Campbell's seeks to grow business with new products in fiscal year 2013
CAMDEN, N.J. — Campbell Soup outlined a three-prong growth strategy, which includes new product introductions, in a meeting with investors held on Tuesday.
The company said it plans to stabilize and profitably grow its North America soup and simple meals business by leveraging all the drivers of consumer demand across its portfolio, including new product innovation, compelling marketing and merchandising. Campbell plans to introduce more than 50 new products in its U.S. simple meals business in fiscal year 2013, ranging from new varieties of Chunky and Campbell's condensed soups to new soups under the Campbell's Go platform and Campbell's skillet sauces.
"We've made a step change in our innovation efforts" Campbell North America Mark Alexander said. "When you look at what we have on tap for fiscal 2013, you'll see that our newly implemented innovation program is really starting to bear fruit, helping us fill our pipeline with new products that appeal to our loyal consumers while also reaching new ones."
Campbell's also said it is focusing on expanding its international presence, particularly in emerging markets, as well as continuing to grow its healthy beverages and baked snacks businesses. This will include efforts to drive the V8 100% vegetable juice business and to fuel continued growth in the V8 V-Fusion franchise. Campbell will introduce the first line extensions to V8 100% vegetable juice in nearly 10 years and also will launch V8 V-Fusion Iced Teas in lemon and peach flavors, among other new product innovations.
"We've made progress in this fiscal year, and we will continue to advance our core strategies for growth in fiscal 2013," Campbell Soup Co. president and CEO Denise Morrison said. "Our strategic framework is a roadmap to drive smart, meaningful and successful change at Campbell. We will tend very carefully to our core business, while we shift our center of gravity toward new consumer groups, new consumer needs, new consumer platforms and new geographies."