Cans of Campbell's chicken noodle soup for sale are displayed at a store on July 22, 2026 in Washington, DC. (Photo by Kevin Carter/Getty Images)

Campbell’s said it is cutting 13% of its salaried workforce and closing two snack plants as part of a broader effort to streamline operations and return to profitability.

"Make no mistake, our results remain unacceptable," CEO Mick Beekhuizen said. "But instead of waiting for the environment to improve around us, we are addressing reality head-on."

The company employs about 4,300 salaried workers, according to The Wall Street Journal. Campbell’s reported approximately 13,700 full- and part-time employees as of August 2025, according to a Securities and Exchange Commission filing.

Consumer goods companies have faced growing resistance from budget-conscious shoppers, particularly lower-income households that have shifted toward less expensive private-label and value brands.

Campbell’s has raised prices in recent years to offset higher costs for raw materials and logistics, as well as investments in new soup and sauce products and holiday merchandising programs.

Chief Financial Officer Todd Cunfer told analysts that the company has raised prices by an average of 4% to 5% across about 60% of its portfolio. The increases are expected to begin benefiting the company in the second quarter, even as they weigh on sales.

Campbell’s said it expects to achieve approximately $500 million in cost savings by fiscal 2030.

"With this program, we are focused on increasing speed and accountability and improving our margins and cash flow," Beekhuizen said.

The company expects fiscal 2027 net sales to decline by 2% to 4%, compared with analysts’ expectations for a 0.8% decline, according to LSEG data. Campbell’s forecast adjusted earnings per share of $1.65 to $1.80, below the $1.86 analysts had expected.