Campbell Soup (NYSE: CPB) lifted food and consumer staples exchange traded funds after the company announced a plan to raise soup sales this year by moving away from discounts and lower sodium.
Incoming CEO Denise Morrison is betting new strategies and soups can boost investor appetite for the shares, which is held in Rydex S&P Equal Weight Consumer Staples (NYSEArca: RHS) and Global X Food ETF (NYSEArca: EATX).
Although the consumer staples sector has fared well over the past year, Campbell’s soup sales are down 5% over the course of the fiscal year, set to end in July. [Investors Shift into Defensive ETFs.]
The company this week said it will invest more in its baking and snacking segment, which includes Pepperidge Farm.