Company Plans to Extend Lower Sodium to Its Convenience Platform
CAMDEN, N.J.–(BUSINESS WIRE)–Feb. 21, 2007–Building upon the early success of its lower sodium soups, Campbell Soup Company (NYSE:CPB) today announced plans to launch 14 lower sodium varieties among more than 40 new or reformulated soups for the 2007 – 2008 soup season.
Douglas R. Conant, Campbell’s President and Chief Executive Officer, said, “We have a sizable journey ahead of us, but we are undoubtedly off to a strong start. While we are in the initial phase of our lower sodium program, Campbell’s efforts are resonating with consumers, who are extremely enthusiastic about our lower sodium products.”
According to a recent nationwide survey conducted by the Attitude Measurement Corporation among buyers of “Campbell’s” new reduced sodium soups featuring natural sea salt:
-- 77 percent rated "Campbell's" lower sodium soups as excellent or very good. -- 65 percent of consumers surveyed indicated that the lower sodium soup offering brought them back to purchasing "Campbell's" soup. -- 66 percent indicated that they will purchase "Campbell's" lower sodium soups more often.
During the 2006 – 2007 soup season, Campbell launched 32 new or reformulated varieties of reduced sodium soups in the U.S., including 3 red and white condensed soups, 10 varieties of “Campbell’s Healthy Request” condensed soups, 4 “Campbell’s Chunky Healthy Request” soups, and 3 “Campbell’s Select Healthy Request” varieties. Additionally, the company reformulated all 12 of its kids’ favorites varieties with 25 percent less sodium.
“Wellness trends have started to place Campbell and, in particular, our U.S. soup business onto a new growth trajectory,” Conant said. “Though still early, the performance of our lower sodium products is very strong with our whole program ahead of our expectations at this point.”
For the upcoming 2007 – 2008 soup season, Campbell plans to build on the initial success of its lower sodium products and launch 14 lower sodium varieties including:
-- Introducing lower sodium versions in the "Campbell's" convenience platform, which includes soups in microwaveable bowls and cups, with the addition of 2 varieties of "Campbell's Soup-at-Hand" line with 25 percent less sodium, as well as 4 lower sodium microwaveable bowls (2 varieties of "Campbell's Chunky Healthy Request" microwaveable bowls; 2 "Campbell's Select Healthy Request" microwaveable bowls). -- Offering 3 more ready-to-serve "Campbell's Healthy Request" soups, bringing the total number of such soups to 24, including those sold in microwaveable bowls. -- Replacing 3 of the most popular "Campbell's" condensed cooking soups with products at sodium levels 25 percent below current levels. -- Upgrading the health profile of "SpaghettiOs" pasta by reformulating 2 pasta products with 25 percent lower sodium versions. Additionally, the company's plans include: -- Reformulating 6 "Campbell's Chunky" and "Campbell's Select Healthy Request" varieties to deliver even better taste at the 480 milligram sodium. -- Converting to whole grain pastas in 4 varieties of the "Campbell's" condensed kids' favorites soups.
During a presentation to the financial community today, Conant emphasized that Campbell is in the initial phase of a three-phase program to progressively reduce sodium levels in its soups while maintaining great taste. The products to be launched in 2007 – 2008 fall within phase one of this long-term program.
Conant said, “Wellness is central to Campbell’s mission of building the world’s most extraordinary food company by nourishing people’s lives everywhere, every day. Campbell is uniquely positioned to continue to improve the wellness profile of our soups in a competitively advantaged way.”
Campbell has the ability to combine advanced product design, blending techniques, and innovative flavor technologies using lower sodium natural sea salt, which does not contain the unpleasant taste often associated with traditional blended low sodium salts. Importantly, Conant emphasized that Campbell has access to the only commercially available source of this lower sodium natural sea salt.
Conant discussed these and other strategic initiatives today at the Consumer Analyst Group of New York annual conference in Scottsdale, Arizona. A replay of the presentation can be viewed at campbellsoupcompany.com under the “Shareholder Event / Webcast Information” banner.
Forward-Looking Statements
This release contains “forward-looking statements” that reflect the company’s current expectations about its future performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and which are subject to risks and uncertainties. These include statements about future plans, strategies, opportunities, and objectives of management; statements concerning expected development, market performance or consumption trends of new or reformulated products; statements concerning projections of sales, earnings or volume growth; and statements regarding assumptions underlying any of the foregoing, as well as other factors described in the company’s most recent 10-K, as updated from time to time by the company in its subsequent filings with the Securities and Exchange Commission. Actual results could vary materially from those anticipated or expressed in any forward-looking statements made by the company.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of high quality simple meals, including soups, baked snacks, vegetable-based beverages, and premium chocolate products. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s,” “V8,” and “Godiva.” For more information on the company, visit Campbell’s website at www.campbellsoupcompany.com.
CONTACT: Campbell Soup Company Juli Mandel Sloves (Media) 856-342-3717 or Anthony Sanzio (Media) 856-968-4390 or Leonard F. Griehs (Analysts) 856-342-6428 SOURCE: Campbell Soup Company
