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Campbell Soup Co CPB

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Campbell Spices Up Its Recipe for Sales Growth and Profit Gains; Shares a Bit Undervalued

Erin Lash, CFA Sector Director

Analyst Note

| Erin Lash, CFA |

To say that CEO Mark Clouse’s three-year tenure heading up wide-moat Campbell Soup has been fraught with change might be considered an understatement. Since January 2019, Campbell has parted ways with its fresh business as well as the bulk of its international operations and worked to steady its core meals, beverages, and snacking arms, while navigating a global pandemic. But we don’t attribute its recent performance (5% consumption growth and 5% sales growth on a two-year stack basis) as merely a byproduct of heightened consumer stock-ups of essential fare since March 2020. Rather, we think management’s strategic agenda--anchored in funneling additional investment across its operations--fueled by its pursuit of extracting inefficiencies has set Campbell on a sound course. And while much consternation rightly centers on how the business is poised to emerge in a post-COVID-19 world, we think that the steps already underway to steady the business before the pandemic juiced its sales trajectory should serve as a springboard against a more normalized demand environment.

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Company Profile

Business Description

With a history that dates back around 150 years, Campbell Soup is now a leading manufacturer and marketer of branded convenience food products, most notably soup. The firm's product assortment includes well-known brands like Campbell's, Pace, Prego, Swanson, V8, and Pepperidge Farm. Following the sale of its international snacking operations, which wrapped in calendar 2019, the firm derives nearly all of its sales from its home turf. Campbell has made a handful of acquisitions to reshape its product mix the past few years, including the tie-up with Snyder's-Lance (completed in March 2018), which enhances its exposure to the faster-growing on-trend snack food aisle, complementing its Pepperidge Farm lineup.

1 Campbell Place
Camden, NJ, 08103-1799
T +1 856 342-4800
Sector Consumer Defensive
Industry Packaged Foods
Most Recent Earnings Oct 31, 2021
Fiscal Year End Aug 1, 2022
Stock Type High Yield
Employees 14,100