At the Consumer Analyst Group of New York (CAGNY) conference in Boca Raton, Fla., Campbell Soup Company (NYSE:CPB) President and Chief Executive Officer Denise Morrison provided an update on the company’s progress against its strategies to return the company to sustainable, profitable top-line growth.
Under Morrison’s leadership, Campbell has focused on three key growth strategies:
- Stabilize and then profitably grow North America soup and simple meals;
- Expand the company’s international presence; and
- Continue to drive growth in healthy beverages and baked snacks.
Morrison said, “To realize our strategic vision, we must fulfill a dual mandate. We committed ourselves to work diligently and creatively to expand into higher-growth spaces, to engage with new consumers and to build our business in new geographies. But at the same time, it is imperative that we maintain the strength of our core business and our intense engagement−over many, many decades−with our loyal consumer base.”
In its U.S. Soup and Simple Meals business, Campbell is rebuilding strength in the core and investing in innovation to maintain the appeal and excitement of its brands with new recipes and line extensions that provide taste adventure. Morrison said, “Our plans for stabilizing and rebuilding the profitability of our Soup and Simple Meals business in North America are working.”Morrison also described efforts in other parts of the business, including Healthy Beverages. Campbell plans to introduce “V8 V-Fusion Refreshers,” a new line that offers a crisper, lighter taste for consumers seeking greater refreshment. The company will continue to build on its launch last fiscal year of “V8 V-Fusion + Energy,” a line of energy drinks made with green tea, as well as new products to drive continued growth in its Global Baking and Snacking business. Morrison highlighted Campbell’s breakthrough innovation efforts as a key driver for accelerated growth. This innovation process led to “Campbell’s Go” soups and “Campbell’s” Skillet Sauces, introduced earlier this fiscal year. The “Campbell’s” Skillet Sauces line represents the first entrant in a platform of dinner sauces the company has planned. While “Campbell’s” Skillet Sauces target the stovetop, the next set of Campbell’s products in this range will feature slow cookers, which are now in more than 80 percent of U.S. households and used to prepare nearly 500 million meals per year. Sold in pouch packages, the new line of “Campbell’s” Slow Cooker Sauces will be available later this year in four to five varieties, including Sweet Korean BBQ.