Campbell Soup : Investor Day Fiscal 2025 Transcript

Published: 2024-09-12 17:28:09 ET CPB

Corrected Transcript

10-Sep-2024

Campbell Soup Co. (CPB)

Investor Day

Total Pages: 52

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Campbell Soup Co. (CPB)

Corrected Transcript

Investor Day

10-Sep-2024

CORPORATE PARTICIPANTS

Rebecca Gardy

Mick J. Beekhuizen

Senior Vice President & Chief Investor Relations Officer, Campbell

Executive Vice President & President-Meals & Beverages, Campbell

Soup Co.

Mark A. Clouse

Carrie L. Anderson

President, Chief Executive Officer & Director, Campbell Soup Co.

Executive Vice President & Chief Financial Officer, Campbell Soup Co.

Christopher Foley

Daniel L. Poland

Executive Vice President & President-Snacks, Campbell Soup Co.

Chief Supply Chain Officer & Executive VP, Campbell Soup Co.

......................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Alexia Howard

David Palmer

Analyst, Sanford C. Bernstein & Co. LLC

Analyst, Evercore ISI

Thomas Palmer

Max Gumport

Analyst, Citigroup Global Markets, Inc.

Analyst, BNP Paribas Securities Corp.

Ken Goldman

Steve Powers

Analyst, JPMorgan Securities LLC

Analyst, Deutsche Bank Securities, Inc.

Robert Moskow

Brian Callen

Analyst, TD Cowen

Analyst, BofA Securities, Inc.

Bryan Spillane

Priya Ohri-Gupta

Analyst, Bank of America

Analyst, Barclays Capital, Inc.

Andrew Lazar

Ann Holden Gurkin

Analyst, Barclays Capital, Inc.

Analyst, Davenport & Co. LLC

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Campbell Soup Co. (CPB)

Corrected Transcript

Investor Day

10-Sep-2024

MANAGEMENT DISCUSSION SECTION

Unverified Participant

Please welcome to the stage, Rebecca Gardy, Campbell's Senior Vice President and Chief Investor Relations Officer.

Rebecca Gardy

Senior Vice President & Chief Investor Relations Officer, Campbell Soup Co.

Good morning, everyone. Thank you so much for coming. Welcome to Campbell's Fiscal 2025 Investor Day. It is my honor to be here representing one of the most iconic and trusted names in the food industry. I hope that when you leave today with a much - you'll leave with a much greater appreciation that while we have an incredible history, what's ahead is even more exciting.

For those listening online, we are coming to you live from Nasdaq MarketSite in New York City. As announced a few weeks ago, we transferred our listing exchange to Nasdaq, joining one of the - many of the world's most successful and innovative companies. While we're looking forward to our new relationship with Nasdaq, the NYSE was our listing home for many, many years. And on behalf of Campbell's, I'd like to thank the New York Stock Exchange for its partnership.

Before I provide an overview of today's program, a brief reminder that today's presentation and the Q&A session will be - we'll be making forward looking-statements, which include risks and uncertainties. For factors that may cause outcomes to differ materially, please take a moment to review the slides shown here. It's my favorite slide.

Additionally, during today's presentation, we'll be using non-GAAP financial measures. We've provided a reconciliation of each of these measures to the most directly comparable GAAP measure in the appendix of today's presentation, which will be available on our Investor Relations website at the conclusion of today's program.

Presenters today are Mark Clouse, Chief Executive Officer; Carrie Anderson, Chief Financial Officer. Also presenting are Chris Foley, President of Snacks; and Mick Beekhuizen, President of our Meals and Beverages Division. Dan Poland, our Chief Supply Chain Officer, will also join us for the Q&A session.

Now, let me review today's agenda. In a moment, Mark will review Campbell's transformative journey over the last five years, including the strong results that we've delivered. He'll also outline our future growth strategy and update our long-term algorithm through fiscal 2027. Next, you'll hear from Chris Foley, who will share the ways that snacks will reach its full potential by driving continued growth and profitability with its best-in-class brands.

Following Chris will be Mick Beekhuizen, sharing our strategy to transform meals and beverages by igniting growth in the core business, as well as discussing the game-changing addition of Rao's to our portfolio. We'll take a 15-minute break after Mick, but stay close by, please, because our exciting innovation showcase will begin at approximately 11:15.

For our online viewers, we'll pause the webcast after Mick's presentation. We'll be back about approximately 12:30 PM with Carrie Anderson, who will bring all of the pieces together in a long-term algorithm, also discussing

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Campbell Soup Co. (CPB)

Corrected Transcript

Investor Day

10-Sep-2024

our approach to value creation, our cash flow expectations, and our capital priorities. We'll then move to a Q&A session, which I will moderate.

We'll be taking audience questions. And for those viewing the webcast, you may also ask a question by typing it into the Q&A box located at the bottom of the media player. We will get to as many questions as we can before we wrap at approximately 2:00 PM. If we can't get to your question today, we will follow up with you as soon as possible. And as always, your questions are always welcome by sending me a direct e-mail or an e-mail to [email protected].

And with that, it is my distinct pleasure to introduce our CEO, Mark Clouse.

Mark A. Clouse

President, Chief Executive Officer & Director, Campbell Soup Co.

Good morning, everybody.

Unverified Participant

Good morning.

Mark A. Clouse

President, Chief Executive Officer & Director, Campbell Soup Co.

Great to see everyone. Thank you guys for making the trip. I know many of you probably a block or two, but that was part of the goal. And welcome to the Las Vegas Sphere of financial markets at Nasdaq. We're excited to be here today.

So I'm Mark Clouse, I'm the Chief Executive Officer of Campbell's. It's great to be speaking to you from Nasdaq in New York City for my third Campbell's Investor Day. Nasdaq MarketSite is the perfect venue to tell you the transformative story of Campbell's and our vision for the future. I've been leading this incredible company for nearly six years now. And during that time, we've accomplished a tremendous amount. Been more than what we've accomplished, I'm even more thrilled to share with you why we believe this is a unique and breakthrough moment for Campbell's to launch the next chapter of growth in our long and rich history.

Those who are new to the Campbell's story as a company, we generate nearly $10 billion in sales, with over 14,000 colleagues across North America. We operate 25 manufacturing facilities and well over 1,000 warehouses and depots. We're located right down the road in beautiful Camden, New Jersey, which has been our headquarters for over 155 years.

For the last six years, we've been on a transformative journey to redefine our 155-year-old company, and we've made significant progress to achieve that goal. This journey also happened to coincide with perhaps the most volatile period in the food industry's history.

So, today, although we recognize we remain in a somewhat dynamic consumer environment, we're ready to turn the page on turnaround, fixing and stabilizing. Today marks a new chapter for Campbell's. We're ready to compete like never before, and we believe we are uniquely positioned to set the standard for performance in the food industry. We hope that by the time we conclude today, you'll have the same conviction we have about the undeniable strength of our brands as well as our ability to deliver our long-term goals.

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Campbell Soup Co. (CPB)

Corrected Transcript

Investor Day

10-Sep-2024

As we progress through the day, we'll lay out compelling reasons to believe in our investment thesis, which we are confident will resonate with each member of our audience and a variety of investment objectives.

So, let's get started, but we're going to do it in a silent mode to really enjoy the moment. All right. Here we go.

[Video Presentation] (00:06:51-00:07:38)

Awesome. So, I was going to sing the Imagine Dragons when it didn't come up. I'm not sure that would have been as enjoyable. But if I've learned nothing else in the six years, be ready for a curveball or two that comes your way. But look, I hope you enjoyed that. And when I think about this and I think about this company, it is awesome. I think it would be difficult to find any other food company in the world that has this many industry innovators.

Campbell's was built by entrepreneurs, by leaders in food, and by people who were not satisfied with the status quo. From Dr. Dorrance's invention of condensed soup to bring value, safety and taste to the masses, Margaret Rudkin elevating quality with Pepperidge Farm so her kids could get a decent piece of bread, and Frank Pellegrino changing the way we think about jarred pasta sauce. All of them visionaries and disruptors in their own right. Combined, they create a powerful heritage that's not only literally in our DNA, but it's also at the heart of the transformation we have been driving.

We've set out to establish Campbell's as an innovator and clear category leader, transforming the company and building confidence that we can win consistently. We thoughtfully and methodically shifted opportunities to strengths and added new capabilities as we've moved from defense to offense.

We did this in three key areas. First, we transformed the portfolio. Second, we rebuilt the foundational capabilities of the company, touching nearly every aspect and corner of the enterprise. And third, something that can't be achieved overnight, we built consistency and dependability in delivering our commitments.

One area we immediately set out to accomplish was to transform the portfolio and shift our focus to advantaged core categories and geographies, where we both have an inherent right to win and that are most critical to fueling growth for the company on the top and bottom lines. Said simply, we got back to what we were good at.

As Chris will cover in a moment, snacks categories may be normalizing as we lap several years of outsized growth, but we're confident in the underlying consumer demand for snacking and the ability of our unique and differentiated snacks portfolio to deliver accelerated, long-term, sustainable growth and an expanding margin that will also fuel earnings.

Mick will tell you why it's a great time for our meals and beverage categories. As consumer preferences has continued to naturally shift and evolve, we've transformed our portfolio to capitalize on these changes. The combination of the sustained consumer need for value, quality and convenience, paired with increased flavor seeking in cooking and meals supports the shift back to center store categories and demonstrates that this is not just a COVID phenomenon.

When adding Sovos to that story, it helps provide even further confidence in the sustainability of our positive meals and beverage story.

Next, our brands. In the past, you've heard us refer to our eight power brands and snacks. The reality is we also have a set of eight power brands in our Meals & Beverage division that are also leaders in their categories. Those

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Campbell Soup Co. (CPB)

Corrected Transcript

Investor Day

10-Sep-2024

eight Meals & Beverage leadership brands now include Rao's, arguably the best story in all of food. All of these 16 brands are competitively differentiated, and the majority hold number one or number two market share in their respective categories or segments.

Going forward, we'll refer to them as our leadership brands. The combination of that focus in advantaged areas, paired with the breadth of our 16 brands, make this as compelling as any portfolio in all of food. I'll speak more about these leadership brands in a moment.

Importantly, as we have consistently said, we love soup. We remain confident that soup can and will continue to be a positive contributor to our growth story. However, given the strength and mix of our portfolio today, our long- term algorithm simply requires soup to remain stable. I hope, though, as you hear Mick walk through our plans, you'll agree that the strength of brands like Chunky, Swanson, Pacific and Rao's, along with our namesake Campbell's, can be a meaningful catalyst for upside to our plans.

Second, we've taken significant steps in rebuilding Campbell's execution and capabilities. We've assembled an exceptional leadership team with significant experience from a variety of different businesses, all proven builders of winning cultures and committed to a relentless focus on execution. We've rebuilt from the ground up our innovation capabilities, playing a critical role in our success. We have also made significant progress on building our supply chain network of the future. And although we're always looking for continuous improvement, today we see our supply chain organization moving from an opportunity area to a clear competitive advantage.

Finally, we prioritized and re-established a committed focus on being our retailers' most strategic, collaborative and impactful partner. And finally, we have been steadily building the trust of investors by consistently delivering on our commitments, while also outperforming many of our CPG peers across many critical KPIs. We've also reoriented our focus on winning in market, making market share not just a goal, but directly influencing our performance compensation across the company. This combination of financial and in-market progress has fueled strong value creation for our shareholders, but still with room for much more.

Our readiness as a company to take the next step forward could not be coming at a better time. Following several years of unprecedented volatility driven by global pandemic, generational inflation, economic uncertainty, I am incredibly proud of the remarkable progress we've made as a team to fundamentally transform and reposition the company for long-term success. So, as the consumer and industry stabilize, we're ready. And whether it's this quarter or next quarter, it is coming.

So, it's time for our next chapter, a chapter where our strengthened team, transformed portfolio, and rebuilt capabilities are positioned to win and win consistently. What better way to mark this next chapter than with a subtle, but meaningful change in the name of our company, one that respects our heritage, but also reflects who we are today: The Campbell's Company. A name that celebrates soup. In fact, the name, font and color match our iconic red and white soup can.

And as I said earlier, we will always love soup and we'll never take our eye off of this critical business. But today, we're so much more than soup. So at this year's Annual Meeting of Stockholders, we'll be asking our shareholders to approve changing the name of the company to The Campbell's Company.

Now, it's far from the biggest news of the day, but it sends a strong signal for the next chapter in the company's future. We want all 16 of our leadership brands and all of our employees to see themselves in the name of the company, all born of an unmatched heritage of innovation and leadership.

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Campbell Soup Co. (CPB)

Corrected Transcript

Investor Day

10-Sep-2024

So transform business, an organization with a new name. All that's left is to add a new mission. Simple, aspirational, and measurable: Set the Standard. This is a notable shift from turnaround or simply marginal improvement. It changes our orientation. It requires us to measure ourselves not against small incremental improvements year-to-year, but rather against those companies that are best-in-class in our industry, striving to reach those standards and eventually set the standard ourselves for execution, performance and consistency.

Although we've already made significant progress against this mission, we realize there remains much to do and accomplish ahead. To achieve this, we've built a framework with five pillars: top team, best portfolio, winning execution, top-tier performance, and lasting impact.

Everything we do begins with our people and our culture. So let's start with our top team. We pride ourselves on being a company that focuses on building a culture of performance, developing our people, and attracting best-in- industry talent that's accountable and committed to our values. I'm lucky to work with such a world-class leadership team each and every day.

This team boasts both the breadth and the depth of experience needed to set the standard for performance in food. With an average of 20 years of experience in CPG and food, it represents a healthy balance between Campbell's veterans and complementary external experiences. This leadership reaches well beyond Campbell's top executives. In recent years, we've added outstanding talent and highly accomplished leaders across all our functions, businesses and locations.

Most recently, we've added yet another collection of tremendous growth experts with the addition of the Sovos team. Our entire management team is committed to building a top-tier company with best-in-class capabilities, leadership and culture. Throughout my career, I've found that the great differentiator for success is strength and depth of leadership. That's why Campbell's is focused on enabling employees at all levels of the organization to have world-class and best-in-industry leadership development resources and programs. So what better way to position us for sustained success than to become the premier destination for developing leaders in the food industry?

In addition to strong leadership, we're committed to developing best-in-class capabilities. And we've made significant progress in areas like innovation and marketing, technology and automation, revenue management, analytics, and making a priority the ongoing development of all of our team.

I've often wondered over the years why investors don't ask more often for an organization's alignment and engagement scores. It's something that almost every company does on a regular basis. Why? Because winning starts with team alignment.

With the team being clear on the company's objectives and their specific roles in achieving those objectives, as well as an employee engagement, which measures their commitment and motivation to achieve our goals.

Today, we have an impressive 86% of the Campbell's team that feel they're aligned with organization's strategy and objectives and 84% reported high levels of engagement. Both of these scores are above top-quartile benchmarks, but getting over 90% would truly set the standard.

So let's talk for a moment now about the transformed Campbell's portfolio. As I previously mentioned, we're also introducing a new framework to talk about our portfolio, which is found in over 90% of American homes. We now have 16 leadership brands, which span across both our Snacks and Meals & Beverages portfolios. This

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Campbell Soup Co. (CPB)

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Investor Day

10-Sep-2024

reclassification will help better provide an enterprise perspective on scale and focus, while also harmonizing how our divisions talk about their most important businesses.

In Snacks, our leadership brands represent approximately 83% of our total snack sales. They include favorites such as Goldfish, Pepperidge Farm, Cape Cod, Kettle in late July, just to name a few. In Meals & Beverages, our leadership brands represent approximately 85% of total division sales. They include iconic pantry staples such as Campbell's, Chunky, Prego, and more distinctive premium brands such as Pacific. And one of the newest additions to the Campbell's family, Rao's.

In our 16 leadership brands, we also already have $3 billion brands: Campbell's, Goldfish and Pepperidge Farm. Each generates more than $1 billion in sales annually, and this gives us critical category-leading brands that are important not just to consumers, but customers as well. And we've got a fourth on the horizon, Rao's. Rao's is a remarkable success story in today's food industry and we're excited to welcome the brand to our portfolio. We have strong confidence in its long-term growth trajectory and you'll hear more about that from Mick in a moment.

Our leadership brands have truly been on a journey. In fact, using today's framework, in 2017, they would have represented only 60% of enterprise sales. Today, combined, our leadership brands represent 84% of enterprise sales, comprising approximately 95% of Campbell's segment operating earnings, while holding number one or number two market share in 10 out of our 13 relevant categories, while growing at 6% on a five-year CAGR.

Focus is extremely powerful, but being well positioned to meet consumer needs is even more important. So, perhaps, more impressive is the clear linkage of our brands to the largest macro drivers for consumers in food today: value, versatility, high quality, elevated experiences and flavors as well as greater permissibility. We can see that relevance in the outsized growth in the 13 categories we compete in, which have been growing 4% faster than total food. This distortion to faster-growing categories is helpful in ensuring we can deliver projected growth trajectories and outpace less-advantaged portfolios.

Now, one area I'd like to just spend the moment on is how we view GLP-1's impact on our brands and business. Although today the extent of impact is still somewhat to be seen, it has not precluded us from learning more about consumer behavior and how to position our portfolio in a scenario where there is more impact.

By studying consumer panel data from groups using this class of drugs, we've learned three key things. First, efforts to meet nutritional needs encourage consumers to look for nutrient-dense products, particularly in terms of protein and vitamins. Next, in an effort to minimize or prevent gastrointestinal side effects, consumers are more likely to choose foods that are easier to digest. Finally, snacking and moments of indulgence do persist for most individuals. In those moments, more permissible, smaller portions are consumed, but consumers are more likely to seek more elevated experiences, flavors and quality to make the most of these occasions.

We believe our current portfolio is extremely well-positioned for these behaviors and we see opportunities for innovation within our areas of expertise. On soups and broths, we offer nutritionally dense options, great satiety at a relatively low caloric level, with many also easy to digest. V8 is also a great complement by filling gaps in vegetable intake. We also see our liquid and portable or handheld platforms such as our handheld sippable soup cups as ideal for adding great taste, nutrition and ease of digestion as well as an opportunity for future innovation.

Additionally, our snacks with permissible indulgence, elevated flavors and cleaner labels align well with consumers seeking to maximize their snack moments. A handful of Goldfish to bridge a meal, a two-pack of Milano's can satisfy these moments. We'll remain vigilant and proactive to ensure we can help consumers if that need grows.

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Campbell Soup Co. (CPB)

Corrected Transcript

Investor Day

10-Sep-2024

So, while our leadership brands comprise the vast majority of our sales, our scale brands play an essential role within Campbell's portfolio, providing us with important scale and price points to help complement and strengthen our category positions. Moreover, these scale brands contribute to enhance cost synergies, which improves our underlying profitability. We'll always need these important brands, but we will continue to make thoughtful decisions in areas like Snacks Partner brands and other noncore category brands to ensure our focus is where it drives the greatest value to our business.

We feel great about the composition of our portfolio today and have strong confidence in delivering our algorithm with our current brands. But we'll also continue to evaluate acquiring new tuck-in assets to enhance our underlying growth profile. We maintain high standards for acquisitions and we'll continue to deploy a disciplined approach in our process, which has been key to our most recent successes.

When evaluating new opportunities, we apply a strategic framework to help us decide which acquisitions make the most strategic and economic sense for us to pursue. Our focus is on acquisitions that are in core or near-in adjacent categories, quickly accretive to earnings, easily integrated, and allow us to maintain target debt levels and other capital priorities. For example, our recent acquisition of Sovos Brands checked these boxes, allowing us to quickly integrate this acquisition into our portfolio and contribute to Campbell's underlying growth.

We will remain focused on attractive areas like premium/elevated growth brands in existing categories, better-for- you snacking, and authentic ethnic brands.

The next pillar in our Set the Standard strategy is winning execution. As we move to a more stable consumer environment, our success will increasingly depend on outperforming competition. With our transformed supply chain, stepped up innovation capabilities, strong retailer relationships and access to new and evolving technology, we've never been more prepared to outplay competition and win in market.

Transforming our supply chain has been a top priority over the past couple of years. On the operational side, we've implemented Campbell's Way of Working, which we refer to as CWOW, across the network to provide one consistent and proven playbook for maximizing capacity and efficiency. We've optimized our network from farm to shelf by strategically arranging our manufacturing and logistics footprint to best serve our business today and into the future, enhancing both service and reducing cost. This process involves some tough choices to reconfigure, close or consolidate less effective or efficient plants and warehouses.

Also, as part of this effort, we've better integrated our external manufacturing partners to further elevate our capabilities. We've also aggressively improved our logistics and route-to-market capabilities. And finally, we've introduced essential technology and automation to refresh and modernize this network, boosting visibility and connectivity to our commercial teams and retail partners.

We're proud of this progress and what it means for us going forward, but I'm sure I am not doing it justice. So I thought we'd take a look inside our plants and hear directly from Dan Poland, Campbell's Chief Supply Chain Officer, and our leaders on the ground on how we've transformed this critical capability.

[Video Presentation] (00:29:24-00:32:01)

Great. So it's great to see how Campbell's Way of Working resonates with our teams on the plant floor. They have greater visibility and actionable information, and everyone at the plant's on the same page as to what needs to be

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Campbell Soup Co. (CPB)

Corrected Transcript

Investor Day

10-Sep-2024

done. And I love this line, you heard it in the video, to win the hour, win the shift and win the day. That knowledge and sense of empowerment drives performance and is the true embodiment of Set the Standard mission.

Now, let's turn to innovation. So many food companies these last five years were required to shift much of their focus to supplying the base business and navigating inflation. This was true for us as well, but it did not slow down our efforts to improve our innovation processes, build consumer insights, and enhance our capabilities. We've begun to see the fruits of this labor. This past year, we moved from our more recent 2% of growth contribution to innovation to over 3%. Although good, this is still on the lower end of the industry standard of 3% to 4%, but we have a clear line of sight to best-in-class levels.

Looking to the future, with over $1 billion of innovation in our current pipeline, we continue to view innovation as a meaningful catalyst of growth across both divisions. In fact, we expect a 4% innovation target, appropriately set at the top end of the industry standard. More specifically, on Snacks, where innovation's more critical and competitive, we're targeting 4% to 5% of net sales, while we expect Meals & Beverages innovation to be at 3% of net sales, on the high end of the industry grocery standards of 2% to 3% as we continue to support the convenience of cooking, add flavored [ph] news (00:33:51), and integrate Rao's impressive innovation pipeline.

So get ready for new platforms and more news, just like we've shown with Kettle Air Fried (sic) [Kettle Brand Air Fried] (00:34:01), Goldfish CRISPS and Chunky Spicy; new to the world ideas like the intersection of popcorn and pretzels with Snack Factory Pop'Ums - yes, pretzels and popcorn, you'll taste it, you'll get it; and also adding to the success of limited time offers like OLD BAY Goldfish to more of our brands and adding incremental purchases and excitement across our categories.

Get ready to dial up flavor with coconut, white chocolate Milanos, to Carolina Reaper Chunky Soup for the brave at heart that will get to taste it today. We'll also be adding even more elevated experiences. Remember when we all thought no way a $9 jar of pasta sauce could be an everyday item? But it is, and it provides great value, especially when consumers compare it to ordering mediocre Italian dinners online for $30. And there's likely room for even more elevated experiences. How about Rao's white truffle sauce for dinner tonight for an even more premium experience? And this is only the beginning of accelerating our innovation engine.

One of the other areas that I'm most proud of is the progress we've made on returning focus to being the most impactful partner for our retailers. In a highly-competitive and complex world, strong retailer relationships not only help us be a better strategic partner, but also pave the way for faster growth and improved execution to meet consumer needs.

Over the past couple of years, we've enhanced our dedicated sales team for each of our divisions, ensuring the right skills and capabilities are applied to these different businesses. This important investment also provides our customers with dedicated support and fit-for-purpose resources to drive collaboration while allowing us to unite under one Campbell's voice for major opportunities or top-of-the-house dialogues.

We've also upped our game in shopper marketing, consumer insights and retail data, using analytics to fuel decision-making and investment. We're living in a period where the lines between sales, technology and marketing are completely blurred, requiring new skills and a far more dynamic and integrated approach. We must fully embrace this concept by providing new technology and empowering our teams to move in sync with consumers and retailers.

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Disclaimer

Campbell Soup Company published this content on 10 September 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on September 12, 2024 at 21:27:22 UTC.