CAMDEN, NJ. — The Snacks unit of Campbell Soup Co. had trouble duplicating the 2020 fiscal year, which received a boost from at-home restrictions brought on by COVID-19. Company executives, however, pointed to market share gains in snack brands in the fiscal year ended Aug. 1.
In the Snacks unit, net sales of $3.94 billion were down 2% when compared to $4.05 billion in the previous fiscal year. Declines in Lance sandwich crackers and in partner brands within the Snyder’s-Lance portfolio offset gains in the salty snacks portfolio, including Late July snacks and Snack Factory Pretzel Crisps.
“Compared to the prior year, we grew share on many of our power brands, most notably, Cape Cod potato chips, Snack Factory Pretzel Crisps, Goldfish crackers and Late July snacks,” said Mark A. Clouse, president and chief executive officer of Campbell Soup Co., in a Sept. 1 earnings call. “Compared to pre-COVID levels, household penetration remains elevated, and repeat rates are higher on all power brands.”
Two-year results for the Goldfish brand included consumption growth of double-digit percentages, increased household penetration and higher repeat rates. The launch of limited-edition Goldfish Frank’s RedHot crackers contributed to the brand’s performance.
“We are excited to continue to introduce on-trend limited editions on Goldfish with the launch this week of Goldfish Jalapeño Popper and plans for additional innovation later this fiscal year,” Mr. Clouse said.
In the fourth quarter, net sales dipped 6% in Snacks to $1.02 billion from $1.09 billion in the previous year’s fourth quarter, but organic sales increased 1% and 7% when compared to the fourth quarter of 2019.
Companywide, fiscal-year net earnings attributable to Camden-based Campbell Soup Co. were $1 billion, or $3.31 per share on the common stock, which were down 38% from $1.63 billion, or $5.39 per share, in the previous fiscal year. Net sales of $8.48 billion were down 2% from $8.69 billion. The 2021 fiscal year included one additional week, which was estimated at 2% in net sales. Compared to fiscal 2019, net sales in fiscal 2021 increased 5%.