Campbell Soup Co. on Friday reported net income fell 14 percent in the second quarter as the company discounted less and spent more on marketing. Here, CEO Denise Morrison discusses her outlook for the second half of the fiscal year.
Question: Why do you think the second half of the year will be better than the first?
Response: First of all, in our U.S. Soup business, we are continuing with much higher levels of marketing, advertising and consumer promotion in the second half of the year versus where we were last year. In addition, we are now (comparing with) a period of time that does not include the heavy discounting that we have had in the base for the last four quarters. ... In Australia, where we have had a tough first half, we have a much stronger promotion calendar in half two and several new product launches, and we have already seen evidence as recently as January that the performance of that business continues to get better.
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