Campbell Soup Corp. will drop “Soup” from its name and become “The Campbell's Company,” Chief Executive Officer Mark Close announced Tuesday, a change of direction that symbolizes the company's move into bottled sauces like Lao's and other packaged foods such as Goldfish snacks.
Campbell is focusing on 16 top brands across its food, beverage and snacks divisions, including Goldfish, V8 beverages and Prego sauces, Close said during an investor briefing on Wall Street.
“Today, we are more than soup,” said Close. Campbell's first sold canned soup more than a century ago, and its cans were later featured in Andy Warhol's iconic pop art.
To hit financial guidance, soup sales need to stabilize, Mr. Close said, but Campbell executives said soup sales could increase as the U.S. population ages because older people eat more soup than younger generations.
Campbell is looking to Goldfish Snacks for growth and expects the crackers to be its largest brand by fiscal 2027, executives said.
Close said the company plans to ask shareholders to approve the name change at its annual meeting this year.
Shares of the Camden, New Jersey-based company closed down 1.2%.
U.S.-focused consumer goods makers such as Campbell's, Conagra and J.M. Smucker are facing weakening demand as cost-conscious consumers turn to cheaper alternatives amid persistently high inflation.
Kloos said demand for snack foods is growing as low- and middle-income families face economic hardship.
He added that the impact from consumers taking appetite-suppressing GLP-1 drugs like Wegovy for weight loss remains to be seen.
Campbell reported weaker-than-expected quarterly sales due to rising input costs and weak demand, and gave a gloomy profit outlook.
