Campbell Soup is changing its name and shifting focus to other packaged foods

Campbell Soup is dropping the “soup” in its name to become “The Campbell Company,” CEO Mark Clouse said Tuesday, a pivot that reflects the company’s shift to other packaged foods such as jarred sauces like Rao’s snacks and Goldfish.

Clouse told Wall Street at its investor day that Campbell is focused on the top 16 companies across its food and beverage and food division, including Goldfish, V8 beverages, and Prego sauces.

“Today we are more than soup,” said Clouse. Campbell’s was the first to sell canned soup over a century ago. The company’s cans were later incorporated into iconic pop art by Andy Warhol.

To meet financial guidance, the company will need soup sales to remain stable, Clouse said. Campbell’s executives said, however, that as the US population ages, soup sales may increase because older adults eat more soup than younger generations.

Campbell’s is eyeing Goldfish snacks for growth and expects the crackers to be its biggest brand by fiscal year 2027, executives said.

Campbell unveiled a $250 million cost-savings plan that he says will help boost profits.

The company plans to seek shareholder approval for the name change at this year’s annual meeting, Clouse said.

Shares of the Camden, New Jersey-based company were up 0.2% in midday trading.

US-focused consumer goods companies such as Campbell, Conagra Brands and JM Smucker have seen weak demand as cost-conscious consumers have been trading up to cheaper alternatives amid sticky inflation.

Snacks are under pressure as low-income and low-income families struggle financially, Clouse said.

He added that the company has yet to see a significant impact on consumers taking GLP-1 weight-loss drugs like Wegovy.

Campbell posted fourth-quarter sales below analysts’ estimates on tepid demand.

-Jessica DiNapoli and Anuja Bharat Mistry, Reuters