, Campbell’s Chief People and Culture Officer. “This recognition supports the progress we have made in creating a workplace where employees are supported to build a rewarding career with opportunities to grow, lead, innovate, and reach their full potential.”
The company has made significant investments in leadership development to establish Campbell’s as a top destination to build a career and learn how to become a great leader. This includes structured leadership development programs for all levels of the organization and self-paced resources.
Campbell’s has long been recognized as a top workplace and destination for leadership development. Earlier this year, the company was recognized as one of TIME’s Best Companies for Future Leaders and one of Newsweek’s Greatest Workplaces for Gen Z.
About The Campbell’s Company For more than 155 years, The Campbell’s Company (NASDAQ:CPB) (Campbell’s) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted us to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2024 net sales of $9.6 billion across two divisions: Meals & Beverages and Snacks. Its portfolio of 16 leadership brands includes Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory Pretzel Crisps, Snyder’s of Hanover, Swanson and V8. For more information, visit thecampbellscompany.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20250604014817/en/
Media Contact: James Regan (856) 219-6409 [email protected]
Investor Contact: Rebecca Gardy (856) 342-6081 [email protected]
Source: The Campbell’s Company
The V8 Energy team is bringing a fresh twist to our iconic vegetable-based beverages with the launch of V8 Energy Drink Mix! The drink mix powder offers a steady energy boost in a new convenient on-the-go format. Sip the story from our V8 Energy marketing and R&D teams.
Riding the wave
With the emergence of on-the-go drinks in powder form, the V8 Energy team saw an opportunity to play in this growing space. The team explored our large portfolio of beverages, ultimately landing on fan-favorite, Energy.
“People know V8 Energy as a delicious pick-me-up in fruit-forward flavors. This opportunity allowed us to innovate beyond what we’ve done historically.” Xanna Tracy, Senior Brand Manager, V8
“People know V8 Energy as a delicious pick-me-up in fruit-forward flavors. This opportunity allowed us to innovate beyond what we’ve done historically.”
From idea to innovation
Once the concept for V8 Energy Drink Mix was greenlit, it became a true collaborative effort across the company. The first step included the culinary team exploring new technologies to transform our delicious-tasting vegetable and fruit juices into powder form.
“For me, the first production run of V8 Energy Drink Mix was the best part of this project. Seeing the drink mix progress from idea to finished product was really rewarding.” Rachel Brown, R&D Manager, Beverage
“For me, the first production run of V8 Energy Drink Mix was the best part of this project. Seeing the drink mix progress from idea to finished product was really rewarding.”
Just add water and go!
A convenient option for those on the go, V8 Energy Drink Mix provides a smooth, fruit-forward profile, packed with 80mg of natural caffeine from black and green tea.
V8 Energy Drink Mix is available now in three delicious flavors: Pomegranate Blueberry, Peach Mango, and Strawberry Lemonade.
“What I love about V8 Energy Drink Mix is that we’re keeping all the stuff that matters but making it into a more portable format to reach people who are on the go.” Xanna Tracy
“What I love about V8 Energy Drink Mix is that we’re keeping all the stuff that matters but making it into a more portable format to reach people who are on the go.”
Refreshed look
The launch of our newest offering also helps unveil a new look for V8 Energy. The use of bright, vibrant colors helps the packaging further pop on the shelf.
@v8energy Mix, sip, move. Introducing V8 Energy Drink Mix, so you can take your flavorful, steady energy wherever the day takes you. #onthego ♬ original sound – V8 Energy
Mix, sip, move. Introducing V8 Energy Drink Mix, so you can take your flavorful, steady energy wherever the day takes you. #onthego
New aisle, same V8 Energy
This breakthrough innovation will expand V8 Energy to the drink mix aisle, putting the brand in front of a new segment of shoppers.
You can purchase V8 Energy Drink Mix on Amazon or a store near you.
Explore more delicious offerings from V8.
V8
CAMDEN, N.J.–(BUSINESS WIRE)–Jun. 2, 2025– The Campbell’s Company (NASDAQ:CPB) today reported results for its third quarter fiscal 2025 ended April 27, 2025. Unless otherwise stated, all comparisons are to the same period of fiscal 2024. The Sovos Brands, Inc. (Sovos Brands) acquisition (also referred to as the acquisition) was completed on March 12, 2024.
CEO Comments Mick Beekhuizen, Campbell’s President and CEO said “We delivered solid third quarter results that exceeded our expectations partially due to favorable shipment timing. In Meals & Beverages, we are seeing improved consumption across all consumer income groups. Consumers are cooking at home at the highest levels since early 2020 and turning to our brands for value, quality, and convenience. Within Snacks, performance was mixed across the portfolio, and while we’re benefiting from some strong innovation launches, we are adjusting our plans to make sure we’re competitive across our full brand portfolio. Our overall performance reflects our strong execution and disciplined cost management in what remains a dynamic operating environment. We continue to evolve our organization and capabilities to better leverage our scale for growth and drive long-term value creation.”
Three Months Ended
($ in millions, except per share)
April 27, 2025
April 28, 2024
% Change
Net Sales
As Reported (GAAP)
$2,475
$2,369
4%
Organic
1%
Earnings Before Interest and Taxes (EBIT)
$161
$248
(35)%
Adjusted
$362
$354
2%
Diluted Earnings Per Share
$0.22
$0.44
(50)%
$0.73
$0.75
(3)%
Note: A detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information is included at the end of this news release.
Items Impacting Comparability The table below presents a summary of items impacting comparability in each period. A detailed reconciliation of the reported (GAAP) financial information to the adjusted information is included at the end of this news release.
Costs associated with cost savings and optimization initiatives
$0.08
$0.05
Commodity mark-to-market losses (gains)
$0.02
$(0.03)
Accelerated amortization
Certain litigation expenses
$0.01
$—
Impairment charges
$0.37
Costs associated with acquisition
$0.27
Adjusted*
*Numbers may not add due to rounding
Third Quarter Results Net sales in the quarter increased 4% to $2.5 billion driven by the benefit from the Sovos Brands acquisition. Organic net sales increased 1% to $2.3 billion primarily driven by 2% favorable volume/mix, partially offset by planned unfavorable net price realization.
Gross profit decreased to $728 million from $732 million. Gross profit margin was 29.4% compared to 30.9%. Adjusted gross profit increased to $745 million from $740 million. Adjusted gross profit margin decreased 110 basis points to 30.1% mainly driven by cost inflation and other supply chain costs, unfavorable net price realization and the impact of the acquisition, partially offset by supply chain productivity improvements, the benefits from cost savings initiatives and volume/mix favorability.
Marketing and selling expenses, which represented approximately 9% of net sales, increased 5% to $216 million. Adjusted marketing and selling expenses increased 5% to $207 million primarily driven by the impact of the acquisition.
Administrative expenses decreased 22% to $162 million. Adjusted administrative expenses decreased 4% to $150 million mainly driven by the benefit from cost savings initiatives, partially offset by higher general administrative costs and inflation and the impact of the acquisition.
Other expenses were $160 million compared to $30 million, primarily driven by a non-cash impairment charge of $150 million related to the Snyder’s of Hanover trademark. Adjusted other expenses were $4 million compared to $8 million.
EBIT decreased to $161 million from $248 million primarily driven by the above-mentioned impairment charge. Adjusted EBIT increased 2% to $362 million primarily due to the contribution of the acquisition, partially offset by lower adjusted EBIT in the base business. The base business performance was primarily driven by lower adjusted gross profit partially offset by lower adjusted administrative expenses and adjusted other expenses.
Net interest expense increased to $80 million from $66 million, primarily due to higher levels of debt and higher average interest rates on the debt portfolio. Adjusted net interest expense was $64 million in the prior year. The effective tax rate decreased to 18.5% compared to 26.9% and the adjusted effective tax rate was 22.7% compared to 22.8%.
EPS decreased to $0.22 per share compared to $0.44 per share. Adjusted EPS decreased 3% to $0.73 per share primarily reflecting higher adjusted net interest expense partially offset by the increase in adjusted EBIT. The acquisition was accretive to adjusted earnings per share.
Cash Flow and Shareholder Return Cash flow from operations for the nine months ending April 27, 2025 was $872 million compared to $897 million in the prior year primarily due to changes in working capital. Capital expenditures year-to-date were $296 million compared to $376 million. In line with Campbell’s commitment to return value to its shareholders, the company has paid $343 million of cash dividends and repurchased common stock of approximately $60 million year-to-date. As of the end of the third quarter, the company had approximately $200 million remaining under its anti-dilutive share repurchase program in addition to approximately $301 million remaining under its September 2021 strategic share repurchase program.
Cost Savings Program As of the end of the third quarter, Campbell’s has delivered approximately $110 million of savings under the $250 million cost savings program announced in September 2024.
Full-Year Fiscal 2025 Guidance: Based on the company’s year-to-date performance, Campbell’s is reaffirming its full-year fiscal 2025 guidance provided on March 5, 2025, excluding the impact of tariffs. Adjusted EBIT and adjusted EPS are now expected to be at the low end of the guidance range due to the slower than anticipated recovery in the Snacks business.
The current tariff situation is fluid in light of recent legal challenges; however, assuming the current tariff actions remain in place, the company estimates the net headwind of higher tariff-related costs could be up to an incremental of $0.03 to $0.05 per share to fiscal 2025 adjusted EPS. This is not factored into the company’s fiscal 2025 guidance as the tariff and trade environments are rapidly evolving.
Fiscal 2025 comprises 53 weeks, one additional week compared to fiscal 2024. The benefit of the 53rd week is included in the company’s fiscal 2025 guidance (with the exception of organic net sales which exclude the 53rd week) and is estimated to be worth approximately 2 points of growth to reported net sales and adjusted EBIT, along with approximately $0.05 of adjusted EPS.
Other additional guidance assumptions can be found in the accompanying investor presentation available at https://investor.thecampbellscompany.com/events-presentations.
FY2024 Results
FY2025 Guidance1
$9,636
+6% to +8%
Organic Net Sales
$9,457*
(2)% to 0%
Adjusted EBIT
$1,454*
+3% to +5%
Adjusted EPS
$3.08*
(4)% to (1)%
$2.95 to $3.05
1 Guidance reflects Sovos Brands which was acquired on March 12, 2024, the divestiture of the Pop Secret popcorn business which was sold on August 26, 2024, the divestiture of the noosa yoghurt business which was sold on February 24, 2025, and the impact of the 53rd week in fiscal 2025. Organic net sales exclude acquisitions, divestitures, currency and the 53rd week in fiscal 2025. FY 2025 guidance excludes the net impact of higher tariff-related costs.
* Adjusted – refer to the detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information at the end of this news release.
Note: A non-GAAP reconciliation is not provided for fiscal 2025 guidance as the company is unable to reasonably estimate the full-year financial impact of items such as actuarial gains or losses on pension and postretirement plans because these impacts are dependent on future changes in market conditions. The inability to predict the amount and timing of these future items makes a detailed reconciliation of these forward-looking financial measures impracticable.
Segment Operating Review An analysis of net sales and operating earnings by reportable segment follows:
Three Months Ended April 27, 2025
($ in millions)
Meals & Beverages*
Snacks
Total*
Net Sales, as Reported
$1,463
$1,012
Volume/Mix
7%
(5)%
Net Price Realization
(1)%
—%
6%
Currency
Acquisition / (Divestitures)1
10%
% Change vs. Prior Year
15%
(8)%
Segment Operating Earnings
$145
8%
(13)%
*Numbers may not add due to rounding.
1 Reflects the incremental net sales associated with the Sovos Brands acquisition, which was completed on March 12, 2024, and the loss of net sales associated with the divestitures of the Pop Secret popcorn business, which was completed on August 26, 2024, and the noosa yoghurt business, which was completed on February 24, 2025.
Note: A detailed reconciliation of the reported (GAAP) net sales to organic net sales is included at the end of this news release.
Meals & Beverages Net sales in the quarter increased 15% mainly driven by the benefit of the acquisition. Excluding the impact of the acquisition and noosa divestiture, organic net sales increased 6% driven by gains in U.S. soup, Rao’s pasta sauces and Canada, partially related to favorable shipment timing. Favorable volume/mix of 7% was partially offset by lower net price realization of 1%. Sales of U.S. soup increased due to increases in condensed soups, broth and ready-to-serve soups. Net sales of Rao’s pasta sauces increased primarily due to the timing of shipments related to the implementation of our existing SAP enterprise-resource planning system for Sovos Brands.
Operating earnings in the quarter increased 8% primarily due to the benefit of the acquisition, partially offset by a decline in the base business.
Snacks Net sales in the quarter decreased 8%. Excluding the impact of the Pop Secret divestiture, organic net sales decreased 5% driven primarily by declines in Goldfish crackers, third-party partner and contract brands, Snyder’s of Hanover pretzels, Late July snacks and Lance sandwich crackers. Sales were impacted by volume/mix declines of 5% and neutral net price realization.
Operating earnings in the quarter decreased 13% primarily due to lower gross profit, partially offset by lower administrative expenses.
Corporate Corporate expense was $226 million in the quarter compared to $135 million. The increase was primarily due to a non-cash impairment charge on the Snyder’s of Hanover trademark and unrealized mark-to-market losses on outstanding undesignated commodity hedges compared to gains in the prior year, partially offset by costs associated with the acquisition in the prior year.
Conference Call and Webcast Campbell’s will host a conference call to discuss these results on Monday, June 2, 2025, at 8:00 a.m. Eastern Time. A copy of management’s prepared remarks and earnings presentation is now available on the Events & Presentation section of Campbell’s investor relations website at https://investor.thecampbellscompany.com/. Participants calling from the U.S. & Canada may dial in using the toll-free phone number (800) 715-9871. Participants calling from outside the U.S. & Canada may dial in using phone number +1 (646) 307-1963. The conference access code is 3388678. In addition to dial-in, access to a live listen-only audio webcast, as well as a replay, will be available on the company’s investor relations website.
Reportable Segments The Campbell’s Company earnings results are reported as follows:
Meals & Beverages, which consists of soup, simple meals and beverages products in retail and foodservice in the U.S. and Canada. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; SpaghettiOs pasta; Campbell’s gravies, beans and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell’s tomato juice; and as of March 12, 2024, Rao’s pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Michael Angelo’s frozen entrées and pasta sauces; and noosa yogurts. The noosa yoghurt business was sold on February 24, 2025. The segment also includes snacking products in foodservice and Canada; and
Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products, including Goldfish crackers, Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod potato chips, Kettle Brand potato chips, Late July snacks, Snack Factory pretzel crisps, and other snacking products in retail in the U.S. The segment also includes the snacking and meals and beverages retail business in Latin America. The segment also included the results of our Pop Secret popcorn business, which was sold on August 26, 2024.
The company refers to the following products as our “leadership brands”: Campbell’s condensed and ready-to-serve soups; Chunky soups; Swanson broth, stocks and canned poultry; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; V8 juices and beverages; Rao’s pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Pepperidge Farm cookies, crackers and fresh bakery; Goldfish crackers; Snyder’s of Hanover pretzels; Lance sandwich crackers; Cape Cod potato chips; Kettle Brand potato chips; Late July snacks; and Snack Factory pretzel crisps.
About The Campbell’s Company For 155 years, The Campbell’s Company (NASDAQ:CPB) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted Campbell’s to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2024 net sales of $9.6 billion across two divisions: Meals & Beverages and Snacks. Campbell’s portfolio of 16 leadership brands includes: Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory pretzel crisps, Snyder’s of Hanover, Swanson and V8. For more information, visit www.thecampbellscompany.com.
Forward-Looking Statements This release contains “forward-looking statements” that reflect the company’s current expectations about the impact of its future plans and performance on the company’s business or financial results. These forward-looking statements, including any statements made regarding sales, EBIT and EPS guidance, rely on a number of assumptions and estimates that could be inaccurate, and which are subject to risks and uncertainties. The factors that could cause the company’s actual results to vary materially from those anticipated or expressed in any forward-looking statement include: the risks associated with imposed and threatened tariffs by the U.S. and reciprocal tariffs by its trading partners; the risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation, including those related to tariffs; disruptions in or inefficiencies to the company’s supply chain and/or operations, including reliance on key contract manufacturer and supplier relationships; declines or volatility in financial markets, deteriorating economic conditions and other external factors, including the impact and application of new or changes to existing governmental laws, regulations, and policies; the company’s ability to execute on and realize the expected benefits from its strategy, including growing sales in snacks and growing/maintaining its market share position in soup; the impact of strong competitive responses to the company’s efforts to leverage brand power with product innovation, promotional programs and new advertising; the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies; changes in consumer demand for the company’s products and favorable perception of the company’s brands; the risk that the cost savings and any other synergies from the Sovos Brands, Inc. (“Sovos Brands”) transaction may not be fully realized or may take longer or cost more to be realized than expected, including that the Sovos Brands transaction may not be accretive within the expected timeframe or the extent anticipated; the ability to realize projected cost savings and benefits from cost savings initiatives and the integration of recent acquisitions; the risks related to the effectiveness of the company’s hedging activities and the company’s ability to respond to volatility in commodity prices; the company’s ability to manage changes to its organizational structure and/or business processes, including selling, distribution, manufacturing and information management systems or processes; changing inventory management practices by certain of the company’s key customers; a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of the company’s key customers maintain significance to the company’s business; product quality and safety issues, including recalls and product liabilities; the possible disruption to the independent contractor distribution models used by certain of the company’s businesses, including as a result of litigation or regulatory actions affecting their independent contractor classification; the uncertainties of litigation and regulatory actions against the company; a disruption, failure or security breach of the company’s or the company’s vendors’ information technology systems, including ransomware attacks; impairment to goodwill or other intangible assets; the company’s ability to protect its intellectual property rights; increased liabilities and costs related to the company’s defined benefit pension plans; the company’s ability to attract and retain key talent; goals and initiatives related to, and the impacts of, climate change, including from weather-related events; the costs, disruption and diversion of management’s attention associated with activist investors; the company’s indebtedness and ability to pay such indebtedness; unforeseen business disruptions or other impacts due to political instability, civil disobedience, terrorism, geopolitical conflicts, extreme weather conditions, natural disasters, pandemics or other outbreaks of disease or other calamities; and other factors described in the company’s most recent Form 10-K and subsequent Securities and Exchange Commission filings. This discussion of uncertainties is by no means exhaustive but is designed to highlight important factors that may impact the company’s outlook. The company disclaims any obligation or intent to update forward-looking statements in order to reflect new information, events or circumstances after the date of this release.
THE CAMPBELL’S COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)
Net sales
$
2,475
2,369
Costs and expenses
Cost of products sold
1,747
1,637
Marketing and selling expenses
216
206
Administrative expenses
162
208
Research and development expenses
23
27
Other expenses / (income)
160
30
Restructuring charges
6
13
Total costs and expenses
2,314
2,121
Earnings before interest and taxes
161
248
Interest, net
80
66
Earnings before taxes
81
182
Taxes on earnings
15
49
Net earnings
133
Net loss attributable to noncontrolling interests
—
Net earnings attributable to The Campbell’s Company
Per share – basic
.22
.45
Weighted average shares outstanding – basic
298
Per share – assuming dilution
.44
Weighted average shares outstanding – assuming dilution
299
300
Nine Months Ended
7,932
7,343
5,518
5,047
722
645
502
555
74
76
244
17
7,077
6,420
855
923
243
612
763
155
193
457
570
1.53
1.91
1.52
CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
Percent Change
Sales
Contributions:
Meals & Beverages
1,463
1,272
1,012
1,097
Total sales
Earnings
229
145
167
Total operating earnings
393
396
Corporate income (expense)
(226
)
(135
(6
(13
4,848
4,058
19%
3,084
3,285
(6)%
876
401
489
(18)%
1,277
1,252
(405
(312
(17
(7)%
(20)%
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(millions)
Current assets
2,226
2,139
Plant assets, net
2,665
2,621
Intangible assets, net
9,357
9,947
Other assets
580
536
Total assets
14,828
15,243
Current liabilities
2,849
3,457
Long-term debt
6,097
5,752
Other liabilities
2,010
2,119
Total equity
3,872
3,915
Total liabilities and equity
Total debt
6,896
7,179
Total cash and cash equivalents
143
107
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Cash flows from operating activities:
Adjustments to reconcile net earnings to operating cash flow
176
Stock-based compensation
52
Amortization of inventory fair value adjustment from acquisition
Pension and postretirement benefit expense
2
5
Depreciation and amortization
328
Deferred income taxes
(58
Loss on sales of businesses
25
Other
92
103
Changes in working capital, net of acquisition and divestitures
Accounts receivable
(57
(33
Inventories
102
Other current assets
(28
Accounts payable and accrued liabilities
(150
(180
(44
(67
Net cash provided by operating activities
872
897
Cash flows from investing activities:
Purchases of plant assets
(296
(376
Purchases of route businesses
(130
Sales of route businesses
96
33
Business acquired, net of cash acquired
(2,617
Sales of businesses, net of cash divested
258
(8
1
Net cash used in investing activities
(80
(2,987
Cash flows from financing activities:
Short-term borrowings, including commercial paper and delayed draw term loan
1,189
4,616
Short-term repayments, including commercial paper and delayed draw term loan
(1,093
(4,556
Long-term borrowings
1,144
2,496
Long-term repayments
(1,550
(100
Dividends paid
(343
(334
Treasury stock purchases
(60
(46
Payments related to tax withholding for stock-based compensation
(30
Payments of debt issuance costs
(12
(22
Net cash provided by (used in) financing activities
(755
2,008
Effect of exchange rate changes on cash
(2
Net change in cash and cash equivalents
35
(82
Cash and cash equivalents — beginning of period
108
189
Cash and cash equivalents — end of period
Reconciliation of GAAP to Non-GAAP Financial Measures Third Quarter Ended April 27, 2025
The Campbell’s Company (the “company”) uses certain non-GAAP financial measures as defined by the Securities and Exchange Commission in certain communications. These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the United States and should be considered in addition to, not in lieu of, GAAP reported measures. Management believes that also presenting certain non-GAAP financial measures provides additional information to facilitate comparison of the company’s historical operating results and trends in its underlying operating results, and provides transparency on how the company evaluates its business. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the company’s performance. Management considers quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of the company’s performance and trends in its underlying operating results. The adjustments on earnings may include but are not limited to items such as: unusual or non-recurring gains or charges; costs associated with cost savings and optimization initiatives; actuarial gains or losses on pension and postretirement plans; unrealized mark-to-market gains or losses on outstanding undesignated commodity hedges; gains or losses on the extinguishment of debt; gains or losses on divestitures; costs associated with acquisitions; impairment charges or accelerated amortization; certain litigation expenses or recoveries; and costs or recoveries related to a cybersecurity incident. Depending upon facts or circumstances, management may change these adjustments. When these adjustments change, the company will provide updated definitions of its non-GAAP financial measures. When items no longer impact the company’s current or future presentation of non-GAAP operating results, the company will remove these items from its non-GAAP definitions.
Organic Net Sales Organic net sales are net sales excluding the impact of currency, acquisitions, divestitures and the 53rd week in fiscal 2025. Management believes that excluding these items, which are not part of the ongoing business, improves the comparability of year-to-year results. A reconciliation of net sales as reported to organic net sales follows.
Impact of Currency
Impact of Acquisition
Impact of Divestitures
(149
1,320
(21
1,251
%
1,013
1,067
)%
(5
Total Net Sales
7
2,333
(51
2,318
4
(772
4,089
4,037
19
3
3,087
(83
3,202
(4
16
7,176
(104
7,239
8
(1
Twelve Months Ended
July 28, 2024
Organic Net Sales for FY 2025 Guidance
5,258
(68
5,190
4,378
(111
4,267
9,636
(179
9,457
Items Impacting Earnings Adjusted Net earnings are net earnings excluding the impact of costs associated with cost savings and optimization initiatives, unrealized mark-to-market gains or losses on outstanding undesignated commodity hedges, accelerated amortization, gains or losses on divestitures, certain litigation expenses or recoveries, impairment charges, costs or recoveries related to a cybersecurity incident, actuarial gains or losses on pension and postretirement plans, and costs associated with acquisitions. Management believes that financial information excluding certain items that are not considered to reflect the ongoing operating results, such as those listed below, improves the comparability of year-to-year results. Consequently, management believes that investors may be able to better understand its results excluding these items.
The following items impacted earnings:
(1)
The company has implemented several cost savings initiatives in recent years. In the third quarter of fiscal 2025, the company recorded Restructuring charges of $6 million and implementation costs and other related costs of $7 million in Cost of products sold, $7 million in Administrative expenses and $1 million in Research and development expenses related to these initiatives. In the third quarter of fiscal 2024, the company recorded implementation costs and other related costs of $13 million in Administrative expenses, $3 million in Cost of products sold, $1 million in Marketing and selling expenses, $1 million in Research and development expenses and a reduction to Restructuring charges of $3 million related to these initiatives. In the nine-month period of fiscal 2025, the company recorded Restructuring charges of $17 million and implementation costs and other related costs of $26 million in Administrative expenses, $25 million in Cost of products sold, $3 million in Research and development expenses and $2 million in Marketing and selling expenses related to these initiatives. In the nine-month period of fiscal 2024, the company recorded Restructuring charges of $1 million and implementation costs and other related costs of $47 million in Administrative expenses, $9 million in Cost of products sold, $4 million in Marketing and selling expenses and $3 million in Research and development expenses related to these initiatives. For the year ended July 28, 2024, the company recorded Restructuring charges of $17 million and implementation costs and other related costs of $54 million in Administrative expenses, $26 million in Cost of products sold, $4 million in Marketing and selling expenses and $3 million in Research and development expenses related to these initiatives.
In the second quarter of fiscal 2024, the company began implementation of an optimization initiative to improve the effectiveness of its Snacks direct-store-delivery route-to-market network. In the third quarter of fiscal 2025, the company recognized $9 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative. In the third quarter of fiscal 2024, the company recognized $5 million in Marketing and selling expenses related to this initiative. In the nine-month period of fiscal 2025, the company recognized $17 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative. For the year ended July 28, 2024, the company recognized $5 million in Marketing and selling expenses related to this initiative.
In the third quarter of fiscal 2025, the total aggregate impact related to the cost savings and optimization initiatives was $31 million ($24 million after tax, or $.08 per share). In the third quarter of fiscal 2024, the total aggregate impact related to the cost savings and optimization initiatives was $20 million ($15 million after tax, or $.05 per share). In the nine-month period of fiscal 2025, the total aggregate impact related to the cost savings and optimization initiatives was $91 million ($70 million after tax, or $.23 per share). In the nine-month period of fiscal 2024, the total aggregate impact related to the cost savings and optimization initiatives was $69 million ($52 million after tax, or $.17 per share). For the year ended July 28, 2024, the total aggregate impact related to the cost savings and optimization initiatives was $109 million ($83 million after tax, or $.28 per share).
(2)
In the third quarter of fiscal 2025, the company recognized losses in Cost of products sold of $10 million ($7 million after tax, or $.02 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the third quarter of fiscal 2024, the company recognized gains in Cost of products sold of $13 million ($10 million after tax, or $.03 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the nine-month period of fiscal 2025, the company recognized gains in Cost of products sold of $8 million ($6 million after tax, or $.02 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the nine-month period of fiscal 2024, the company recognized gains in Cost of products sold of $5 million ($4 million after tax, or $.01 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. For the year ended July 28, 2024, the company recognized losses in Cost of products sold of $22 million ($16 million after tax, or $.05 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges.
(3)
In the third quarter of fiscal 2025 and 2024, the company recorded accelerated amortization expense in Other expenses / (income) of $6 million ($5 million after tax, or $.02 per share) related to customer relationship intangible assets due to the loss of certain contract manufacturing customers, which began in the fourth quarter of fiscal 2023. In the nine-month periods of fiscal 2025 and 2024, the company recorded accelerated amortization expense in Other expenses / (income) of $20 million ($15 million after tax, or $.05 per share). For the year ended July 28, 2024, the company recorded accelerated amortization expense in Other expenses / (income) of $27 million ($20 million after tax, or $.07 per share).
(4)
In the third quarter of fiscal 2025, the company completed the sale of its noosa yoghurt business. In the second quarter of fiscal 2025, the company recorded $15 million of tax expense related to the sale. In the nine-month period of fiscal 2025, the company recorded an after-tax loss of $15 million ($.05 per share) on the sale of the business, which is subject to the finalization of certain purchase price adjustments. In the first quarter of fiscal 2025, the company recorded a loss in Other expenses / (income) of $25 million ($19 million after tax, or $.06 per share) on the sale of its Pop Secret popcorn business. In the nine-month period of fiscal 2025, the total aggregate impact of charges associated with divestitures was $25 million ($34 million after tax, or $.11 per share).
(5)
In the third quarter of fiscal 2025, the company recorded litigation expenses in Administrative expenses of $4 million ($4 million after tax, or $.01 per share) related to the Plum baby food and snacks business (Plum), which was divested on May 3, 2021, and certain other litigation matters. In the nine-month period of fiscal 2025, the company recorded litigation expenses in Administrative expenses of $6 million ($6 million after tax, or $.02 per share) related to Plum and certain other litigation matters. In the nine-month period of fiscal 2024, the company recorded litigation expenses in Administrative expenses of $3 million ($3 million after tax, or $.01 per share) related to Plum. For the year ended July 28, 2024, the company recorded litigation expenses in Administrative expenses of $5 million ($5 million after tax, $.02 per share) related to Plum and certain other litigation matters.
(6)
In the third quarter of fiscal 2025, the company performed an interim impairment assessment on the Snyder’s of Hanover trademark within the Snacks segment and recognized an impairment charge of $150 million ($112 million after tax, or $.37 per share) on the trademark.
In the second quarter of fiscal 2025, the company performed an interim impairment assessment on certain salty snacks and cookie trademarks within the Snacks segment, including Tom’s, Jays, Kruncher’s, O-Ke-Doke, Stella D’oro and Archway, collectively referred to as the company’s “Allied brands,” and recognized an impairment charge of $15 million on the trademarks.
In the second quarter of fiscal 2025, the company performed an interim impairment assessment on the Late July trademark within the Snacks segment and recognized an impairment charge of $11 million on the trademark.
In the second quarter of fiscal 2025, the total aggregate impact of the impairment charges was $26 million ($19 million after tax, or $.06 per share). In the nine-month period of fiscal 2025, the total aggregate impact of the impairment charges was $176 million ($131 million after tax, or $.44 per share).
In the fourth quarter of fiscal 2024, the company recognized an impairment charge of $53 million on the Allied brands trademarks.
In the fourth quarter of fiscal 2024, the company performed an impairment assessment on the assets in the Pop Secret popcorn business within the Snacks segment as sales and operating performance were below expectations due in part to competitive pressure and reduced margins, and as the company pursued divesting the business. As a result of these factors, in the fourth quarter of fiscal 2024, the company lowered the long-term outlook for the business and recognized an impairment charge of $76 million on the trademark. The sale of the business was completed on August 26, 2024.
For the year ended July 28, 2024, the total aggregate impact of the impairment charges was $129 million ($98 million after tax, or $.33 per share).
The charges were included in Other expenses / (income).
(7)
In the nine-month period of fiscal 2025, the company recorded insurance recoveries in Administrative expenses of $1 million ($1 million after tax) related to related to the cybersecurity incident that was identified in the fourth quarter of fiscal 2023. In the nine-moth period of fiscal 2024, the company recorded costs of $2 million in Cost of products sold and $1 million in Administrative expenses (aggregate impact of $2 million after tax, or $.01 per share) related to the cybersecurity incident.
(8)
In the nine-month period of fiscal 2025, the company recognized an actuarial loss in Other expenses / (income) of $2 million ($1 million after tax) related to an interim remeasurement of a postretirement plan due to a plan amendment. For the year ended July 28, 2024, the company recognized actuarial losses on pension and postretirement plans in Other expenses / (income) of $33 million ($25 million after tax, or $.08 per share).
(9)
In the first quarter of fiscal 2024, the company announced its intent to acquire Sovos Brands, Inc. and on March 12, 2024, the acquisition closed. In the third quarter of fiscal 2024, the company incurred $93 million of costs associated with the acquisition, of which $16 million was recorded in Restructuring charges, $39 million in Administrative expenses, $16 million in Other expenses / (income), $2 million in Marketing and selling expenses, $2 million in Research and development expenses and $18 million in Cost of products sold, of which $17 million was associated with the acquisition date fair value adjustment for inventory. The company also recorded costs of $2 million in Interest expense related to costs associated with the Delayed Draw Term Loan Credit Agreement used to fund the acquisition. The aggregate impact was $95 million, $81 million after tax, or $.27 per share. In the nine-month period of fiscal 2024, the company incurred $114 million of costs associated with the acquisition, of which $16 million was recorded in Restructuring charges, $39 million in Administrative expenses, $35 million in Other expenses / (income), $2 million in Marketing and selling expenses, $2 million in Research and development expenses, $18 million in Cost of products sold and $2 million in Interest expense. The aggregate after-tax impact was $98 million, or $.33 per share. For the year ended July 28, 2024, the company incurred $126 million of costs associated with the acquisition, of which $21 million was recorded in Restructuring charges, $47 million in Administrative expenses, $35 million in Other expenses / (income), $3 million in Marketing and selling expenses, $2 million in Research and development expenses, $18 million in Cost of products sold and $2 million in Interest expense. The aggregate impact was $128 million, $109 million after tax, or $.36 per share.
The following tables reconcile financial information, presented in accordance with GAAP, to financial information excluding certain items:
Year Ended
Gross profit, as reported
728
732
2,414
2,296
5%
2,971
Gross profit margin, as reported
29.4
30.9
(150) pts
30.4
31.3
(90) pts
30.8
Costs associated with cost savings and optimization initiatives (1)
9
26
Commodity mark-to-market losses (gains) (2)
10
22
Cybersecurity incident costs (recoveries) (7)
Costs associated with acquisition (9)
18
Adjusted Gross profit
745
740
2,431
2,320
3,039
Adjusted Gross profit margin
30.1
31.2
(110) pts
30.6
31.6
(100) pts
31.5
Marketing and selling expenses, as reported
12%
833
(9
(19
(3
Adjusted Marketing and selling expenses
207
198
703
634
11%
821
Administrative expenses, as reported
(22)%
(10)%
737
(27
(47
(54
Certain litigation expenses (5)
Cybersecurity incident recoveries (costs) (7)
(39
Adjusted Administrative expenses
150
156
(4)%
470
465
630
Research and development expenses, as reported
Adjusted Research and development expenses
24
71
97
Other expenses / (income), as reported
261
Accelerated amortization (3)
(20
Charges associated with divestitures (4)
(25
Impairment charges (6)
(176
(129
Pension and postretirement actuarial losses (8)
(16
(35
Adjusted Other expenses / (income)
21
37
Earnings before interest and taxes, as reported
1,000
31
20
91
69
109
129
93
112
126
Adjusted Earnings before interest and taxes
362
354
1,166
1,125
1,454
Interest, net, as reported
Adjusted Interest, net
64
158
241
Adjusted Earnings before taxes
282
290
967
1,213
Taxes on earnings, as reported
(69)%
190
Effective income tax rate, as reported
18.5
26.9
(840) pts
25.3
— pts
25.1
38
45
14
Adjusted Taxes on earnings
231
288
Adjusted effective income tax rate
22.7
22.8
(10) pts
23.4
23.9
(50) pts
23.7
Net earnings attributable to The Campbell’s Company, as reported
567
70
83
(10
34
131
98
Adjusted Net earnings attributable to The Campbell’s Company
218
224
707
736
925
Diluted net earnings per share attributable to The Campbell’s Company, as reported
1.89
.08
.05
.23
.17
.28
.02
(.03
(.02
(.01
.07
.11
.01
.37
.33
.27
.36
Adjusted Diluted net earnings per share attributable to The Campbell’s Company*
.73
.75
2.36
2.46
3.08
*The sum of individual per share amounts may not add due to rounding.
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INVESTOR CONTACT: Rebecca Gardy (856) 342-6081 [email protected]
MEDIA CONTACT: James Regan (856) 219-6409 [email protected]
CAMDEN, N.J.–(BUSINESS WIRE)–May 19, 2025– The Campbell’s Company (NASDAQ:CPB) (Campbell’s) announced it will report its third quarter fiscal 2025 financial results on June 2, 2025 for the period ended April 27, 2025.
Mick Beekhuizen, President and Chief Executive Officer, and Carrie Anderson, Executive Vice President and Chief Financial Officer, will host an investor conference call and webcast at 8:00 a.m. ET to review these results. The company’s third quarter fiscal 2025 earnings press release will be distributed prior to the call at 7:15 a.m. ET. In addition, at the same time, a copy of management’s prepared remarks and earnings presentation will be posted to the Events & Presentations section of Campbell’s investor relations website at https://investor.thecampbellscompany.com/.
All interested parties are invited to listen to the webcast at 8:00 a.m. ET at this link. Following the company’s remarks, the conference call will include a question-and-answer session with the investment community. Participation by the press in the Q&A session is in listen-only mode.
Call-in details for the webcast are as follows: Time/Date: Monday, June 2, 2025, at 8:00 a.m. ET Participant Toll Free Dial-In Number: (800) 715-9871 Participant International Dial-In Number: (646) 307-1963 Conference ID: 3388678
A full transcript and webcast replay of the conference call will be posted on the company’s website within 24 hours of the event.
About The Campbell’s Company For 155 years, The Campbell’s Company (NASDAQ:CPB) (Campbell’s) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted us to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2024 net sales of $9.6 billion across two divisions: Meals & Beverages and Snacks. Our portfolio of 16 leadership brands includes Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory Pretzel Crisps, Snyder’s of Hanover, Swanson and V8. For more information, visit thecampbellscompany.com.
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CAMDEN, N.J.–(BUSINESS WIRE)–May 13, 2025– The Board of Directors of The Campbell’s Company (NASDAQ:CPB) (Campbell’s) today declared a regular quarterly dividend on the company’s capital stock of $0.39 per share. The quarterly dividend is payable Aug. 4, 2025, to shareholders of record at the close of business as of July 3, 2025.
About The Campbell’s Company
For 155 years, The Campbell’s Company (NASDAQ:CPB) (Campbell’s) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted us to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2024 net sales of $9.6 billion across two divisions: Meals & Beverages and Snacks. Its portfolio of 16 leadership brands includes Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory Pretzel Crisps, Snyder’s of Hanover, Swanson and V8. For more information, visit thecampbellscompany.com
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With the #PreGOseason Meal Kit, families can enjoy a delicious meal during the busiest time of the year
CAMDEN, N.J., May 6, 2025 /PRNewswire/ — The end of the school year is a chaotic time for parents – between planning summer vacations, signing kids up for activities and juggling last-minute school responsibilities, finding time to prepare a family meal can feel impossible when everything feels like ‘GO, GO, GO!’. To help relieve this stress, Prego is launching the #PreGOseason Meal Kit Giveaway, giving parents the chance to win a meal kit with all the ingredients for an easy, family meal delivered straight to their door.
For parents, it’s no surprise that May and June are some of the busiest months. In fact, a recent survey conducted by Prego found that:
“We wanted to do something for parents during a time of year when family dinnertime gets pushed to the wayside due to the many end-of-school-year obligations,” said Jaime Zagami, Director of Marketing for Prego. “The #PreGOseason Meal Kit is our way of supporting parents with a simple and delicious family dinner, giving them one less thing to worry about so they can focus on spending quality time together.”
Now through May 20, parents can visit pregoseason.com to enter the #PreGOseason Meal Kit Giveaway. Simply select from five family-pleasing recipes using a variety of Prego sauces, including Creamy Cheddar Cheese, Creamy Tomato with Ricotta, Creamy Basil Pesto, Homestyle Alfredo and Traditional Italian.
One hundred winners will receive a #PreGOseason Meal Kit, packed with everything needed to make the recipe of their choice – including a jar of Prego sauce, the essential ingredient for a quick and flavorful meal, plus all the fresh ingredients to bring the dish together. Winners will also get a $100 Taskrabbit credit to help take a task or chore off their plate that may be getting in the way of dinnertime prep.
For more dinner inspiration, please visit Prego.com and follow @Prego on TikTok, Instagram and Pinterest.
NO PURCHASE NECESSARY. Legal residents U.S. & D.C. 18+. Ends 11:59 p.m. ET 5/20/2025. Void where prohibited. Official Rules https://fooji.info/pregoseasongiveawayrules.
Survey Methodology: MSL conducted custom research for Prego through an online survey, via Suzy.com consumer panel, with more than 1600 parents (n= 1602) involved in dinner time preparation. Parents surveyed have children aged 3-18 years old living in the household. The survey was conducted in March 2025.
For 155 years, The Campbell’s Company (NASDAQ:CPB) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted us to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2024 net sales of $9.6 billion across two divisions: Meals & Beverages and Snacks. Our portfolio of 16 leadership brands includes: Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory, Snyder’s of Hanover, Swanson and V8. For more information, visit www.thecampbellscompany.com.
Contact:Antonia Sherlock[email protected]
Beans, lentils, and peas, collectively known as legumes, are staple foods in cuisines around the world and for good reason. They are versatile, pair well with many flavors, and are one of the more affordable and nutritious foods that are widely available. However, most people in the U.S. do not eat enough of them; an estimated 80% of people are falling short of recommendations. Learn how you can enjoy more in your dishes from our Nutrition & Health Sciences team.
Legumes are a nutrient-dense, plant-based protein option that also provide fiber—a combination that helps people feel full and satisfied longer. Many varieties are also a good source of iron, potassium, folate, and more. Legumes are relatively affordable compared to other protein sources, so they can help manage food budgets and boost the nutrition of your favorite recipes.
For example, ½ cup of cooked lentils provides:
Legumes are a relatively sustainable food and are recommended as part of a diet that prioritizes planetary health. Legumes release less greenhouse gas emissions compared to other crops. They also make their own nitrogen which improves soil health and reduces the need for nitrogen fertilizers.
Legumes are some of the most versatile ingredients you can stock in your pantry. Whether you want to enjoy familiar flavors or try something new, there are many ways to prepare them. Here are some of our favorite recipes you can try at home:
From flavorful snacks and high fiber pastas that feature legumes to convenient soup and chili varieties like Pacific Foods Organic Spicy Harissa Lentil Soup and Pacific Foods Organic Plant-Based Chilis, there are many delicious ways to enjoy more beans, peas, and lentils. Quick scratch cooking solutions can be a great place to start.
For more tips on eating well, check out our meal plans and tip sheets. Sign up for our newsletter to get the latest information and insights from our nutrition experts.
Nutrition
Making whole grains craveable and convenient
Making nutrition delicious and convenient
Chef tips to make veggies taste great
Elizabeth Duggan Named President Snacks Division
Janda Lukin Named Chief Growth Officer
CAMDEN, N.J.–(BUSINESS WIRE)–Apr. 15, 2025– The Campbell’s Company (NASDAQ:CPB) today announced senior management changes to accelerate progress against its strategic plan and drive continued growth.
Both will report to Campbell’s President and Chief Executive Officer Mick Beekhuizen and become members of the company’s Operating Committee and Corporate Officers.
Beekhuizen said, “Elizabeth and Janda have each played pivotal roles in transforming Campbell’s over the last several years. They are the right leaders to drive our strategy and take our performance to the next level. Elizabeth is a strong operator and culture builder with a track record of fostering winning teams. Her broad commercial and operational experience is well suited to unlock growth of our Snacks division. Janda brings a history of high performance at Campbell’s and elsewhere leading brand strategy, marketing, insights and innovation. She has the expertise and vision needed to accelerate our growth and deliver top-tier performance.”
Duggan Elevated to President Snacks
As President, Snacks, Duggan will oversee the long-term growth and margin expansion of the Snacks division, supported by its elevated portfolio of leadership brands, a strong innovation pipeline and an advantaged distribution network. Duggan will work closely with current Snacks President Chris Foley, on a smooth transition. Foley will remain with the company until July 2025.
Duggan joined Campbell’s in 2019 as Senior Vice President, Transformation Office, leading company strategy and driving company-wide transformation initiatives and business planning. In 2022, she was named Senior Vice President and General Manager of Campbell’s Canadian business. In that role, she has delivered top-tier results including significant revenue and earnings growth. Her team also led the successful launch of new products into the Canadian market including limited-edition Goldfish varieties and innovation like Kettle Brand Air Fried potato chips.
Prior to Campbell’s, Duggan worked at McKinsey & Company, focusing on global consumer goods and the retail sector. In addition, she was a Vice President, Operations at Home Chef, one of North America’s fastest-growing meal kit companies at the time, acquired by Kroger in 2018.
Mackenzie Davison, currently Vice President, Marketing – Canada will succeed Duggan as President of the Canadian business.
Lukin to Accelerate Growth in Newly Created Chief Growth Officer Role
In the new role of Chief Growth Officer, Lukin will lead enterprise-wide growth strategies, elevate key commercial capabilities and drive transformative growth through insights and analytics, enhanced consumer experience and activations, innovation, and revenue growth management.
Lukin is a proven business leader and growth-driven marketer with over 20 years of experience in the food industry. She joined the company in 2016 as Vice President, Marketing for Beverages and was then named Vice President of Marketing for Soup in 2018, where she led the successful strategy for returning soup to growth. She was appointed Chief Marketing Officer, Snacks in 2019. Under her leadership, the team elevated brand relevance through award-winning creative and breakthrough marketing. Lukin significantly increased the pace of innovation in Snacks, in part by launching a limited-edition model that delivered incremental growth and expanded consumer engagement across the Snacks portfolio, which includes the $1 billion brands Goldfish and Pepperidge Farm, in addition to Cape Cod, Kettle Brand, Lance, Late July, Snack Factory and Snyder’s of Hanover.
Prior to Campbell’s, Lukin spent 14 years with Mondelēz International where she led the Oreo and Chips Ahoy! business, the team that launched belVita breakfast in the U.S., and was the general manager for global ecommerce. Earlier in her career, Lukin held marketing roles at Kraft Foods.
Chris Foley Departs
Chris Foley, who served as President of Snacks since 2022, will leave the company after a 25-year career.
Beekhuizen said, “Chris has made tremendous contributions during his Campbell’s career, including successfully leading both divisions. He is an outstanding executive and person who leaves a legacy of excellence at our company. He has been a valued partner to me and others, and we all wish him the best in the next step in his career.”
Foley joined the company in 1999. Prior to his current role as President Snacks, he served as President of the Meals & Beverages division from 2019-2022. Earlier in his career, Foley was Chief Marketing Officer for the Snacks division and held leadership roles in China and Australia.
Foley said, “After 25 incredible years, the time has come for me to move on. This company has been a place of growth and a source of endless pride. I am deeply grateful for the talented teams, inspiring colleagues, and the opportunity to contribute to such an iconic business.”
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Campbell’s Investors: Rebecca Gardy (856) 342-6081 [email protected]
Media: James Regan (856) 219-6409 [email protected]
Employee-led grant program supports local organizations working on food access, healthy living and neighborhood revitalization
CAMDEN, N.J.–(BUSINESS WIRE)–Apr. 14, 2025– The Campbell’s Company (NASDAQ:CPB) and The Campbell’s Foundation today announced $920,000 in Community Impact Grants awarded to 46 nonprofit organizations in communities where Campbell’s operates. These grants are distributed as part of the Foundation’s commitment to support initiatives that promote food access, encourage healthy living and strengthen neighborhoods. The latest round of funding brings Campbell’s fiscal 2025 total grantmaking to more than $2.6 million.
“Campbell’s is committed to making a positive impact in the communities we call home,” said Kate Barrett, President of The Campbell’s Foundation. “The Community Impact Grants program gives our employees a voice in supporting organizations that make a meaningful impact in the communities where they live and work.”
The Community Impact Grants program identifies organizations best positioned to drive change, nominated by employees at each Campbell’s location. This year, the grants will support organizations in 30 Campbell’s communities, providing each recipient with $20,000. The recipients include organizations focused on emergency food, nutrition education, community gardens, physical activity initiatives and neighborhood revitalization.
2025 Community Impact Grant Recipients:
Since 1953, The Campbell’s Foundation has provided financial support to communities throughout North America where Campbell’s employees live and work through direct grants, employee matching gifts, and strategic partnerships with nonprofits at the local, regional and national levels. For more information about The Campbell’s Foundation and its work in local communities, visit https://www.thecampbellscompany.com/our-impact/community/campbells-foundation/.
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James Regan (856) 219-6409 [email protected]
CAMDEN, N.J.–(BUSINESS WIRE)–Apr. 3, 2025– The Campbell’s Company (NASDAQ:CPB) (Campbell’s) today announced the appointment of Aaron Gwinner as Senior Vice President and Chief Digital & Technology Officer, effective April 14, 2025.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250403934949/en/
Aaron Gwinner
Gwinner will lead Campbell’s digital transformation strategy and leverage innovative technologies to enhance the company’s agility, strengthen capabilities and accelerate growth. He will be responsible for the overall strategy and execution of the company’s digital and information technology (IT) function. He will report to Dan Poland, Campbell’s Executive Vice President and Chief Enterprise Transformation Officer.
“Throughout a 30-year career, Aaron has a track record of driving substantial growth through advanced analytics and developing cutting-edge digital strategies,” said Poland. “I’m confident that his experience in driving digital transformation and his collaborative leadership will help us improve our ways of working and deliver top-tier performance.”
Gwinner has spent more than three decades in technology. He joins Campbell’s from Reynolds American where he was Senior Vice President and Chief Information Officer since 2019 and advanced the company’s strategy by leveraging the power of people, data and technology. Before that, he spent 26 years with The Coca-Cola Company, in roles including Global Lead, IT Transformation, and Chief Information Officer for digital, marketing and public affairs where he helped accelerate and transform consumer engagement for the company’s marketing organization. He began his career by serving in the U.S. Army Signal Corps.
Gwinner earned his B.S. degree in information systems from Kennesaw State University and his M.B.A. from Georgia State University.
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Campbell’s Contacts Investors: Rebecca Gardy (856) 342-6081 [email protected]
CAMDEN, N.J.–(BUSINESS WIRE)–Mar. 5, 2025– The Campbell’s Company (NASDAQ:CPB) today reported results for its second quarter fiscal 2025 ended January 26, 2025. Unless otherwise stated, all comparisons are to the same period of fiscal 2024.
CEO Comments Mick Beekhuizen, Campbell’s President and CEO, said “Second quarter earnings were in line with our expectations despite the dynamic operating environment. Given the softness in some of our snacking categories, the anticipated sequential top-line improvement did not materialize during the quarter, and we now have a more muted second half expectation. As a result, we are updating our full-year guidance. We remain confident in our ability to successfully navigate the current consumer landscape with our portfolio of advantaged leadership brands, talented team and track record of execution. We have a strong foundation to deliver long-term sustainable, profitable growth and shareholder returns.”
January 26, 2025
January 28, 2024
$2,685
$2,456
9%
(2)%
$327
$317
3%
$372
$364
$0.58
$0.68
(15)%
$0.74
$0.80
$0.06
$0.09
$(0.02)
Charges associated with divestitures
$0.03
Second Quarter Results Net sales in the quarter increased 9% to $2.7 billion driven by the benefit from the Sovos Brands acquisition (also referred to as the acquisition). Organic net sales decreased 2% to $2.4 billion driven by net price realization with flat volume/mix.
Gross profit increased to $819 million from $776 million. Gross profit margin was 30.5% compared to 31.6% and adjusted gross profit increased to $815 million from $772 million. Adjusted gross profit margin decreased 100 basis points to 30.4% mainly driven by cost inflation and other supply chain costs, unfavorable net price realization and the impact of the acquisition, partially offset by supply chain productivity improvements and the benefits from cost savings initiatives.
Marketing and selling expenses, which represented approximately 10% of net sales, increased 18% to $256 million. Adjusted marketing and selling expenses increased 18% to $255 million, primarily driven by the impact of the acquisition and higher advertising and consumer promotion expense in the base business.
Administrative expenses decreased 13% to $165 million. Adjusted administrative expenses decreased 2% to $156 million driven by the benefit from cost savings initiatives, partially offset by the impact of the acquisition.
Other expenses were $41 million compared to $26 million. Adjusted other expenses were $8 million compared to $9 million.
EBIT increased to $327 million from $317 million. Adjusted EBIT increased 2% to $372 million primarily due to the contribution of the acquisition, partially offset by lower adjusted EBIT in the base business. The base business performance was primarily driven by lower adjusted gross profit and higher adjusted marketing and selling expenses partially offset by lower adjusted administrative expenses.
Net interest expense was $80 million compared to $46 million, primarily due to an increase in interest expense related to higher levels of debt. The effective tax rate was 30.0% compared to 25.1% and the adjusted effective tax rate was 24.0% compared to 24.5%.
EPS decreased to $0.58 per share compared to $0.68 per share. Adjusted EPS decreased 8% to $0.74 per share primarily reflecting higher net interest expense, partially offset by the increase in adjusted EBIT. The acquisition was slightly accretive to adjusted earnings per share.
Cash Flow and Shareholder Return Cash flow from operations for the six months ended January 26, 2025 was $737 million compared to $684 million primarily due to higher cash earnings and changes in working capital. Capital expenditures year-to-date were $211 million compared to $263 million. In line with Campbell’s commitment to return value to its shareholders, the company has paid $227 million of cash dividends and repurchased common stock of approximately $56 million year-to-date. As of the end of the second quarter, the company had approximately $205 million remaining under its anti-dilutive share repurchase program in addition to approximately $301 million remaining under its September 2021 strategic share repurchase program.
Cost Savings Program Through the second quarter, Campbell’s has delivered approximately $65 million of savings under the $250 million cost savings program announced in September 2024.
Updated Full-Year Fiscal 2025 Guidance: Based on year-to-date performance and the ongoing dynamic consumer environment, Campbell’s is updating its full-year fiscal 2025 guidance. In addition, the company’s updated guidance reflects the sale of the noosa yoghurt business, which was divested on February 24, 2025, and is estimated to have an impact of approximately 1 percentage point on net sales and an estimated $0.01 dilutive impact to adjusted EPS.
The company is updating its full-year fiscal 2025 financial outlook as follows:
The company’s guidance does not reflect any impact from potential import tariffs by the U.S. government and potential retaliatory actions taken by other countries, given the tariff and trade environments are uncertain and rapidly evolving.
Consistent with prior guidance, the benefit of the 53rd week is included in the company’s fiscal 2025 guidance (with the exception of organic net sales which exclude the 53rd week) and is estimated to be worth approximately 2 points of growth to reported net sales and adjusted EBIT, along with approximately $0.07 of adjusted EPS.
Prior FY2025 Guidance
Updated FY2025 Guidance
+9% to +11%
$9,457
*
0% to 2%
$1,454
$3.08
+1% to +4%
$3.12 to $3.22
Prior guidance reflects Sovos Brands which was acquired on March 12, 2024, the divestiture of the Pop Secret popcorn business which was sold on August 26, 2024 and the impact of the 53rd week in fiscal 2025. Updated guidance also reflects the divestiture of the noosa yoghurt business which was sold on February 24, 2025. Organic net sales exclude acquisitions, divestitures, currency and the 53rd week in fiscal 2025.
Three Months Ended January 26, 2025
Total
$1,679
$1,006
Acquisition / (Divestiture)1
23%
21%
$291
$114
18%
(29)%
Meals & Beverages Net sales in the quarter increased 21% driven by the benefit of the acquisition. Excluding the acquisition, organic net sales decreased 1% driven by declines in SpaghettiOs and U.S. soup, partially offset by gains in foodservice. Lower net price realization of 2% was partially offset by favorable volume/mix of 1%. Sales of U.S. soup decreased primarily due to decreases in ready-to-serve soups and condensed soups, partially offset by an increase in broth.
Operating earnings in the quarter increased 18%. The increase was primarily due to the benefit of the acquisition, partially offset by higher marketing and selling expenses.
Snacks Net sales in the quarter decreased 6%. Excluding the impact of the Pop Secret divestiture, organic net sales decreased 3% driven by declines in third-party partner and contract brands, Goldfish crackers and Snyder’s of Hanover pretzels. Sales were impacted by volume/mix declines of 2% and lower net price realization of 1%.
Operating earnings in the quarter decreased 29% primarily due to lower gross profit and higher marketing and selling expenses. Gross profit margin decreased primarily due to the impact of cost inflation and other supply chain costs, lower net price realization and unfavorable volume/mix, partially offset by supply chain productivity improvements and the benefits from cost savings initiatives.
Corporate Corporate expense was $73 million in the quarter compared to $89 million. The decrease was primarily due to lower costs associated with cost savings and optimization initiatives, costs associated with the acquisition in the prior year, lower administrative expenses and higher unrealized mark-to-market gains on outstanding undesignated commodity hedges, partially offset by non-cash impairment charges.
Conference Call and Webcast Campbell’s will host a conference call to discuss these results on Wednesday, March 5, 2025, at 8:00 a.m. Eastern Time. Participants calling from the U.S. & Canada may dial in using the toll-free phone number (800) 715-9871. Participants calling from outside the U.S. & Canada may dial in using phone number +1 (646) 307-1963. The conference access code is 3292637. In addition to dial-in, access to a live listen-only audio webcast and accompanying slide presentation, as well as a replay of the webcast, will be available at https://investor.thecampbellscompany.com/events-presentations.
Meals & Beverages, which consists of our soup, simple meals and beverages products in retail and foodservice in the U.S. and Canada. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; SpaghettiOs pasta; Campbell’s gravies, beans and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell’s tomato juice; and as of March 12, 2024, Rao’s pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Michael Angelo’s frozen entrées and pasta sauces; and noosa yogurts. The noosa yoghurt business was sold on February 24, 2025. The segment also includes snacking products in foodservice and Canada; and
We refer to the following products as our “leadership brands”: Campbell’s condensed and ready-to-serve soups; Chunky soups; Swanson broth, stocks and canned poultry; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; V8 juices and beverages; Rao’s pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Pepperidge Farm cookies, crackers and fresh bakery; Goldfish crackers; Snyder’s of Hanover pretzels; Lance sandwich crackers; Cape Cod potato chips; Kettle Brand potato chips; Late July snacks; and Snack Factory pretzel crisps.
About The Campbell’s Company For 155 years, The Campbell’s Company (NASDAQ:CPB) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted us to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2024 net sales of $9.6 billion across two divisions: Meals & Beverages and Snacks. Our portfolio of 16 leadership brands includes: Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory pretzel crisps, Snyder’s of Hanover, Swanson and V8. For more information, visit www.thecampbellscompany.com.
2,685
2,456
1,866
1,680
256
217
165
41
2,358
327
317
46
247
271
68
173
203
.58
.68
Six Months Ended
5,457
4,974
3,771
3,410
506
439
340
347
51
84
50
11
4,763
4,299
694
675
163
94
531
581
140
144
391
437
1.31
1.47
1.30
1.46
Percent
Change
1,679
1,382
1,006
1,074
291
114
(29
405
408
(73
(89
(15
3,385
2,786
2,072
2,188
628
534
322
884
856
(177
(11
2,946
2,070
Assets of business held for sale
235
2,637
2,470
9,523
7,071
569
495
15,910
12,106
3,359
2,056
Liabilities of business held for sale
54
6,496
4,506
2,089
1,693
3,912
3,851
7,675
4,520
829
169
36
219
192
Net loss on sale of business
67
Changes in working capital, net of divestiture
(94
(116
(24
40
684
(211
(263
(90
61
Sale of business
(175
(256
Short-term borrowings, including commercial paper
663
1,416
Short-term repayments, including commercial paper
(925
(1,596
(400
(227
(224
(56
(14
(448
721
Reconciliation of GAAP to Non-GAAP Financial Measures Second Quarter Ended January 26, 2025
Net Sales,
as
Reported
Impact of Divestiture
(313
1,372
1,008
(32
1,042
2,380
2,424
(623
2,769
2,074
(53
2,135
4,843
4,921
Organic Net Sales for
FY 2025 Guidance
Items Impacting Earnings Adjusted Net earnings are net earnings excluding the impact of costs associated with cost savings and optimization initiatives, unrealized mark-to-market gains or losses on outstanding undesignated commodity hedges, accelerated amortization, impairment charges, gains or losses on divestitures, certain litigation expenses or recoveries, costs or recoveries related to a cybersecurity incident, actuarial gains or losses on pension and postretirement plans and costs associated with acquisitions. Management believes that financial information excluding certain items that are not considered to reflect the ongoing operating results, such as those listed below, improves the comparability of year-to-year results. Consequently, management believes that investors may be able to better understand its results excluding these items.
The company has implemented several cost savings initiatives in recent years. In the second quarter of fiscal 2025, the company recorded Restructuring charges of $5 million and implementation costs and other related costs of $10 million in Cost of products sold, $8 million in Administrative expenses, $1 million in Marketing and selling expenses and $1 million in Research and development expenses related to these initiatives. In the second quarter of fiscal 2024, the company recorded Restructuring charges of $2 million and implementation costs and other related costs of $29 million in Administrative expenses, $3 million in Cost of products sold, $1 million in Marketing and selling expenses and $1 million in Research and development expenses (aggregate impact of $27 million after tax, or $.09 per share) related to these initiatives. In the six-month period of fiscal 2025, the company recorded Restructuring charges of $11 million and implementation costs and other related costs of $19 million in Administrative expenses, $18 million in Cost of products sold, $2 million in Marketing and selling expenses and $2 million in Research and development expenses related to these initiatives. In the six-month period of fiscal 2024, the company recorded Restructuring charges of $4 million and implementation costs and other related costs of $34 million in Administrative expenses, $6 million in Cost of products sold, $3 million in Marketing and selling expenses and $2 million in Research and development expenses (aggregate impact of $37 million after tax, or $.12 per share) related to these initiatives. For the year ended July 28, 2024, the company recorded Restructuring charges of $17 million and implementation costs and other related costs of $54 million in Administrative expenses, $26 million in Cost of products sold, $4 million in Marketing and selling expenses and $3 million in Research and development expenses related to these initiatives.
In the second quarter of fiscal 2024, the company began implementation of an optimization initiative to improve the effectiveness of its Snacks direct-store-delivery route-to-market network. In the six-month period of fiscal 2025, the company recognized $8 million in Marketing and selling expenses related to this initiative. For the year ended July 28, 2024, the company recognized $5 million in Marketing and selling expenses related to this initiative.
In the second quarter of fiscal 2025, the total aggregate impact related to the cost savings and optimization initiatives was $25 million ($19 million after tax, or $.06 per share). In the six-month period of fiscal 2025, the total aggregate impact related to the cost savings and optimization initiatives was $60 million ($46 million after tax, or $.15 per share). For the year ended July 28, 2024, the total aggregate impact related to the cost savings and optimization initiatives was $109 million ($83 million after tax, or $.28 per share).
In the second quarter of fiscal 2025, the company recognized gains in Cost of products sold of $14 million ($10 million after tax, or $.03 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the second quarter of fiscal 2024, the company recognized gains in Cost of products sold of $7 million ($5 million after tax, or $.02 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the six-month period of fiscal 2025, the company recognized gains in Cost of products sold of $18 million ($13 million after tax, or $.04 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the six-month period of fiscal 2024, the company recognized losses in Cost of products sold of $8 million ($6 million after tax, or $.02 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. For the year ended July 28, 2024, the company recognized losses in Cost of products sold of $22 million ($16 million after tax, or $.05 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges.
In the second quarter of fiscal 2025 and 2024, the company recorded accelerated amortization expense in Other expenses / (income) of $7 million ($5 million after tax, or $.02 per share) related to customer relationship intangible assets due to the loss of certain contract manufacturing customers, which began in the fourth quarter of fiscal 2023. In the six-month periods of fiscal 2025 and 2024, the company recorded accelerated amortization expense in Other expenses / (income) of $14 million ($10 million after tax, or $.03 per share). For the year ended July 28, 2024, the company recorded accelerated amortization expense in Other expenses / (income) of $27 million ($20 million after tax, or $.07 per share).
In the second quarter of fiscal 2025, the total aggregate impact of the impairment charges was $26 million ($19 million after tax, or $.06 per share).
In the second quarter of fiscal 2025, the company recorded $15 million ($.05 per share) of deferred tax expense related to the sale of the noosa yoghurt business, which was completed on February 24, 2025. In the first quarter of fiscal 2025, the company recorded a loss in Other expenses / (income) of $25 million ($19 million after tax, or $.06 per share) on the sale of its Pop Secret popcorn business. In the six-month period of fiscal 2025, the total aggregate impact of charges associated with divestitures was $25 million ($34 million after tax, or $.11 per share).
In the second quarter of fiscal 2025, the company recorded litigation expenses in Administrative expenses of $1 million ($1 million after tax) related to the Plum baby food and snacks business (Plum), which was divested on May 3, 2021, and certain other litigation matters. In the second quarter of fiscal 2024, the company recorded litigation expenses in Administrative expenses of $1 million ($1 million after tax) related to Plum. In the six-month period of fiscal 2025, the company recorded litigation expenses in Administrative expenses of $2 million ($2 million after tax, or $.01 per share) related to Plum and certain other litigation matters. In the six-month period of fiscal 2024, the company recorded litigation expenses in Administrative expenses of $3 million ($3 million after tax, or $.01 per share) related to Plum. For the year ended July 28, 2024, the company recorded litigation expenses in Administrative expenses of $5 million ($5 million after tax, $.02 per share) related to Plum and certain other litigation matters.
In the six-month period of fiscal 2025, the company recorded insurance recoveries in Administrative expenses of $1 million ($1 million after tax) related to related to a cybersecurity incident that was identified in the fourth quarter of fiscal 2023. In the six-moth period of fiscal 2024, the company recorded costs of $2 million in Cost of products sold and $1 million in Administrative expenses (aggregate impact of $2 million after tax, or $.01 per share) related to the cybersecurity incident.
In the six-month period of fiscal 2025, the company recognized an actuarial loss in Other expenses / (income) of $2 million ($1 million after tax) related to an interim remeasurement of a postretirement plan due to a plan amendment. For the year ended July 28, 2024, the company recognized actuarial losses on pension and postretirement plans in Other expenses / (income) of $33 million ($25 million after tax, or $.08 per share).
In the first quarter of fiscal 2024, the company announced its intent to acquire Sovos Brands, Inc. and on March 12, 2024, the acquisition closed. In the second quarter of fiscal 2024, the company incurred costs associated with the acquisition in Other expenses / (income) of $10 million ($9 million after tax, or $.03 per share). In the six-month period of fiscal 2024, the company incurred costs associated with the acquisition in Other expenses / (income) of $19 million ($17 million after tax, or $.06 per share). For the year ended July 28, 2024, the company incurred $126 million of costs associated with the acquisition, of which $21 million was recorded in Restructuring charges, $47 million in Administrative expenses, $35 million in Other expenses / (income), $3 million in Marketing and selling expenses, $2 million in Research and development expenses and $18 million in Cost of products sold, of which $17 million was associated with the acquisition date fair value adjustment for inventory. The company also recorded costs of $2 million in Interest expense related to costs associated with the Delayed Draw Term Loan Credit Agreement used to fund the acquisition. The aggregate impact was $128 million, $109 million after tax, or $.36 per share.
819
776
1,686
1,564
30.5
31.4
(7
(18
815
772
1,580
31.8
255
496
436
(34
Certain litigation expenses (6)
159
320
309
47
Impairment charges (4)
(26
Charges associated with divestitures (5)
60
372
364
804
771
292
318
641
677
30.0
490 pts
26.4
24.8
160 pts
12
78
152
24.0
24.5
24.4
(70) pts
222
240
512
.06
.09
.15
.12
(.04
.03
.74
.80
1.63
1.71
CAMDEN, N.J.–(BUSINESS WIRE)–Feb. 27, 2025– The Campbell’s Company (NASDAQ:CPB) (Campbell’s) today announced that Mick Beekhuizen, President and Chief Executive Officer, and Carrie Anderson, Executive Vice President and Chief Financial Officer, will participate in a fireside chat at the BofA Securities 2025 Consumer and Retail Conference on Tuesday, March 11, 2025 at 8:50 a.m. EST.
A listen-only live webcast of the fireside chat can be accessed under the Events & Presentations section of the company’s investor relations website: https://investor.campbellsoupcompany.com. A replay will be accessible after the event through the same website.
About Campbell For 155 years, The Campbell’s Company (NASDAQ:CPB) (Campbell’s) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted us to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2024 net sales of $9.6 billion across two divisions: Meals & Beverages and Snacks. Our portfolio of 16 leadership brands includes: Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory Pretzel Crisps, Snyder’s of Hanover, Swanson and V8. For more information, visit www.thecampbellscompany.com.
