Business
Campbell Outlines Next Phase of Strategy to Drive Profitable Growth
Announces New Long-Term Growth Algorithm Outlines Clear Roadmaps to Deliver Growth in Both Divisions Expands Cost Savings Program to $1 Billion With
About this update from The Campbell's Company
[{"type":"text","content":"\n\nAnnounces New Long-Term Growth Algorithm\n\n\nOutlines Clear Roadmaps to Deliver Growth in Both Divisions\n\n\nExpands Cost Savings Program to $1 Billion\n\n\nWith Strengthened Balance Sheet, Shifts Capital Allocation Priorities to Include Strategic Tuck-In M&A\n\n\n CAMDEN, N.J.--(BUSINESS WIRE)--\nCampbell Soup Company (NYSE:CPB) today held an Investor Day where members of the Campbell management team reviewed the company’s advantaged position in large and growing consumer categories and presented the next phase of its strategy to unlock its full growth potential.\n\n“Campbell is clearly a stronger company today than we were three years ago,” said Mark Clouse, Campbell’s President and Chief Executive Officer. “We have a compelling and credible plan to continue to drive growth as we unlock the full potential of this great company.”\n\nDuring the event, executive leadership shared the significant progress of Campbell’s transformation over the past three years and laid out the next phase of its strategic plan, including a new long-term growth algorithm to grow shareholder value.\n\nLong-Term Growth Algorithm1\n\n\n\nOrganic Net Sales\n\n\n \n\n~2%\n\n\n\n\n\nAdjusted EBIT\n\n\n \n\n4 to 6%\n\n\n\n\n\nAdjusted EPS\n\n\n \n\n6 to 8%\n\n\n\n\nAdvantaged for the Future\n\nSince Campbell’s last Investor Day in 2019, management has delivered on the five key elements of its turnaround plan, including simplifying and focusing the company, transforming the team and culture, driving growth in Snacks and stabilizing Meals & Beverages, fueling investments through cost savings and reducing debt.\n\n“Across the board, we delivered on all elements of the Campbell turnaround plan and rebuilt the company’s foundation to be stronger and laser-focused,” continued Clouse.\n\nWith a strong foundation in place, the company is well positioned with three key advantages:\n\n\nA focused and unique portfolio, with leading and growing brands that continue to increase in relevance.\n\n\n\nStrengthened capabilities and talent, including improved marketing, more significant innovation, accelerated e-commerce and a continued focus on environmental, social and governance (ESG) activities. Innovation will be a meaningful catalyst for growth, and the company expects to reach best-in-class innovation targets of 3.5% of total net sales by the end of fiscal 2025....