Campbell's cuts its dividend 36 percent after annual sales fall 5 percent
Campbell's cut its quarterly dividend to 25 cents a share from 39 cents, a 36 percent reduction that takes the annualized payment from $1.56 to $1.00.
The November payment is the first at the lower rate.
Full-year sales fell 5 percent to $9.744bn. Organic sales fell 2 percent, while adjusted operating profit declined 21 percent to $1.181bn. The company said the dividend cut would accelerate debt reduction.
Campbell's expects reported and organic sales to fall another 2 to 4 percent in fiscal 2027. It is targeting about $500m of annualized savings by fiscal 2030 through measures that include plant closures and workforce reductions already underway.