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Campbell Announces Soup Initiatives for Fiscal 2004

Press Releases

CAMDEN, N.J.–(BUSINESS WIRE)–May 19, 2003–Campbell Soup Company

    --  Company to Launch "Campbell's Kitchen Classics," New
        Ready-to-Serve Soups

    --  New In-Store Shelving System to Begin Rollout Following
        Successful Market Test

Campbell Soup Company (NYSE: CPB) today announced several new soup
initiatives and updates for fiscal year 2004, which begins in August.
These initiatives represent the next steps in the company’s
revitalization of its U.S. Soup business. They follow the announcement
in February of Campbell’s “M’m! M’m! Good! To Go” line of convenient
microwaveable soups, and the company’s new shelving program that
significantly improves the ease of shopping in the soup aisle.

Campbell Soup Company, which created the packaged soup category
for the food industry more than 100 years ago, is the world’s largest
soup maker. The company has approximately 85 percent household
penetration in the United States with its more than 200 soup products.

Since July 2001, the company has undertaken multiple initiatives
to improve the taste, quality, value, nutrition, convenience and
variety of its soups. The plans announced today are a continuation of
the company’s efforts to develop innovative ways to satisfy these
drivers of consumer soup behavior.

“It’s clear from our third quarter results that we’re gaining
momentum with our highest strategic priority – revitalizing our
market-leading U.S. Soup business,” said Larry McWilliams, Campbell’s
President of North America Soup. “Each of the initiatives announced
today is the result of extensive consumer research. We are more
closely connected to consumers than ever before and we are
significantly strengthening our partnerships with our retail
customers, which are helping us move the business forward.”

Ready-to-Serve Soups

As a category, ready-to-serve soups are growing at an annual rate
of approximately 5 percent in retail dollars. The following
initiatives were announced today as part of Campbell’s plan to further
leverage its leadership in this growing category:

    --  "Campbell's Kitchen Classics" - a new line of ready-to-serve

        Campbell's in-depth research shows that a large group of
        consumers desire high-quality ready-to-serve soup products
        that are priced between condensed and premium ready-to-serve
        soups. To bridge this gap in the company's portfolio and
        provide consumers with a broader set of choices in the
        ready-to-serve soup section, Campbell is launching "Kitchen
        Classics" at the suggested retail price of $1.59 with targeted
        promotional pricing below $1.00. By comparison, the suggested
        retail price for Campbell's leading ready-to-serve soups,
        "Chunky" and "Select," ranges from $2.29 to $2.49. In-store
        prices will vary depending upon the pricing and promotional
        practices of the retailer.

        "Kitchen Classics" is the next generation of "Campbell's
        Classics" ready-to-serve soups, which were introduced in May
        2000. Significantly improved by comparison, these soups will
        replace "Campbell's Classics" and will be available in 10
        varieties, including New England Clam Chowder and Lentil.
        "Kitchen Classics" will be offered in 19-ounce cans with
        easy-open lids.

        The new line of soups takes advantage of Campbell's
        proprietary cold blend process. Cold blend enhances flavor,
        results in richer colors and improves soup texture with
        crunchier vegetables and with more vegetables and meat in each

    --  "M'm! M'm! Good! To Go" Shows Strong Retailer Acceptance

        According to National Eating Trends service, which
        continuously tracks the eating habits of Americans, one out of
        four meals is eaten on the go or skipped, and 44 percent of
        working women carry lunch to work or school. With simple
        microwave preparation and unique packaging, Campbell's new
        "M'm! M'm! Good! To Go" line of single-serve microwaveable
        soups, announced in February, addresses the needs of these
        busy consumers.

        The "M'm! M'm! Good! To Go" line is showing strong acceptance
        among retailers. It builds on the initial success of "Soup at
        Hand," the sippable, single-serve soup Campbell introduced
        last fall, and the powerful brand equities of the company's
        largest-selling ready-to-serve soups, "Chunky" and "Select."

        As part of the new "M'm! M'm! Good! To Go" line, Campbell will
        add seven new varieties to the "Soup at Hand" line-up,
        including three flavors targeted at the "tween" market.
        Campbell will also introduce six favorite varieties of
        "Chunky" and four varieties of "Select", in new single-serve,
        microwaveable bowls.

    Condensed Soups

The company also announced the following initiatives to
significantly improve the convenience of its condensed soups:

    --  Condensed moves to easy-open lids as quality upgrades

        Each year Campbell produces approximately 1.6 billion cans of
        condensed soup. By the end of the summer, for the first time
        ever, the company will have easy-open lids on its entire
        condensed line. Campbell's ready-to-serve soups, including
        "Chunky" and "Select," already have this convenient feature,
        which has contributed to the success of Campbell's
        ready-to-serve franchise.

        As part of its overall investment in product quality, Campbell
        continues to upgrade many varieties of its condensed and
        ready-to-serve soups with the cold blend manufacturing
        process. In the fall of 2002, all of Campbell's condensed
        vegetable varieties were upgraded with cold blend technology,
        which helped to increase shipments of condensed soup in the
        third quarter of fiscal 2003. During fiscal year 2004, 14
        condensed chicken varieties will be improved with the cold
        blend processes, including Campbell's nine Fun Favorites
        soups, such as "Goldfish Pasta" and "Double Noodle," as well
        as four Family Favorites chicken with rice varieties.

    --  Shelving program gains momentum.

        Campbell's research has shown that the soup section in the
        grocery store is a difficult aisle for consumers to shop. "IQ
        Shelf Maximizer," Campbell's new gravity fed shelving system,
        effectively organizes condensed soup varieties for easy
        stocking and shopping. Campbell tested a similar system in
        Mexico last year. This year, the company conducted a more
        extensive test in the U.S., which showed a significant sales
        lift in condensed soups in stores where the system is
        implemented. Several large retail grocery chains already have
        approved it for use in their stores. The company unveiled the
        new shelving system at a meeting of investors in Scottsdale,
        Arizona in February.

    Forward-Looking Statements

This release contains “forward-looking statements” which reflect
the company’s current expectations about its future plans and
performance, including statements concerning the impact of marketing
investments and strategies, new product introductions, and quality
improvements on sales and earnings. These forward-looking statements
rely on a number of assumptions and estimates which could be
inaccurate and which are subject to risks and uncertainties. Actual
results could vary materially from those anticipated or expressed in
any forward-looking statement made by the company. Please refer to the
company’s most recent Form 10-K and subsequent filings for a further
discussion of these risks and uncertainties. The company disclaims any
obligation or intent to update the forward-looking statements in order
to reflect events or circumstances after the date of this release.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality soup, sauces, beverage, biscuits, confectionery and
prepared food products. The company owns a portfolio of more than 20
market-leading businesses each with more than $100 million in sales.
They include “Campbell’s” soups worldwide, “Erasco” soups in Germany
and “Liebig” soups in France, “Pepperidge Farm” cookies and crackers,
“V8” vegetable juices, “V8 Splash” juice beverages, “Pace” Mexican
sauces, “Prego” pasta sauces, “Franco-American” canned pastas and
gravies, “Swanson” broths, “Homepride” sauces in the United Kingdom,
“Arnott’s” biscuits in Australia and “Godiva” chocolates around the
world. The company also owns dry soup and sauce businesses in Europe
under the “Batchelors,” “Oxo,” “Lesieur,” “Royco,” “Liebig,” “Heisse
Tasse,” “Bla Band” and “McDonnells” brands. The company is ably
supported by approximately 25,000 employees worldwide. For more
information on the company, visit Campbell’s website on the Internet

    CONTACT: Campbell Soup Company
             Michelle M. Davidson (Media), 856/968-4390
             Leonard F. Griehs (Analysts), 856/342-6428

    SOURCE: Campbell Soup Company 
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