The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Thomas Palmer - JPMorgan Chase & Co - Analyst
: Todd, welcome. I wanted to follow up on the La Romano announcement. Perhaps we could get some added detail on the
reason for the acquisition and the timing and also perhaps some added details on the option on the remaining 51% such as
how the purchase price would be determined.
Question: Andrew Lazar - Barclays Services Corp - Analyst
: Great. Welcome, Todd. I think last quarter, Campbell's spoke about its intention to stabilize the Snack segment in the second
half of the fiscal year, and it looks like you're still expecting that to be the case. I guess based on the data we can all see, it
doesn't seem that trends improved maybe as much sequentially in the fiscal first quarter as you might have expected. I was
hoping you could go through what gives you the conviction in a back half stabilization? And how do you think this is impacted,
if at all, from a key snacks player, more about affordability going forward?
Question: David Palmer - Evercore ISI - Analyst
: Just a follow-up on salty snacks. I know you won't be surprised to hear that people are really thinking about mega trends with
regard to salty snacks right now. And obviously, GLP-1 usage, people are concerned that, that's going to be ramping into 2026.
And of course, there's that issue that some cited about COVID era overpricing, just a hangover particularly within certain
income cohorts.
I'm wondering if you feel like these factors are relevant more to some subcategories. I know that salty snacks right now overall
is up 1% in the latest dollar sales that we see ending November 30. So it doesn't look like it's that bad of a category.
So it's a little bit confusing just it sounds worse than it is, so to speak. But I'm wondering how you're thinking about those mega
trends and how they might interact with certain subsegments and how you're perhaps thinking about that going into '26.
Question: Robert Moskow - TD Cowen - Analyst
: I guess I really have two. I wanted to know, Mick, you said two things about the soup business. You said that it's important for
you to raise price to cover costs, but also you recognize the importance of providing value and that there's been some share
losses in eating soup. So these two things kind of clash with each other. Do you think you'll need to improve affordability of
eating soups? And how have competitors responded to the price increases?
Question: Michael Lavery - Piper Sandler - Analyst
: Just wondering if you could come back to La Regina for a minute. You mentioned the margin benefit. But I suppose at 49%,
would that still come through in operations? Or would that only occur after, if and when you have full consolidation? And then
in either case, maybe could you just touch a little bit on what if any implications the deal has for top line momentum.
It's always been a strong brand, but it's certainly, as it gets bigger and bigger, grows a little bit more slowly. How do we think
about just what you can do to keep the momentum going on the strength of the top line as well?
Question: Michael Lavery - Piper Sandler - Analyst
: And can I add a quick follow-up? If that's the case then, and you've got greater margin opportunity and flexibility, does that
do anything to impact how you might think about funding AMC?
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DECEMBER 09, 2025 / 1:00PM, CPB.OQ - Q1 2026 Campbell's Co Earnings Call
Question: Peter Grom - UBS AG - Analyst
: So Todd, I kind of had a broader question for Todd, and I guess I know it's only been a few weeks. But maybe just some initial
perspectives as you step into this role, kind of where you see the biggest opportunities for improvement, where you see them
today and whether that be growth, profitability, cash flow. What kind of stands out to you?
Question: Chris Carey - Wells Fargo Securities LLC - Analyst
: I wanted to ask about margins. Guys, I think this is historically low gross margin in the quarter going back some time. And so
I wanted to get a sense of how the quarter from a gross margin perspective has come in relative to your own expectations
and whether you think that the rest of the year gross margin relative to current levels, whether on an absolute basis or a
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