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Campbell Soup Co - Stock Quote CPB

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Morningstar's Campbell Soup Co Stock Analysis

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Campbell's Sales Simmer, but Unrelenting Competitive and Macro Challenges Could Cool Its Trajectory

Erin Lash, CFA Sector Director

Business Strategy and Outlook

| Erin Lash, CFA |

To say CEO Mark Clouse’s three-year tenure heading up Campbell Soup has been fraught with change might be considered an understatement. Since January 2019, Campbell has parted ways with its fresh business and 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 (14% consumption growth on a three-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 the steps that had been underway to steady the business and to juice its sales trajectory before the pandemic should serve as a springboard against a more normalized demand environment.

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Campbell Soup Co's 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 Apr 30, 2022
Fiscal Year End Aug 1, 2022
Stock Type Slow Growth
Employees 14,100