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Campbell's cuts 13% of salaried workforce and closes snack plants
Fox Business • • business
Key Points:
- Campbell's is cutting 13% of its salaried workforce and closing two snack plants to improve operations and return to profitability, amid disappointing financial results.
- The company has raised prices by 4% to 5% on about 60% of its products to offset rising costs, though sales volumes have been negatively impacted.
- Campbell's expects fiscal 2027 net sales to decline 2% to 4%, missing analyst expectations, and forecasts adjusted earnings per share below estimates.
- The company aims to generate $500 million in cost savings by fiscal 2030 and is focused on improving margins, cash flow, and maintaining its investment-grade credit rating.
- CEO Mick Beekhuizen emphasized addressing current challenges directly rather than waiting for an improved environment, highlighting the need for sustainable long-term value creation.
