Campbell's анонсировала программу экономии 500 млн долларов и укрепила позиции в сегменте супов

Acquisition Impact: First quarter following acquisition of a 49% interest in La Regina, fully consolidated into financials. Noncontrolling Interest: Remaining 51% interest in La Regina reflected as earnings from noncontrolling interest. Fair Value Adjustments: GAAP includes fair value adjustments for deferred payment (due May 4, 2027) and option to acquire remaining interest; excluded from adjusted earnings. The Campbell's Co (NASDAQ:CPB) is implementing a substantial $500 million cost savings program over the next four years, with $350 million in incremental savings identified beyond previous plans. The company is seeing strong performance in its cooking soups segment, which represents about half of its soup portfolio and has been growing consistently at a CAGR of about 5% over the past four years. Management has built out new revenue growth management (RGM) capabilities, allowing them to execute pricing actions and analyze trade budgets much faster than historically possible. The company is launching exciting new innovations, such as Goldfish Gluten Free and protein soups under Campbell's Nourish, which are expected to drive growth in the coming quarters. The Campbell's Co (NASDAQ:CPB) is taking a prudent approach to pricing, with modest increases on 60% of its portfolio, and has had productive conversations with retailers about these adjustments. The company is seeing encouraging trends in its Goldfish brand, driven by a focus on core consumers and a new national marketing campaign. Negative Points The Campbell's Co (NASDAQ:CPB) is guiding to a significant decline in organic net sales of about 3% at the midpoint for fiscal 2027, with Q1 expected to be particularly challenging. The company is facing substantial inflationary pressures, with costs expected to rise 5% to 6% throughout the year, including double-digit increases in logistics. Gross margins are projected to be down 50 to 100 basis points for the full year, with a significant decline expected in Q1 due to negative price realization and investments. The Snacks segment is expected to be down high single-digits in Q1, with a slow recovery anticipated throughout the year as the company works through consumption and shipment headwinds. The company has decided to reduce its dividend, a difficult but necessary decision to manage its capital structure and fund its turnaround initiatives. The Campbell's Co (NASDAQ:CPB) is assuming higher price elasticities (1.5 times) than historically seen, which will negatively impact volumes and net sales even as it helps the bottom line. Q & A Highlights Q: Can you discuss expectations for organic sales growth and EPS growth as we move through the fiscal year? Does the outlook embed any growth to close out the year?A: Mick Beekhuizen (CEO) stated that at the midpoint of the organic net sales guidance (down about 3%), Meals & Beverages (M&B) is expected to be down slightly and fairly consistent throughout the year. Snacks is expected to have Q1 as the low point with modest improvement throughout the year, driven by innovation, brand support, and improved execution. Todd Cunfer (CFO) added that inflation will be consistent at plus 5% to 6%, with negative price realization in Q1 due to innovation slotting fees and holiday programming. Gross margin will be down significantly in Q1, improve in Q2, and turn positive in the second half. EPS will see a sharp decline in Q1 but turn positive by Q4. Q: How did discussions with retailers go regarding the planned price increases, and what are your expectations around distribution changes?A: Mick Beekhuizen (CEO) noted that conversations with retailers have been "appropriately constructive." Todd Cunfer (CFO) provided detail, stating the company took a modest price increase of 4% to 5% on about 60% of the portfolio. They assumed elasticities of 1.5 times, which will negatively impact volume and net sales but positively impact the bottom line. Management is confident that positive price realization will begin in Q2. Q: Can you dive into the planned $500 million in cost savings with more detail on what was already in play and where the incremental actions are coming from?A: Todd Cunfer (CFO) explained that the $500 million program runs from fiscal '27 to fiscal '30. Of the previous $375 million peak program, $225 million was achieved, leaving $150 million in planned savings that will roll over into the new program. This means $350 million in incremental savings are identified. Key drivers include headcount reductions announced last quarter and a major new procurement savings initiative covering direct and indirect spending across every P&L line. Additional supply chain network optimization will take longer to realize. Q: Can you talk about where the targeted pricing actions and price investments are likely to come through?A: Todd Cunfer (CFO) stated that Q1 price investments are largely in the meals business to support new soup and sauce innovation hitting the market, including slotting fees and holiday off-shelf programming. Pricing for the rest of the year is broad-based across both Snacks and Meals, touching 60% of the portfolio. Mick Beekhuizen (CEO) added that the company is using its Revenue Growth Management (RGM) capabilities to reallocate trade spend more effectively, ensuring the right price points at the right time, particularly in Snacks. Q: Can you talk about the initiatives for fiscal '27 regarding the focus on cooking soups versus ready-to-serve (RTS) soups?A: Mick Beekhuizen (CEO) noted that the cooking side of the soup portfolio is working well, while the eating side (RTS) still has work to do. The company is leaning into "empowering everyday cooking," which represents over 50% of M&B retail sales and has grown at a 5% CAGR over four years. This focuses on semi-scratch cooking (less than 30 minutes, five ingredients or less). Innovation like condensed sauces and continued support for Rao's are key. For RTS, premium options are growing double-digits, but the mainstream portfolio, including Chunky, requires more work. Q: What is the outlook for the Snacks segment, and what does a successful turnaround look like 12 months from now?A: Mick Beekhuizen (CEO) outlined three priorities: returning to core fundamentals (focusing on core consumers, as seen with Goldfish), creating fuel to support brands through cost savings and RGM, and achieving everyday great execution. Todd Cunfer (CFO) was direct that Q1 will be "very challenging" for Snacks, with sales down high single-digits due to lapping shipments and trade investment. The top-line will strengthen in subsequent quarters, with pricing taking hold in Q2 and cost savings kicking in during the second half. Stabilizing and growing the two most profitable brands, Goldfish and Snyder's, is critical to the segment's profitability. Q: How would you characterize the level of flexibility or cushion embedded in the guidance?A: Todd Cunfer (CFO) identified two big variables between the high and low end of the EPS guidance ($1.65 to $1.80). The first is inflation in the second half, as the company is only 50% covered versus 80% in the first half. The second is the timing and speed of the Snacks recovery. If volume returns faster, it will positively impact results; if it takes longer, results will fall to the lower end of the range. Q: Do you see consumption in the Snack segment getting to flat or better by the end of the year?A: Mick Beekhuizen (CEO) stated that the company is not anticipating consumption to turn positive this fiscal year but expects to make continued modest progress throughout the year. In a follow-up, he detailed that while Goldfish is showing encouraging trends, other areas like unflavored pretzels are benefiting from the America 250 activation. The cookie portfolio was flat for the year due to innovation. The chips business will take more time to improve competitive positioning. Q: If you had your new consumer and RGM capabilities three years ago, what decisions might you have made differently?A: Mick Beekhuizen (CEO) said the company would have been in a better place and faster to adjust to the evolving consumer. He highlighted the "growth office" established a year ago and RGM capabilities built over the past six to nine months, which are already yielding results, such as quickly developing relevant innovation like protein soups and Goldfish Gluten Free. Todd Cunfer (CFO) added that there is a lot of "low-hanging fruit" to extract. He noted that the new team was able to analyze and communicate pricing actions to retailers within six weeks, a speed that was historically impossible. Q: Can you discuss how the board's view on the dividend evolved and the elasticity assumptions behind the pricing actions?A: Mick Beekhuizen (CEO) stated that reducing the dividend was a difficult but necessary decision, made after