On this page of StockholderLetter.com we present the latest annual shareholder letter from CAMPBELL SOUP CO — ticker symbol CPB. Reading current and past CPB letters to shareholders can bring important insights into the investment thesis.

 •  10/9/2024 Letter Continued (Full PDF)
 •  10/17/2023 CPB Stockholder Letter
 •  More "Food & Beverage" Category Stockholder Letters
 •  CPB Benford's Law Stock Score = 84

CPB Shareholder/Stockholder Letter Transcript:

Set the Standard
A N N U A L
R E P O R T

develop new capabilities, including
ones designed to create the next
generation of industry leaders.
We also continued to reshape our
portfolio toward category-leading,
growth-oriented brands. The single
biggest driver was the acquisition of
Sovos Brands, Inc., which added one of
the fastest growing brands in all of food:
Rao   s! This acquisition is a milestone
in Campbell   s 155-year history as it
accelerates our successful strategy and
provides a substantial runway for sustained
profitable growth.
CHAIR   S
MESSAGE
Just after the end of our fiscal year, we
transferred our stock exchange listing
to Nasdaq   another key moment in
Campbell   s history. While we are grateful
for the partnership with the New York Stock
Exchange over many decades, we are excited
about joining some of the most successful and
innovative companies in the world on Nasdaq.
Campbell   s transformation over the last five
years has been remarkable. The company is wellpositioned to drive sustainable, profitable growth
with our portfolio of leadership brands in Meals
& Beverages and Snacks. That is why it is the
right time to elevate our performance with a new
strategy, mission and name. As part of our evolution
and transformed portfolio, at our annual meeting in
November, we are asking shareholders to approve a
change of our name to The Campbell   s Company.
In closing, on behalf of the Board of Directors, I would
like to thank the entire Campbell   s team for their hard
work and commitment to winning the right way. Our
President and Chief Executive Officer Mark Clouse
and our management team have consistently led with
focus, accountability and integrity. Thank you to our
customers and suppliers as well.
Fiscal 2024 proved to be notable for our company,
with solid results and significant strides toward
our strategic objectives despite a dynamic
macroeconomic landscape.
Our success starts with our management team and
all the talented employees who make, market and
sell delicious food that offers tremendous value
to our consumers. We have built an engaged and
aligned culture that is passionate about winning and
consistently delivers financial results. We continued
to invest in our people, culture and business, with
a major renovation of our Camden headquarters,
capital investments in our plants and programs to
Finally, I would like to extend our gratitude to our
shareholders. We have a long and rich history that dates
to 1869. More than ever, I am confident that our best
days are ahead of us as The Campbell   s Company sets the
standard for performance in the food industry.
Sincerely,
Keith R. McLoughlin
Chair of the Board

2

SET THE
STANDARD
Dear shareholders,
For the last five years, we have been on a transformative journey to redefine
our company. Our focused strategy has positioned us well and helped to
solidify a foundation that has delivered consistent and dependable results.
With this success, we are now ready to enter a new chapter.
Our company was built by entrepreneurs and disruptors who were not
satisfied with the status quo.
Dr. John T. Dorrance invented Campbell   s
condensed soup to bring quality, value and safety to
the masses.
Margaret Rudkin elevated the quality of baked
goods with Pepperidge Farm.
Frank Pellegrino, Sr. changed how we think about
jarred pasta sauce with Rao   s.
These visionaries and others built the foundation of what our company is
today. We will proudly continue that tradition as we Set the Standard for
performance in the food industry.
With our history as inspiration and confidence from a track record
of strong execution, we will elevate our performance by building
on our portfolio of leadership brands, our strong team and culture
with the goal to be the best, most dependable and most capable
company in food.

Fiscal 2024 Results
Fiscal 2024 was a dynamic year where we advanced our
strategic plan and continued to deliver our commitments
while successfully navigating the evolving consumer
landscape.
With positive trajectory in food continuing to improve, we
saw important sequential volume/mix improvements in both
divisions in the back half of the year. We expect this trend to
continue as we navigate the ongoing consumer recovery.
Our results reflect the hard work of our team, and their
commitment to finding ways to consistently deliver. It   s also
a tribute to the resilience of our supply chain, which is now a
competitive advantage for our company.
$9.6 Billion
Net
sales
(1)% Organic net sales1
$1.2 B
+6%
$3.08
+3%
Adjusted
EBIT1
Cash
flow
Adjusted
EPS1
1
Meals & Beverages
8 Leadership Brands Representing
85%
of Total M&B Sales
Soup and broth continue to play essential roles for
consumers providing versatility for lunch, dinner and
in-between meals. Our soup brands provide a quick and
delicious ready-to-serve meal or act as a key ingredient in
a recipe. With robust innovation, great tasting food and
compelling marketing, we are poised to create the next
generation of soup and broth fanatics.
In sauces, we have overdelivered on our goal to build a
$1 billion portfolio, and we are not done yet. With the
steady growth of Prego, Pace, the launch of Late July salsa
and most significantly, the addition of the best growth story
in food, Rao   s, there is so much more potential.
Our Meals & Beverages portfolio is better positioned now
to meet consumers    needs. Consumers continue to focus on
quality, convenience and value, reinforcing the importance
of the center of the store. Meals prepared and eaten at
home continue to increase, up three points over the past
three years to 83%2.
In fiscal 2024, we completed a game-changing acquisition
of Sovos Brands, Inc., which elevates and strengthens
our advantaged portfolio. The integration is ahead of our
expectations, and with its continued strong performance,
we expect it to have a transformative impact on growth for
the division.
Our Meals & Beverages division operates in attractive
categories that are large, growing and highly relevant with
eight leadership brands that hold leading share positions in
their respective categories.
Rao   s has redefined Italian sauce and has clear potential
for growth in other categories. Since 2019 the brand has
grown revenue dollars 400%3, increased distribution over
100%4 and nearly tripled5 household penetration. Even with
its monumental success, the brand has significant room to
grow.
As we enter our next chapter, we expect to deliver margin
expansion through a combination of acquisition synergies
and our previously announced network optimization plans,
with the Meals & Beverages division providing dependable
and profitable growth over the long term.
   These amounts are adjusted for certain items not considered to be part of the
ongoing businesses. For a reconciliation of non-GAAP financial measures, see pages
7 and 8. Percent changes are versus prior year
   Circana National Eating Trends, sourced from home/retail, 3 months ending July
2024 vs. 3 years ago (up 3% pts vs 3 years ago)
3
Total Rao   s Brand (inclusive of Sauce, Frozen, Dry Pasta and RTS Soup) Calendar
Year 2019     2023
4
Circana Total Rao   s Brand (inclusive of Sauce, Frozen, Dry Pasta and RTS Soup),
MULO Calendar Year 2019     2023, growth comparisons benchmark Calendar Year
2019 week ending 1/5/20
5
Circana Total Rao   s Brand (inclusive of Sauce, Frozen, Dry Pasta and RTS Soup),
MULO, 52 weeks ending 12/31/2023 vs. 52 weeks ending 01/05/20
4



 10/9/2024 Letter Continued (Full PDF)