Latest news with #MickBeekhuizen
The Hill
15 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.
Yahoo
a day ago
- Business
- Yahoo
Campbell's says soup sales are soaring—and that's actually a sign the U.S. economy is in a downturn, data shows
Campbell's CEO said there is a 'growing preference for home cooked meals.' That could be a canary in the economic coal mine, as people eating out less could impact the GDP. Two consecutive quarters with a reduced GDP signal a recession. People are opting to eat at home more often these days—and that could be an early warning that a recession is on the horizon. Campbell's CEO Mick Beekhuizen, in an earnings call this week, said the company is seeing more people cook at home now than at the start of the pandemic. 'We started to see consumer sentiment softening in January,' he said. 'This continued throughout [the quarter] with consumers making more deliberate choices with their spending on food. A key outcome is a growing preference for home-cooked meals, leading to the highest levels of meals prepared at home since early 2020.' Consumers are also buying ingredients that stretch tighter food budgets, he added, such as condensed cooking soups, broth, and Italian sauces. (Spending on discretionary items like crackers and chips declined.) The rise in at-home cooking indicates consumers are cutting back at spending on restaurants, a further sign of belt tightening. Reduced consumer spending could shrink the gross domestic product—and two straight quarters of that bellwether declining is the textbook definition of a recession. Demand for staple items like Campbell's soups, sauces, and breads tends to increase during challenging economic times—as they can transform cheaper cuts of meat or vegetables (or leftovers) into new meals. All of this comes as Trump's tariffs are raising fears of an economic downturn. (Tariffs on steel and aluminum doubled on Wednesday.) Ray Dalio, Bridgewater Associates founder, has been sounding the alarm that a recession is likely for months, even as Trump has vacillated on reciprocal tariffs. 'This is not a normal recession kind of situation,' Dalio said in April. 'We are changing the monetary order [with the sharp selloff in the bond market].' This story was originally featured on 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
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
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
