Even Amid the Clouds, Campbell Looks to Shine With Its Consumer-Valued Brand Spending

Over the past six-plus years, wide-moat Campbell has orchestrated significant changes. For one, the portfolio mix has shifted quite dramatically, such that its core soup lineup now accounts for only around one-quarter of total sales (down from more than 40% in fiscal 2017), while snacks make up around 50% (up from less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to fuel spending behind its brands and capabilities to solidify its competitive edge. The byproduct of these efforts has been a 3% average annual organic sales growth over the past five years against mid- to high-teens adjusted operating margins.