UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Large accelerated filer☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended Commission File Number October 30, 2022 1-3822 CAMPBELL SOUP COMPANY New Jersey 21-0419870 State of Incorporation I.R.S. Employer Identification No. 1 Campbell Place Camden, New Jersey 081 ...

Sales and Revenue - The company reported consolidated net sales from continuing operations of approximately 47% from its five largest customers in 2022, with Wal-Mart Stores, Inc. accounting for about 22%[15]. - Net sales increased by 1% in 2022 to $8.562 billion, driven by inflation-related pricing and sales allowances, despite volume declines and the divestiture of the Plum baby food and snack business[74]. - Net sales for the year were $8,562 million, an increase from $8,476 million in the previous year, representing a growth of 1.01%[123]. - Meals & Beverages sales were $4.607 billion in 2022, a slight decrease from $4.621 billion in 2021, while Snacks sales increased to $3.955 billion from $3.855 billion[81]. - The company experienced lower net sales in the first half of 2022 due to supply constraints, while the second half saw volume declines due to inflation-driven pricing actions[72]. Costs and Expenses - In 2022, the company experienced significantly elevated commodity and supply chain costs, impacting production and distribution, with expectations of continued supply pressures and input cost inflation into 2023[14]. - Total costs and expenses increased to $7,399 million from $6,931 million, marking an increase of 6.73%[123]. - Labor shortages and increased turnover rates observed in 2022 have led to higher operational costs, including increased overtime and wage rates[38]. - The company is facing challenges in passing on cost increases to consumers, which may lead to reduced sales volume if consumers shift to lower-priced alternatives[34]. - Gross profit margin decreased to 30.7% in 2022 from 33.2% in the previous year, primarily due to higher cost inflation and unfavorable volume/mix[75]. Capital Expenditures and Investments - The company completed capital expenditures of $242 million in 2022 and plans to increase this to approximately $325 million in 2023, focusing on expanding cracker capacity and a new manufacturing line[18]. - Approximately $9 million of the $242 million capital expenditures in 2022 were for compliance with U.S. environmental laws, with an estimated $13 million planned for 2023[21]. - The company expects to incur approximately $735 million to $740 million in pre-tax costs associated with continuing operations through 2023[96]. - The company aims for targeted annualized cost savings of $1 billion by the end of 2025, with $850 million in synergies and run-rate cost savings achieved through 2022[72]. Employee and Workforce - The company had approximately 14,700 employees as of July 31, 2022, emphasizing its commitment to building a diverse and inclusive workforce[23]. - The company has implemented employee safety measures exceeding CDC and WHO guidelines to mitigate COVID-19 impacts on the workforce[35]. - The company recognized actuarial losses on pension and postretirement plans amounting to $44 million in 2022, compared to gains of $203 million in 2021[76]. Market and Competition - The company faces significant competition in the food and beverage industry, particularly in North America, which may lead to lower sales and margins[47]. - The ongoing COVID-19 pandemic has resulted in changes in consumer behavior, impacting sales and inventory levels across the industry[36]. - The company anticipates continued elevated consumer demand for food at home, driven by changes in consumer behavior from the COVID-19 pandemic[72]. Legal and Regulatory Risks - The company is exposed to risks from legal and regulatory proceedings, particularly related to food marketing and safety, which could adversely affect financial results[53]. - The company has agreed to indemnify the buyer of the Plum business for certain claims related to heavy metals in products manufactured prior to the sale[151]. Financial Performance - Earnings from continuing operations were $757 million ($2.51 per share) in 2022, down from $1.008 billion ($3.30 per share) in 2021, reflecting lower gross profit and higher administrative expenses[78]. - The effective tax rate decreased, contributing to improved earnings per share despite lower overall earnings[78]. - The company reported net earnings of $757 million, down from $1,002 million, a decrease of 24.4%[123]. Supply Chain and Operational Challenges - The company expects supply chain pressures to continue throughout 2023, influenced by various factors including climate change and geopolitical events[14]. - Disruptions in the supply chain due to factors like climate change, pandemics, and geopolitical conflicts could adversely affect production and distribution capabilities[35]. - The company faced challenges related to supply chain disruptions and inflation in raw materials, impacting overall performance[117]. Strategic Initiatives - The strategic plan focuses on four pillars: building a winning team, accelerating profitable growth, fueling investments with targeted cost savings, and delivering on the company's purpose[70]. - The company is pursuing cost productivity initiatives in procurement, manufacturing, and logistics to enhance operational efficiency[44]. - Strategic acquisitions and divestitures are part of the company's growth strategy, but risks include integration challenges and potential loss of key personnel[45]. Intellectual Property and Brand Management - The company relies heavily on its intellectual property rights, and any failure to protect these rights could diminish brand value and competitiveness[40]. - The company owned over 2,800 trademark registrations and applications in over 150 countries as of September 14, 2022, highlighting the importance of brand protection[16].

8 Campbells Q4 Fiscal 2022 Earnings Presentation Connecting people through food they love. 9 Gampbelli Rebecca Gardy Senior Vice President Investor Relations INTRODUCTION 2 Forward-Looking Statements The factors that could cause actual results to vary materially from those anticipated or expressed in any forward-looking statement include: Impacts of, and associated responses to, the COVID-19 pandemic on our business, suppliers, customers, consumers and employees; our ability to execute on and realize the ex ...

Campbell Soup Company (NYSE:CPB) Q4 2022 Earnings Conference Call September 1, 2022 8:00 AM ET Company Participants Rebecca Gardy - Chief Investor Relations Officer Mark Clouse - President and Chief Executive Officer Mick Beekhuizen - Chief Financial Officer Conference Call Participants Andy Lazar - Barclays Capital Ken Goldman - JPMorgan Peter Galbo - Bank of America Jason English - Goldman Sachs Robert Moskow - Credit Suisse Operator Greetings, ladies and gentlemen and welcome to the Campbell Soup Company ...

8 Campbells Q3 Fiscal 2022 Earnings Presentation Connecting people through food they love. 9 Gampbelli Rebecca Gardy Senior Vice President Investor Relations INTRODUCTION 2 Forward-Looking Statements The factors that could cause actual results to vary materially from those anticipated or expressed in any forward-looking statement include: Impacts of, and associated responses to, the COVID-19 pandemic on our business, suppliers, customers, consumers and employees; our ability to execute on and realize the ex ...

Campbell Soup Company (NYSE:CPB) Q3 2022 Results Conference Call June 8, 2022 8:00 AM ET Company Participants Rebecca Gardy - Senior Vice President, Investor Relations Mark Clouse - President & Chief Executive Officer Mick Beekhuizen - Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Ken Goldman - JPMorgan Peter Galbo - Bank of America David Palmer - Evercore Nik Modi - RBC Capital Markets Jason English - Goldman Sachs Operator Greetings ladies and gentlemen and welcome to the Ca ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 New Jersey 21-0419870 State of Incorporation I.R.S. Employer Identification No. 1 Campbell Place Camden, New Jersey 08103-1799 Principal Executive Of ices Telephone Number: (856) 342-4800 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Capital Stock, pa ...

9 Campbells Q2 Fiscal 2022 Earnings Presentation Connecting people through food they love. CD Gampbelli Rebecca Gardy Vice President Investor Relations INTRODUCTION 2 Forward-Looking Statements The factors that could cause actual results to vary materially from those anticipated or expressed in any forward-looking statement include: Impacts of, and associated responses to, the COVID-19 pandemic on our business, suppliers, customers, consumers and employees; our ability to execute on and realize the expected ...

Financial Data and Key Metrics Changes - Organic net sales decreased by 2% in Q2 2022, primarily due to industry-wide labor and supply challenges, offsetting the favorable impact of net pricing [14][47] - Adjusted EBIT declined by 17% and adjusted EPS decreased by 16% compared to the prior year, both in line with expectations [17][49] - Year-to-date organic net sales declined by 3%, with adjusted EBIT down 16% compared to the prior year [50][74] Business Line Data and Key Metrics Changes - In the Meals & Beverages division, organic net sales decreased by 2%, while consumption grew by 1% over the prior year [18][65] - The Snacks division saw organic net sales down 3%, but end-market consumption grew by 1% over the prior year [28][71] - Key brands like Chunky and Goldfish showed strong performance, with Chunky experiencing a 9% increase in consumption [23][30] Market Data and Key Metrics Changes - Market performance was positive, with a 1% increase, reflecting a lag in inventory replenishment and lower distribution levels [14] - Consumption grew by 9% on a two-year basis across the portfolio, indicating strong underlying demand [15] - The company experienced short-term market pressure on certain brands due to distribution challenges [16] Company Strategy and Development Direction - The company aims to return to growth while building momentum in the second half of the fiscal year, focusing on supply recovery and pricing actions [13][39] - There is a strong emphasis on innovation, with new product launches like Goldfish Mega Bites expected to drive growth [30][110] - The company is committed to mitigating inflation through pricing, supply chain productivity improvements, and cost savings initiatives [56][75] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing challenges from inflation and supply chain disruptions but expressed confidence in the recovery and future performance [10][39] - The company expects meaningful improvement in margins, profit, and EPS in the second half of the year [39][74] - Management is monitoring the economic impact of the Ukraine crisis but noted no direct exposure to the region [12][86] Other Important Information - The company achieved $766 million in cash flow from operations in the first half of the fiscal year, returning nearly $300 million to shareholders through dividends and share repurchases [45][73] - The company is on track to deliver total savings of $1 billion by the end of fiscal 2025 through its cost savings initiatives [58] Q&A Session Summary Question: Gross margin pressure and SG&A leverage - Management indicated that the back half of the year presents opportunities for gross margin improvement, with expectations for better supply recovery and pricing actions [80][81] Question: Impact of rising costs and inflation guidance - Management confirmed that rising costs for transportation, fuel, and energy are factored into the guidance, with a focus on monitoring the situation in Ukraine [85][86] Question: Elasticity of pricing and consumer response - Management noted that while elasticity has been low, they expect some increase as they implement further pricing actions [95][96] Question: Supply situation and inventory management - Management anticipates improvements in supply earlier than Q4, with expectations for inventory levels to normalize [100][101] Question: Household penetration trends and consumption - Management expects to maintain strong demand despite a potential shift towards away-from-home dining, supported by improved supply and marketing efforts [104][105] Question: Innovation expectations and demographic expansion - Management highlighted a strong start for new products like Goldfish Mega Bites and expects innovation levels to increase significantly throughout the year [109][110]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended Commission File Number January 30, 2022 1-3822 CAMPBELL SOUP COMPANY New Jersey 21-0419870 State of Incorporation I.R.S. Employer Identification No. 1 Campbell Place Camden, New Jersey 08103-1799 Principal Executive Of ices Telephone Number: (856) 342-4800 Securities registered pursuant to Section 12(b) of the ...