Meals and Beverages Division Outperformance
Organic net sales in the Meals and Beverages division increased by 6%, driven by volume and mix growth of 7%. The division outperformed category consumption, especially in condensed cooking soups, broth, and Italian sauces, contributing to strong overall company performance.
Stable Performance of Leadership Brands
The sixteen leadership brands, representing 90% of total net sales, remained stable in the third quarter with more than half holding or gaining share. Meals and Beverages leadership brand consumption increased by 2%.
Cost Savings and Efficiency Improvements
The company delivered approximately $110 million of total savings under the $250 million cost savings program, reflecting productivity improvements and cost savings initiatives.
Positive Consumer Trends for Home Cooking
Consumers' growing preference for home-cooked meals led to increased consumption in the Meals and Beverages segment, contributing to the division's strong performance.