Campbell’s Shareholders Approve Ditching ‘Soup’ From the Company Name. Here’s Why.
The name change is “subtle-yet-important,” says Campbell’s CEO.
Key Takeaways
- The Campbell Soup Company announced in September that it wants to change its name to the Campbell Company.
- Shareholders approved the name change at its November annual meeting on Tuesday.
- The name change would better show “the full breadth of the company’s portfolio,” according to chief executive Mark Clouse.
The 155-year-old Campbell Soup Company, to bring canned soups to the market, wants to drop the “Soup” part of its name and go by just the Campbell’s Company. Shareholders “overwhelmingly” voted to approve the name change on Tuesday at Campbell’s annual meeting, .
The request reflects Campbell’s broader strategy to expand beyond soup and into higher-growth categories, like snacks, which have shown promise. Snack sales for the company last year, while soups grew 3%. of Campbell’s net sales came from snacks in fiscal year 2023. Meanwhile, Campbell’s Goldfish brand in March, a feat only attained by one other product from the company: its iconic red-and-white-labeled soup.
In September, Campbell CEO Mark Clouse that the “subtle-yet-important” name change more accurately reflects “the full breadth of the company’s portfolio,” which also owns companies including Prego sauce and Goldfish crackers. Earlier this year, Campbell acquired , the company behind the Rao’s sauces, Noosa’s Yoghurt, and Michael Angelo’s frozen entrees brands, for $2.7 billion.
The company has also made other acquisitions, like a for snack company Snyder’s-Lance in 2017.
Campbell executives that they see stable sales in soup, 3% to 4% annual growth in snacks, and 1% to 2% in meals and beverages.
Even though the company assumes no annual growth in soup, it continues to innovate and invest in the category. Campbell recently introduced new spicy soup flavors, including the Ghost Pepper Chicken Noodle soup, to appeal to younger shoppers. Older populations usually buy more soup, so sales in that category could rise from groups like older millennials, the company said.
Campbell’s for the three months ending July 18, 2024, show that total net sales were up from the previous quarter, from $2.068 billion to $2.293 billion.
“For the last five years, we have been on a transformative journey to redefine our company,” Clouse .
Key Takeaways
- The Campbell Soup Company announced in September that it wants to change its name to the Campbell Company.
- Shareholders approved the name change at its November annual meeting on Tuesday.
- The name change would better show “the full breadth of the company’s portfolio,” according to chief executive Mark Clouse.
The 155-year-old Campbell Soup Company, to bring canned soups to the market, wants to drop the “Soup” part of its name and go by just the Campbell’s Company. Shareholders “overwhelmingly” voted to approve the name change on Tuesday at Campbell’s annual meeting, .
The request reflects Campbell’s broader strategy to expand beyond soup and into higher-growth categories, like snacks, which have shown promise. Snack sales for the company last year, while soups grew 3%. of Campbell’s net sales came from snacks in fiscal year 2023. Meanwhile, Campbell’s Goldfish brand in March, a feat only attained by one other product from the company: its iconic red-and-white-labeled soup.
In September, Campbell CEO Mark Clouse that the “subtle-yet-important” name change more accurately reflects “the full breadth of the company’s portfolio,” which also owns companies including Prego sauce and Goldfish crackers. Earlier this year, Campbell acquired , the company behind the Rao’s sauces, Noosa’s Yoghurt, and Michael Angelo’s frozen entrees brands, for $2.7 billion.
