Campbell's slashes 13% of salaried staff and shuts two snack plants

Campbell's revealed a restructuring effort that includes eliminating 13% of its salaried staff and shutting two snack manufacturing plants. The company, which employs roughly 13,700 full-time and part-time workers, aims to boost profitability after a period of disappointing performance. CEO Mick Beekhuizen said the company will not wait for market conditions to improve but will address reality head-on.

CFO Todd Cunfer explained that average price increases of 4%-5% have been applied to about 60% of the product range, with cost-saving benefits expected in the second quarter. The plan targets roughly $500 million in savings by fiscal 2030 and projects fiscal 2027 net sales to decline 2%-4%, with adjusted earnings per share of $1.65-$1.80, below analyst expectations. Recent quarterly results showed an 8% drop in net sales to $2.14 billion and flat adjusted earnings per share.