Earlier this month Campbell Soup Co. reported US soup sales fell 21% in the fourth quarter ending Aug. 1 with volume declines in condensed soups, ready-to-serve soups and broths compared to the same period a year ago when at-home restrictions pushed sales up 52%.
Despite this, CEO Mark Clouse last week during Barclays Consumer Staples Conference that he feels “terrific” about Campbell Soup Co.’s turnaround over the past three years and specifically its market share gains, including with new consumers, in the soup business.
In the fourth quarter, Campbell Soup gained nearly two points of market share in US soup – marking the 10th consecutive quarter in which the company has achieved this. The streak has helped bring 15 million new households to the company’s business.
And while stay-at-home restrictions during the pandemic helped bolster this, the company’s streak shows it was growing its soup business even before the coronavirus outbreak – underscoring the business’ viability and long-term potential.
“My philosophical belief is that share, for the most part, is perhaps the best barometer of the health of your business because, certainly it is feasible to out and buy share and we’ve see that, and that’s not what I am not talking about, but in a balanced approach I do think share becomes a really good indicator of the health of the business and it’s a good indicator in times of high demand or in times of more normalized” demand, Clouse said during Barclays Consumer Staples Conference.
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September 15, 2021 at 08:19PM
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Campbell Soup Co. gains share in soup thanks to innovation, continued life at home, even as sales cool from pandemic highs - FoodNavigator-USA.com
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