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Campbell Soup Co CPB

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Campbell’s Q2 Sales Simmer but Set to Cool Off in a Post-COVID-19 World; Shares Fairly Valued

Erin Lash, CFA Sector Director

Analyst Note

| Erin Lash, CFA |

Coming into wide-moat Campbell Soup’s second-quarter earnings report, the burning question continued to center on which consumer trends adopted since the onset of the pandemic a year ago would prove lasting as social distancing mandates are relaxed with increased vaccine dissemination. Campbell, like its peers, has benefited from consumers staying close to home, with 95% of its sales being derived through the retail channel. And sales again exceeded the low-single-digit crawl that has historically characterized the landscape over a longer horizon, up 5% on an organic basis in its second fiscal quarter, including 10% growth within its core U.S. soup business (about 30% of sales). However, this performance failed to assuage concerns of an impending slowdown, given this was down from the 8% aggregate gains posted in the prior quarter (21% in U.S. soup).

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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, 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 stands to enhance 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 Jan 31, 2021
Fiscal Year End Aug 2, 2021
Stock Type Aggressive Growth
Employees 14,500