Campbell Soup CEO Mark Clouse talked to Jim Cramer last week about the ‘new normal’ and how much demand is out there for Campbell’s products during the COVID-19 pandemic.
Demand was so strong for Campbell’s products that they had supply constraints and could have reported even better numbers had they managed supply better. Mr. Clouse said, “I think as we enter into our sixth month now of this elevated level of demand through the pandemic and on businesses that arguably walking into the pandemic were steady businesses that now are experiencing growth rates substantially above anything that we’ve seen historically, that’s put some pressure on supply but I feel great about the actions that we’ve taken whether it’s adding capacity selectively on businesses like our goldfish business or our kettle chips business or even our broth business or whether it’s adding co-manufacturers or better prioritizing what we’re manufacturing. The team is doing an amazing job executing and I’m 100 percent comfortable that we’re going to address these problems and as we move through the fall and into the winter, the height of the soup season, we’re going to be in a great position to meet the demands of our consumers and our retail partners.”
Campbell Soup CEO Mark Clouse explained why he thinks outlook for the food and snack company is brighter than ever before.