Milling & Baking News Corporate Profiles - 2015 - (Page 74)

Company Overview Company Overview Campbell Soup Co. Growth may come through simple recipes, organic items A s an underwhelming fiscal year neared its end, The Campbell Soup Co. laid out plans for growth at its July 22 annual meeting. Executives talked about moves to increase transparency with consumers, to change recipes with a focus on simpler ingredients and to continue adding to the company's organic portfolio. "Campbell is taking unmistakable action to reshape our portfolio, redesign our organization and shift our investments so we can move more quickly to meet consumer needs," said Denise Morrison, president and chief executive officer of Campbell, at the annual meeting. "This approach holds the greatest promise for our company and our shareholders." In Americas Simple Meals and Beverages, Campbell plans 2015 fiscal-year net sales - $8.1 billion Chief executive officer - Denise Morrison Top brands - 74 \ October 2015 Campbell Bolthouse Farm V8 Plum Pepperidge Farm to give consumers access to information about how Campbell makes its foods and beverages and chooses its ingredients, particularly in the U.S. Soup, Sauces and Beverages portfolio. Campbell has such information on the web site www.whatsinmyfood.com. The company will simplify the recipes of existing condensed soup for children, removing ingredients such as monosodium glutamate (MSG) and continuing to make soup with no preservatives, no artificial colors and no artificial flavors. Campbell plans to remove artificial colors and flavors from nearly all of its North American products by the end of fiscal-year 2018. Campbell will increase its organic offerings through line extensions in its core portfolio, including soup for children. The Plum line of organic food for babies and children also will expand. In the Global Biscuits and Snacks division, Campbell will focus on building brands like Goldfish, Tim Tam and Kjeldsens across new geographic boundaries. The Fresh division will combine Garden Fresh Gourmet, a maker of refrigerated salsa acquired earlier this year, with Bolthouse Farms and retail refrigerated soups. Campbell finished with net earnings of $691 million, equal to $2.21 per share on the common stock, for the fiscal year ended Aug. 2, which was down 14% from $807 million, or $2.35 per share, in the previous fiscal year. Net sales of $8,082 million were down 2%. Fiscal-year earnings contributions fell for U.S. Simple Meals, down 5% to $677 million; International Simple Meals and Beverages, down 25% to $80 million; U.S. Beverages, down 11% to $113 million; and Bolthouse and Foodservice, down 9% to $107 million. Earnings contributions for Global Baking and Snacking rose 5% to $350 million. In guidance for fiscal-year 2016, Campbell companywide expects growth of 0% to 1% in sales, 3% to 5% in adjusted earnings per share, or $2.53 to $2.58 per share. "F.Y. 15 was an eventful year, and we took important steps to lay the foundation for the future," Ms. Morrison said in a Sept. 3 conference call. "We redesigned our enterprise structure, and our three new divisions are now operating in line with their declared portfolio roles." Campbell has a reorganization and three-year cost-reduction initiative that targets annual savings of $250 million. Campbell achieved $85 million of savings in fiscal-year 2015 through reduced headcount and savings across several cost categories, said Anthony DiSilvestro, chief financial officer. The company looks to increase the savings run rate to $145 million in fiscal-year 2016. CP Milling & Baking News * Food Business News * Baking & Snack * Meat+Poultry Corporate Profiles http://www.whatsinmyfood.com

Table of Contents for the Digital Edition of Milling & Baking News Corporate Profiles - 2015

Milling & Baking News Corporate Profiles - 2015
Table of Contents
Editorial - With growth elusive, its pursuit only intensifies
Industry Review: Grain-based Foods
Industry Review: Packaged Foods
Can K-Cups kick-start soup?
Industry Review: Beverages
Industry Review: Meat and Poultry
Industry Review: Dairy
Industry Review: Confectionery
Industry Review: Food Service
Industry Review: Clean Label
Company Overview - Grupo Bimbo S.A.B. de C.V.
Company Overview - Campbell Soup Co.
Company Overview - Coca-Cola Co.
Company Overview - ConAgra Foods, Inc.
Company Overview - Flowers Foods, Inc.
Company Overview - General Mills, Inc.
Company Overview - The Hain Celestial Group, Inc.
Company Overview - The Hershey Co.

Milling & Baking News Corporate Profiles - 2015