Latest news with #Campbell's
The Hill
16 hours ago
- Business
- The Hill
Americans haven't cooked this much at home since 2020: Campbell's CEO
(NewsNation) — More Americans are cooking at home and turning to ingredients that stretch their food budgets, a potential warning sign for the U.S. economy. American soup and snack maker Campbell's recently saw the highest level of meals cooked at home since early 2020, CEO Mick Beekhuizen said on an earnings call this week. 'We started to see consumer sentiment softening in January,' Beekhuizen said. 'This continued throughout Q3, with consumers making more deliberate choices with their spending on food.' And it's not just where they're eating, it's what they're eating, too. Shoppers are being more intentional with their snack spending and gravitating toward grocery items like condensed cooking soups, broths and Italian sauces, ingredients that help 'stretch tight food budgets,' Beekhuizen said. Campbell's noted sales of its broths rose 15 percent during the quarter while snack sales, including Goldfish crackers and Cape Cod potato chips, declined over the same period. Other iconic American brands are also seeing changes in consumer habits, suggesting households are growing more cautious with their spending. The snacking slowdown has hit PepsiCo and General Mills, and Procter & Gamble has noticed consumers cutting back on laundry to conserve detergent. Meanwhile, McDonald's recently experienced its worst U.S. sales decline in five years, with traffic falling particularly among low and middle-income diners. All of this comes amid heightened economic uncertainty, with President Trump's tariff policy unsettling both Wall Street and Main Street. The lingering sense of unease recently sent consumer sentiment plunging to its lowest level in three years, nearing a record low. Recession odds are also up since the start of the year. Americans have been particularly concerned about the potential resurgence of rampant inflation, as retail giants like Walmart warn that tariffs will drive prices higher for a range of goods, from bananas to car seats. So far, economists' worst fears haven't come to pass, though the full effect of the president's trade war may still be months away. It's possible the shift toward at-home dining could prove benign, driven more by the rising cost of eating out rather than drastic belt-tightening. Grocery prices were up 2 percent in April compared to the year prior, according to the latest Consumer Price Index. Meanwhile, the cost of eating out increased by 3.9 percent over the same period, outpacing overall inflation. Still, prominent household brands are likely to be the first to spot trouble brewing, given that consumer spending makes up about two-thirds of the U.S. economy. Another trend that shows Americans are feeling: Sales are up at bargain stores like Dollar General, with even higher-income shoppers stopping by.
Yahoo
a day ago
- Business
- Yahoo
Americans haven't cooked this much at home since 2020: Campbell's CEO
(NewsNation) — More Americans are cooking at home and turning to ingredients that stretch their food budgets, a potential warning sign for the U.S. economy. American soup and snack maker Campbell's recently saw the highest level of meals cooked at home since early 2020, CEO Mick Beekhuizen said on an earnings call this week. 'We started to see consumer sentiment softening in January,' Beekhuizen said. 'This continued throughout Q3, with consumers making more deliberate choices with their spending on food.' And it's not just where they're eating; it's what they're eating. Major brands flag consumer anxiety: McDonald's, Chipotle, P&G Shoppers are being more intentional with their snack spending and gravitating toward grocery items like condensed cooking soups, broths and Italian sauces, ingredients that help 'stretch tight food budgets,' Beekhuizen said. Campbell's noted sales of its broths rose 15% during the quarter while snack sales, including Goldfish crackers and Cape Cod potato chips, declined over the same period. Other iconic American brands are also seeing changes in consumer habits, suggesting households are growing more cautious with their spending. Dollar General posts record sales as bargain stores attract more people anxious about the economy The snacking slowdown has hit PepsiCo and General Mills, and Procter & Gamble has noticed consumers cutting back on laundry to conserve detergent. Meanwhile, McDonald's recently experienced its worst U.S. sales decline in five years, with traffic falling particularly among low and middle-income diners. All of this comes amid heightened economic uncertainty, with President Trump's tariff policy unsettling both Wall Street and Main Street. The lingering sense of unease recently sent consumer sentiment plunging to its lowest level in three years, nearing a record low. Recession odds are also up since the start of the year. Americans have been particularly concerned about the potential resurgence of rampant inflation, as retail giants like Walmart warn that tariffs will drive prices higher for a range of goods, from bananas to car seats. So far, economists' worst fears haven't come to pass, though the full effect of the president's trade war may still be months away. It's possible the shift toward at-home dining could prove benign, driven more by the rising cost of eating out rather than drastic belt-tightening. Grocery prices were up 2% in April compared to the year prior, according to the latest Consumer Price Index. Meanwhile, the cost of eating out increased by 3.9% over the same period, outpacing overall inflation. Still, prominent household brands are likely to be the first to spot trouble brewing, given that consumer spending makes up about two-thirds of the U.S. economy. Another trend that shows Americans are feeling: Sales are up at bargain stores like Dollar General, with even higher-income shoppers stopping by. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Wire
2 days ago
- Business
- Business Wire
Newsweek Names The Campbell's Company One of America's Greatest Workplaces
BUSINESS WIRE)-- The Campbell's Company (NASDAQ:CPB ) today announced that Newsweek has named the company one of America's Greatest Workplaces 2025. 'Our recipe for success is talented people, amazing brands and fantastic food,' said Mick Beekhuizen, Campbell's President and Chief Executive Officer. 'We are committed to delivering for our people and creating a highly engaged culture to attract, grow and retain the best team in food.' America's Greatest Workplaces were identified by Newsweek and Plant-A Insights Group through a comprehensive assessment involving employee interviews, company reviews, publicly accessible data and an analysis of over 120 key performance indicators. Campbell's recently completed a $50 million investment in its Camden, NJ headquarters campus to provide more ways for employees to connect and collaborate. The project included: Creating distinct neighborhoods for divisions and functions that highlight the company's portfolio New modern workstations, meeting/multi-purpose rooms and communal spaces equipped with the latest technology A new campus center that features a coffee bar, game room and an interactive archive display on the company's history The newly renovated space is complimented with best-in-class amenities, such as on-site day care, a café, complimentary health and fitness center and a variety of other services. The company also upgraded and modernized workspaces across its regional offices and manufacturing sites. 'Our strategy starts with building the Top Team. It's our No. 1 priority as an organization because our people fuel our performance,' said Diane Johnson May, Campbell's Chief People and Culture Officer. 'This recognition supports the progress we have made in creating a workplace where employees are supported to build a rewarding career with opportunities to grow, lead, innovate, and reach their full potential.' The company has made significant investments in leadership development to establish Campbell's as a top destination to build a career and learn how to become a great leader. This includes structured leadership development programs for all levels of the organization and self-paced resources. Campbell's has long been recognized as a top workplace and destination for leadership development. Earlier this year, the company was recognized as one of TIME's Best Companies for Future Leaders and one of Newsweek's Greatest Workplaces for Gen Z. About The Campbell's Company For more than 155 years, The Campbell's Company (NASDAQ:CPB) (Campbell's) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted us to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2024 net sales of $9.6 billion across two divisions: Meals & Beverages and Snacks. Its portfolio of 16 leadership brands includes Campbell's, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao's, Snack Factory Pretzel Crisps, Snyder's of Hanover, Swanson and V8. For more information, visit
Yahoo
2 days ago
- Business
- Yahoo
New ICE deportation operation and possible dwarf planet discovery: Morning Rundown
A sweeping new ICE operation shows how Donald Trump's focus on immigration is reshaping federal law enforcement. Higher steel tariffs kick in. A potential new dwarf planet is identified. And food maker Campbell's says more people are reaching for pantry staples over snacks. Here's what to know today. The Trump administration's largest immigration crackdown yet is underway, but the reallocation of personnel from other federal law enforcement agencies in order to carry out 'Operation At Large' is causing tension among some officials who feel they've been taken off core national security missions. The new ICE-led initiative is a response to frustration from White House chief of staff Stephen Miller over what he saw as numbers of arrests and deportations of unauthorized immigrants that were too low. Miller is so frustrated, two sources said, that he has berated and threatened to fire senior ICE officials if they did not begin detaining 3,000 migrants a day. He also threatened to fire leaders of field offices posting the bottom 10% of arrest numbers monthly. This is Morning Rundown, a weekday newsletter to start your day. Sign up here to get it in your inbox. According to the operation plan, the initiative calls on help from thousands of personnel, including: → 3,000 ICE agents, including 1,800 from Homeland Security Investigations, which generally investigates transnational crimes; → 2,000 Justice Department employees from the FBI, U.S. Marshals Service and the DEA; → 500 employees from Customs and Border Protection; and → 250 IRS agents, some of whom may be used to provide tax information on the whereabouts of immigrants using tax information, and others who would have the authority to make arrests. The operation is the latest example of how President Donald Trump's push for mass deportations is reshaping federal law enforcement, leaving less time and attention for other types of criminal investigations. Now, FBI agents are joining in on immigration-related law enforcement operations, which at one time would have been unusual. DOJ teams focused on other issues are being disbanded so members can dedicate their time to immigration and other administration priorities. Federal courts are regularly seeing misdemeanor cases for border crossings, a rarity in recent years. And federal cases without immigration components have stalled or are moving more slowly. 'There is such a priority on making immigration arrests that it takes longer to get answers on anything else,' a law enforcement official said. 'Something that used to be resolved in a matter of days now takes weeks.' Read the full story here. Trump's executive order raising steel tariffs from 25% to 50% is now in effect, giving one of the country's most storied industries a massive boost at the potential cost of a broader economic slowdown. Elon Musk called the GOP bill for Trump's agenda a 'disgusting abomination' for the legislation's proposal to add more than $2 trillion to the budget deficit. The White House wants congressional leaders to codify $9.4 billion budget cuts, mostly to foreign aid but also to cuts proposed by DOGE and to NPR and PBS. The Navy said it will rename the USNS Harvey Milk, the vessel named for the LGBTQ rights pioneer. House Minority Leader Hakeem Jeffries is pushing a 'more is more' approach when it comes to Democrats' response to the Trump administration, but some argue it's not a winning strategy. On a Saturday in mid-March in the tiny West Texas city of Seminole, Dr. Ben Edwards put on his scrubs and drove to a sheet metal building to treat children with measles. Red spots mottled his face; Edwards was sick with measles, too. An outbreak of the disease was swelling in Gaines County, a rural community with one of the lowest childhood vaccination rates in the country. For two weeks, lines of families had snaked around the building's parking lot, almost all belonging to the area's Mennonite community. Edwards handed out cod liver oil and prescribed steroid inhalers. And down the road at Seminole's only hospital, a waiting room made for measles patients often sat empty, and there was little demand for vaccines — the only proven way of preventing the disease. So two responses were in motion to deal with an extremely contagious disease — one grounded in science and evidence, and the other driven by distrust and propaganda and, for the first time in memory, backed by the federal government under Health and Human Services Secretary Robert F. Kennedy Jr. The story of Seminole in those critical months offers a look behind the battle lines, as well as a warning for a country increasingly fractured not just by politics but by competing realities. Read senior reporter Brandy Zadrozny's full story here. They set out to find 'Planet Nine' — and instead turned up a different resident in our cosmic backyard. Researchers at Institute for Advanced Study and Princeton University said they have discovered a possible dwarf planet at the edge of the solar system. Measuring at an estimated 435 miles across, it's significantly smaller than Pluto, which measures nearly 1,500 miles across. And it's so far-flung that it takes around 25,000 years to complete one orbit around the sun. Researchers said they found the dwarf planet candidate by sifting through a huge data set from a telescope in Chile that was scanning the universe for evidence of dark energy. If confirmed, the object known as 2017 OF201 could be what research group leader Sihao Cheng called an 'extreme cousin' of Pluto. In the meantime, the search for 'Planet Nine,' a hypothetical planet larger than Earth that is thought to orbit beyond Neptune, is still on. Read the full story here. The wife and five children of the suspect accused of launching an antisemitic attack that injured 12 people in Boulder, Colorado, were taken into ICE custody, the White House said. Meanwhile, an 88-year-old Holocaust survivor who was burned during the attack spoke publicly for the first time since the incident. Ukraine's audacious 'Spiderweb' drone attack on Russian air bases highlights how both sides are increasingly turning to cheap, commercially available devices that can be converted into deadly weapons and have huge impacts on the war. A Washington state man is wanted on first-degree murder charges in the killings of his three daughters, who were found dead after they did not return from a planned visitation. The New York Knicks fired head coach Tom Thibodeau a day after the team finished its deepest run in the NBA playoffs in decades. Campbell's expects one, NBC News producer Steve Kopack reports. The food maker says customers are shying away from snacks and prioritizing pantry basics, like condensed soup and mac-and-cheese, to save money. Consumers' economic outlooks have improved in recent weeks, but pessimism runs deep amid ongoing trade war uncertainty. And while inflation has cooled sharply, many shoppers are still adjusting to much higher costs. With restaurant menu prices still rising nearly twice as fast as those on grocery shelves, Campbell's is seeing people cook meals at home at the highest levels since the depths of the pandemic. — Rich Bellis, senior business editor It can be hard to find a foundation for rosacea-prone skin, so one NBC Select editor tried over 20 foundations from brands like Lancôme and Haus Labs to find the best options available. Plus, the Select team also found the best washable rugs for living rooms, bedrooms and even outdoor areas. Sign up to The Selection newsletter for hands-on product reviews, expert shopping tips and a look at the best deals and sales each week. Thanks for reading today's Morning Rundown. Today's newsletter was curated for you by Elizabeth Robinson. If you're a fan, please send a link to your family and friends. They can sign up here. This article was originally published on
Yahoo
2 days ago
- Business
- Yahoo
Tariff uncertainty is hammering one of America's favorite food escapes — snacks
Tariff uncertainty and inflation are driving consumer decisions at the grocery stores, and for big packaged food companies, one key area is bearing the brunt of these changes: snacking. In its quarterly report released Monday, Campbell's (CPB), which owns snack brands like Goldfish crackers and Cape Cod chips, said that it saw "increased headwinds" in snacking, leading to a 5% decline in volume mix and an 8% decrease in revenue in its fiscal third quarter results. Consumers "are increasingly intentional about the discretionary snack purchases," CEO Mick Beekhuizen told investors on the company's earnings call, a trend that has only gotten worse as the year's gone on. "If you look at the quarter, Q3, and you put it in perspective versus Q2, you see... the aggregate categories deteriorated... driven by the deteriorating consumer confidence," Beekhuizen added. Campbell's is only the latest in a series of packaged food giants to call out a shift in snacking behavior. "Revenue management clearly is becoming more complex," PepsiCo (PEP) CEO Ramon Laguarta told investors on the company's earnings call in late April, "as consumers are feeling more challenged with their disposable income." Laguarta said consumers' approach to shopping changed in the quarter. In early April, consumers were looking to see how much they got per item, and by the end of the month, they were more focused on the "absolute price per unit." Pepsi's snack portfolio includes Frito-Lay brands like Lays, Cheetos, Doritos, and Tostitos, among others. Kraft Heinz's (KHC) portfolio overall — ranging from Jell-O to Lunchables — saw its volume mix drop 5.6 percentage points in the quarter. Kellanova (K), which is behind brands like Cheez-Its and Pringles, saw its volume decline in North America. The company is in the process of being acquired by Mars. The summer months could potentially catalyze a turnaround in consumer habits, with holidays offering what Kraft Heinz CEO Carlos Abrams-River called "volume opportunities" on the company's latest earnings call in late April. Winning holidays is crucial. "Holidays matter... It's like holidays are almost worth double relative to a regular week," Bank of America analyst Peter Galbo told Yahoo Finance. Better weather also plays a key role. For example, if Memorial Day weather isn't very good in much of the country, it can create a "meaningful swing factor" for snacks. If "the weather is bad," Galbo added, "You're not going to have a barbecue, so you don't buy Tostitos or Lays." This snacking slowdown also comes as consumer confidence has fallen sharply, rising in May for the first time all year. At the same time, the US labor market is beginning to show some cracks, with the number of Americans collecting unemployment checks in mid-May standing at the highest in 3.5 years. Uncertainty surrounding tariffs has also weighed on pricing and the consumer outlook. Data from PwC found prices for shelf-stable categories like sauces, pasta, canned beans, and snacks are up 1%-6% over the last week due to the impact of tariffs. Read more: What Trump's tariffs mean for the economy and your wallet From a product packaging and ingredient standpoint, Galbo said he doesn't expect tariffs to impact snacks, which are mostly sourced domestically or from Canada, which is likely exempt as a result of the USMCA. Inflation data out last month showed grocery prices fell 0.4% in April while overall food inflation fell 0.1%, the sharpest drop in both measures since 2020. Still, measures like this year's spike — and then sharp decline — in egg prices show consumers navigating a volatile food pricing environment and acting with caution as they roam the aisles. "Snacking is way more discretionary than we probably all thought it was, as opposed to being a staple," Galbo said. "Which is what these companies were supposed to be." Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on X at @BrookeDiPalma or email her at bdipalma@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
