Campbell Soup Company (NYSE:CPB) today reported its results for the fourth-quarter and full-year of fiscal 2013.
Denise Morrison, Campbell’s President and Chief Executive Officer, said, “Campbell made solid progress in fiscal 2013 as we executed our dual mandate to strengthen our core business and expand into higher-growth spaces. Our full-year sales and adjusted EBIT growth were consistent with our most recent fiscal 2013 guidance, and our EPS growth exceeded that guidance.
“The centerpiece of our progress in strengthening our core business was the performance of U.S. Soup, which delivered 5 percent sales growth for the year by optimizing all the drivers of demand and accelerating consumer-focused innovation. In our Pepperidge Farm business, we delivered continued growth in Goldfish crackers, revitalized the cookies business and expanded our share in fresh bakery. We also faced some challenges this year and are taking actions to fix our underperforming U.S. Beverages and North America Foodservice businesses.”
Morrison continued, “We made tangible progress on the second part of our dual mandate to expand into higher-growth spaces by driving breakthrough innovation and accelerating external development. In fiscal 2013, we launched many new products, including Campbell’s Skillet Sauces and Campbell’s Go Soups to reach new consumers, such as Millennials.“We also added a trio of growth engines through our acquisitions of Bolthouse Farms, Plum Organics and the Kelsen Group. These acquisitions have combined annualized sales of approximately $1 billion and give us exciting new brand platforms to create value and attract new consumers. Bolthouse Farms, which delivered strong results in fiscal 2013, is a leader in the fast-growing packaged fresh foods category. Plum Organics is the number-two brand in the fast-growing premium organic baby food segment. The addition of Kelsen, a leading producer of premium butter cookies, gives us a position in baked snacks in China and Hong Kong. We also entered strategic alliances in Mexico to expand our access to manufacturing and distribution capabilities in this important market.