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Cambell Soup

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Campbell Soup Company

REFERENCE CODE: 1E215749-9BC6-410C-90DC-D4B7011D92AB PUBLICATION DATE: 10 Jun 2014

Campbell Soup Company

Company Overview..............................................................................................3 Key Facts...............................................................................................................3 SWOT Analysis.....................................................................................................4

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Campbell Soup Company
Company Overview

Campbell Soup Company (Campbell or 'the company') manufactures and markets foods and simple meals, including soups and sauces, baked snacks, and healthy beverages. The company operates in North America, Europe, Asia Pacific and Latin America. It is headquartered in Camden, New Jersey and employed about 20,000 people as of July 28, 2013. The company recorded revenues of $8,052 million in the financial year ended July 2013 (FY2013), an increase of 12.2% over FY2012. The operating profit of the company was $1,080 million in FY2013, a decrease of 6.5% compared to FY2012. The net profit was $458 million in FY2013, a decrease of 40.8% compared to FY2012.

Head Office Campbell Soup Company 1 Campbell Place Camden New Jersey 08103 1799 USA 1 856 342 4800 1 856 342 3878

Phone Fax Web Address

Revenue / turnover 8,052.0 (USD Mn) Financial Year End Employees New York Ticker July 20,000 CPB

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Campbell Soup Company
SWOT Analysis

Campbell manufactures and markets foods and simple meals, including soups and sauces, baked snacks, and healthy beverages.The company has a market share of 60% in the US wet soup market. Strong market position enhances the investor confidence in the company and provides economies of scale in procurement and production. However, increase in the level and complexity of regulations could increase the company's costs affecting its profitability. Strengths Strong position in the North American market Portfolio of well recognized trademarks Strong R&D capabilities Opportunities Growing demand for 'health and wellness' products and services Strengthening international presence Growth in the US foodservice industry Weaknesses Overdependence on Wal-Mart, the single largest customer

Threats Stringent regulations Intense competition Rising labor wages in the US


Strong position in the North American market Campbell has built a strong market position in North America. Campbell North America's portfolio includes well-known retail and food service brands such as Campbell's, Pace, Prego, Swanson, V8 and Pepperidge Farm. Each of these brands commands number one or number two position in its category or segment. The US, Campbell's largest geographical market, accounted for 76.9% of the total revenues in FY2013. In total, Campbell sells almost two billion cans of soup every year in the US, accounting for more than 60% of the US wet soup market. According to industry sources, Americans purchase more than 70 cans of Campbell's soups every second. Strong market position enhances the investor confidence in the company and provides economies of scale in procurement and production. Portfolio of well recognized trademarks The company owns more than 4,400 trademark registrations and applications in over 170 countries. These trademarks form a huge asset bank for the company as their registration can be renewed indefinitely as long as the trademarks are in use. Some of its principal trademarks include Campbell's,

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Campbell Soup Company
SWOT Analysis

Pepperidge Farm, Goldfish, V8, Pace, Prego, Swanson, Arnott's, Bolthouse Farms, Plum, Kjeldsens and Royal Dansk. The company's portfolio of well recognized trademarks not only ensures customer retention but also enables the company to launch new products or refined variants of existing products under its popular trademarks. Thus, large number of trademarks gives an edge to Campbell, and if used effectively, will help sustain the company's competitive advantage. Strong R&D capabilities Campbell diverts significant resources towards its R&D activities. It spent $128 million on R&D in FY2013. The company's R&D activities helped it to launch several new products as well as refined versions of existing products in recent times. The company is continually coming up with new or improved products for its consumers. For instance, Prego expanded its Italian sauce offerings with new Alfredo varieties which include Prego Homestyle Alfredo, Prego Flavored With Savory Bacon and Prego Flavored With Savory Bacon in May 2013. For the first time in 20 years, in July 2013, the company introduced a new flavor in its SpaghettiOs line-up, CheeseburgerOs. Further in the same month, the company planned to launch more than 200 new products in FY2014. Previously, in 2012, Campbell expanded its line of V8 100% vegetable juices with the addition of two new varieties: V8 100% vegetable juice Hint of Lime and V8 100% vegetable juice Hint of Black Pepper. Further, in 2012, Campbell introduced V8 V-Fusion juice drink boxes, in three new flavors (apple, berry and fruit punch). Each V8 V-Fusion juice drink box provides a combined serving of vegetables and fruit, and is sweetened with no added sugar. Through its new innovation process, the company will develop products based on consumer insights. Strong R&D capabilities will enable the company to launch new products in line with evolving consumer preferences, which, in turn, helps it to enhance its customer base and increase its market share.


Overdependence on Wal-Mart, the single largest customer Campbell is heavily dependent on Wal-Mart Stores (Wal-Mart) for its revenue generation. In FY2013, sales to Wal-Mart represented approximately 19% of its total net revenue. For retailers like Wal-Mart, private-label sales generate a higher profit margin than national brands from suppliers. Also, in the recent times, the demand for private labels has increased. This intensifies pressure on Campbell to hold down prices and to develop competitive new products because of its reliance on sales through Wal-Mart's stores. High dependence upon a single customer reduces the bargaining power of the company. Any decrease in revenue from this customer could have an adverse effect on the company's revenues and profits.


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Campbell Soup Company
SWOT Analysis

Growing demand for 'health and wellness' products and services Consumers across the US are showing increased preference for fat-free and healthy food products. The improving US economy will boost the growth of health and wellness products as higher disposable incomes allow for greater spending on health and wellness categories. Food items containing trans-fat are losing market share to low calorie, low fat products as trans-fat is linked to cardiovascular diseases. Keeping this in mind, Campbell is tapping into people's growing health and wellness concerns by improving the nutritional profile of its snacks portfolio. The company has taken initiatives with regards to this in recent times. Campbell offers numerous products prepared with less fat, saturated fat, sodium and sugar. In the US alone, it offers more than 430 products that are low in fat, saturated fat and cholesterol, more than 300 products with less than 100 calories per serving and more than 150 products that provide at least a half-cup serving of vegetables and/or fruits. With a strong investment in R&D and a focus on low-fat products, the company is in a strong position to capitalize on the rising demand for healthy food. Strengthening international presence Campbell plans to expand its presence in international markets by extending the product platforms of many of its current businesses and by pursuing business development opportunities in developing markets. In 2014, the company planned to leverage new strategic alliances in Mexico with Grupo Jumex and Conservas La Costena to drive profitable growth in beverages, soups and simple meals through access to expanded manufacturing and distribution capabilities. In Indonesia, it plans to continue to drive growth in biscuits through increased penetration in the general trade. In Malaysia, Campbell is focused on improving in-store execution behind its Prego and Kimball sauce brands. The company further strengthened its presence in China with the acquisition of Kelsen during the first quarter of 2014. This acquisition provides the company with opportunity for growth in the large baked snacks category in China. Strengthening international presence not only enables the company to reach a wider customer base but also mitigates the dependency risk on its domestic market, the US. Growth in the US foodservice industry The company, through its North America foodservice segment, distributes products such as soup, specialty entrees, beverage products, other prepared foods and Pepperidge Farm products through various food service channels in the US and Canada. According to industry sources, the total foodservice industry sales are estimated to surpass $680 billion in 2014, registering an increase of 3.6% over 2013. This growth is attributed to stronger economic growth in the US and the increase in demand from consumers during the year. A similar trend is noticed in Canada, driven by rising disposable income of consumers. According to industry estimates, the restaurant sales in Canada are expected to grow by 4.5% in 2014, to exceed $57 billion. The improved outlook for the foodservice sector would lead to increase in revenues from this channel for the company.


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Campbell Soup Company
SWOT Analysis

Stringent regulations The manufacturing food products industry is highly regulated. As a manufacturer and distributor of food products, Campbell is subject to a number of food-related regulations, and the regulations promulgated by the US Food and Drug Administration (FDA). This comprehensive regulatory framework governs the manufacturing (including composition and ingredients), labeling, packaging and safety of food in the US. The FDA regulations specify the standards of quality for certain foods, including many of the products the company sells, and prescribes the format and content of certain information required to appear on food product labels. Campbell's operations are subject to a broad range of environmental, health and safety laws and regulations stipulated by foreign, federal, state and local agencies, including laws and regulations governing the use and disposal of pesticides and other chemicals. In addition, the FDA enforces the Public Health Service Act and regulations, which authorize regulatory activity necessary to prevent the introduction, transmission or spread of communicable diseases. These regulations require, for example, pasteurization of milk and milk products. Any change in these regulations may impact the company's compliance cost structure. During FY2013, the company incurred $336 million in capital expenditures. Of this amount, nearly $15 million was for compliance with environmental laws and regulations in the US. Also, the company estimates that about $14 million of the capital expenditures anticipated during FY2014 will be for compliance with US environmental laws and regulations. Thus, increase in the level and complexity of regulations could increase the company's costs affecting its profitability. Intense competition The food industry is highly competitive. Campbell faces fierce competition in all its segments from large national and international companies and numerous local and regional companies. These include producers of generic and private label products, as well as other branded food and beverage manufacturers. A number of the company's key competitors have substantial financial, marketing and other resources. The company faces stiff competition from ConAgra and Heinz in its key markets. The company also faces competition from other major players such as Mondelez International and General Mills. If the company is not able to maintain the product quality and consumer loyalty, intense competition could reduce the sales volume of the company, thereby affecting its market position. Rising labor wages in the US Tight labor markets, increased overtime, government mandated increases in minimum wages and a higher proportion of full-time employees are resulting in an increase in labor costs for employers. The federal minimum wage rate in the US, which remained at $5.15 per hour since 1998, increased to $5.85 per hour in 2008. It further increased to $6.55 per hour in 2009 and to $7.25 per hour in 2010. Moreover, many states and municipalities in the country have minimum wage rate even higher than $7.25 per hour due to higher cost of living. The minimum wage rate has increased in the states of Arizona (from $7.8 in 2013 to $7.9 in 2014), Colorado (from $7.78 in 2013 to $8 in 2014), Missouri ($7.35 in 2013 to $7.5 in 2014), Ohio (from $7.85 in 2013 to $7.95 in 2014), Florida (from $7.79 in 2013 to $7.93 in 2014), Oregon (from $8.95 in 2013 to $9.1 in 2014), Rhode Island (from $7.75 in 2013 to $8 in 2014) and Washington (from $9.19 in 2013 to $9.32 in 2014) in the recent past. The

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Campbell Soup Company
SWOT Analysis

company's cost structure will be negatively impacted by the rising labor wages. Increased labor costs would increase the overall costs and affect Campbell's margins.

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 ii. Weaknesses……………………………………………………………………….10
 iii. Opportunities…………………………………………………………………….11
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