Campbell Soup CEO, Denise Morrison, has announced her retirement as the company reports a $393m loss on sales of $2.13bn for the quarter ended April 29, compared with a profit a year ago.
Campbell Soup Company has announced several strategic moves to better position itself in a 'rapidly changing food industry landscape' and focus on 'profitable growth.'
Campbell Soup has finalized the purchase of Snyder’s-Lance and created a new snacks division that will combine the operations and brands of the Charlotte-based snacks company and Pepperidge Farm.
Snyder’s-Lance reported a 5.6% increase in the fiscal year, but saw a slump in fourth quarter sales in what could be its last earnings report as a standalone company.
Snyder’s-Lance has initiated a voluntary recall for a limited amount of its glazed walnut products distributed across the US due to the potential presence of undeclared peanuts.
Campbell Soup’s president and CEO Denise Morrison reported ‘below expectation’ earnings for Q2 2018, but noted steps into healthy snacking space will ‘lead to improved performance’.
Campbell Soup could take share from Kellogg in the US convenience channel after acquiring Snyder’s-Lance, as the cereal giant is abandoning the direct store delivery (DSD) model for its entire snacks division, said Euromonitor analyst Jared Koerten.
The bakery and snacks industries saw a year of significant development beset with scandals, lawsuits and momentous personnel changes, but also crammed with promising deals, innovation and commitments.
Snyder’s-Lance subsidiary Princeton Vanguard and PepsiCo’s Frito-Lay have once again faced off in court over a dispute whether the phrase ‘Pretzel Crisps’ can be registered as a trademark.
Quri’s latest data shows that Lay’s, Ruffles and Pringles dominate the share of display at Walmart stores across the US, but there is still room for other snack products.
