Campbell’s said it has cut 13% of its salaried workforce and closed two snack plants in an effort to improve its operations and return to profitability.

“Make no mistake, our results remain unacceptable,” CEO Mick Beekhuizen said. “But instead of waiting for the environment to improve around us, we are addressing reality head-on.”

The company has 4,300 salaried workers, according to The Wall Street Journal. It had approximately 13,700 full-time and part-time employees as of August 2025, according to a filing with the Securities and Exchange Commission.

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Consumer goods companies have increasingly faced resistance from budget-conscious shoppers, particularly lower-income households that have gravitated toward cheaper, private-label and value brands.

Despite this, Campbell’s has raised prices in recent years to protect its margins against rising costs of raw materials, logistics and investments behind soup and sauce launches and holiday merchandising programs.

MICROSOFT CUTS 4,800 POSITIONS, INSISTS JOBS ‘NOT BEING REPLACED BY AI’

The company has implemented average price increases of 4% to 5% across roughly 60% of its portfolio, with benefits expected to begin flowing through in the second quarter, even as sales take a hit, CFO Todd Cunfer said on a call with analysts.

The company said it plans to generate about $500 million in cost savings by fiscal 2030.

“With this program, we are focused on increasing speed and accountability and improving our margins and cash flow,” Beekhuizen said.

Campbell’s expects fiscal 2027 net sales to decline 2% to 4%, compared with analysts’ expectations for a 0.8% drop, according to data compiled by LSEG. It forecast adjusted earnings per share of $1.65 to $1.80, below estimates of $1.86.

TOP TOBACCO COMPANY TO CUT THOUSANDS OF JOBS

Net sales fell 8% to $2.14 billion in the fourth quarter, slightly missing estimates of $2.15 billion, while adjusted earnings per share of 39 cents were in line with expectations.

Ticker	Security	Last	Change	Change %
CPB	THE CAMPBELL’S CO.	21.38	-0.74	-3.37%

Volumes in the company’s snacks segment fell 6%, while prices rose 1%. For its meals and beverages segment, where prices remained the same, volumes rose 3%.

“Our priorities are clear: return Campbell’s to a sustainable, long-term value creation model, reduce financial risk and maintain our investment-grade credit rating,” Beekhuizen added.

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Reuters contributed to this report.

Labor Day 2026 falls on Monday, Sept. 7, according to the U.S. Office of Personnel Management, marking one of 11 federal holidays observed annually and bringing a three-day weekend for many Americans as summer draws to a close.

Established by federal law in 1894, Labor Day is celebrated on the first Monday of September each year, honoring the economic and social contributions of American workers and the broader labor movement. Because the “first Monday” of September can fall anywhere between Sept. 1 and Sept. 7 depending on the calendar year, 2026’s observance lands at the later end of that range.

Unlike major holidays such as Thanksgiving or Christmas, Labor Day does not bring widespread closures across the retail and service sectors. Federal, state and most local government offices will close for the day, along with public schools, public libraries and federal courts, though electronic court filing systems will generally remain available in many jurisdictions even while physical offices are closed.

Banking services will be affected nationwide. Major banks, including Chase, Bank of America, Wells Fargo, Citibank, Capital One, PNC, Truist and U.S. Bank, are expected to keep their branches closed for in-person service on Labor Day. The Federal Reserve will also be closed, meaning transactions such as direct deposits, wire transfers and check processing may not be completed until Tuesday, Sept. 8. Customers will still be able to access ATMs and online or mobile banking services throughout the holiday, though any transfers initiated on Labor Day may remain pending until the next business day.

U.S. financial markets will also be closed for the holiday. The New York Stock Exchange, the Nasdaq and U.S. bond markets are all scheduled to be shut Sept. 7, according to each exchange’s respective 2026 holiday calendar, with normal trading set to resume Tuesday.

Mail and package delivery will pause for the holiday as well. All U.S. Postal Service locations will be closed Monday, with no regular residential or business mail delivery scheduled, though Priority Mail Express holiday delivery may still be available for customers with time-sensitive shipments. Regular postal delivery and retail counter service will resume Tuesday, Sept. 8.

Private shipping carriers will similarly scale back services for the holiday. UPS will suspend regular pickup and delivery service on Labor Day, according to the company’s 2026 operating schedule, though its UPS Express Critical service will remain available for urgent shipments, and some UPS Store locations may still be open depending on location. FedEx will pause most standard pickup and delivery operations for the holiday as well, with FedEx office locations operating on modified hours and some stores closed entirely, while FedEx Custom Critical will continue operating for time-sensitive deliveries.

Despite those closures across banking, postal and financial services, most retail businesses will remain open on Labor Day, and the holiday has increasingly become associated with major end-of-summer sales events rather than widespread store closures. Major retailers including Walmart, Target, Kroger, Aldi, Publix, Whole Foods and Trader Joe’s are expected to operate on Labor Day, though some locations may run on reduced holiday hours, and shoppers are advised to check with individual stores before visiting.

Costco stands out as a notable exception among major national retailers. All U.S. Costco warehouses, along with most attached services such as pharmacies, tire centers and food courts, will be closed on Labor Day, one of just seven holidays each year on which the company closes its U.S. locations entirely, according to Costco’s customer service guidance.

Other major retailers are expected to maintain their standard hours or even extend them for the holiday weekend. Home improvement chains including Home Depot and Lowe’s typically remain fully open on Labor Day and often extend weekend hours to accommodate renovation and home-project shoppers taking advantage of the long weekend. Discount retailer Aldi will remain open but with limited hours that vary by location, while Sam’s Club is expected to be open but close earlier than usual, at 6 p.m. Starbucks locations will generally remain open as well, though individual store hours may vary and customers are encouraged to check with their local location or the company’s app.

Pharmacy chains including CVS and Walgreens are expected to remain open on Labor Day, though both store and pharmacy hours can vary significantly by location, and customers needing prescriptions or other pharmacy services are advised to confirm hours with their specific store ahead of time.

Trash and recycling collection schedules may also be affected in some municipalities. In several major cities, curbside collection is expected to be delayed by a day for residents whose regular pickup falls on or after Labor Day, with normal collection schedules typically resuming later in the week.

For those planning around the holiday, several practical steps are worth taking in advance. Anyone needing to mail packages before the holiday should do so early, given the full closure of postal services on Monday. In-person banking needs should ideally be handled before Friday, Sept. 4, given that branches will be closed through the long weekend. Travelers and shoppers should also anticipate heavier-than-usual crowds throughout the extended holiday weekend, as Labor Day traditionally marks one of the last major travel and shopping periods before the end of summer.

Looking ahead, the next federal holiday following Labor Day will be Columbus Day, which falls on Monday, Oct. 12, 2026, according to the Office of Personnel Management’s official federal holiday schedule.

While Labor Day functions for many Americans as an unofficial close to summer, marked by family gatherings, shopping trips and travel, the holiday’s original purpose remains rooted in recognizing the contributions of American workers, including those in retail, hospitality, transportation, health care and emergency services who will continue working through the holiday to keep essential services running for the millions of people taking advantage of the long weekend.

Promoter Fosun Pharma on Friday sold 98.97 lakh shares, equivalent to around 6% equity, in Gland Pharma for an estimated Rs 2,800 crore through a block deal, according to the exchange data.

Fosun Pharma held 8,53,93,894 shares, or 51.77% stake, in the pharmaceutical company as of the quarter ended June 30, 2026, as per BSE data. Following the stake sale, its holding would come down to around 45.77%.

Kotak Mahindra Mutual Fund, Axis Mutual Fund and ICICI Prudential Mutual Fund were among the buyers.

Kotak Mahindra MF bought 27.93 lakh shares, or 1.69% stake, for Rs 789 crore, while Axis MF acquired 13.57 lakh shares, equivalent to 0.82% stake, for Rs 384 crore. ICICI Prudential Mutual Fund purchased 10.39 lakh shares, or 0.63% stake, for Rs 294 crore.

The three mutual funds bought the shares at an average price of Rs 2,826.6 per share.

Meanwhile, Gland Pharma shares ended Friday’s trading session at Rs 2,932.40 apiece, up 0.84% from the previous close of Rs 2,907.90. The stock had fallen to a low of Rs 2,827 during the session following the block deal.
ALSO READ: Mega NSE IPO coming as Sebi approves Rs 30,000 crore public offerEarlier on September 1, Gland Pharma informed the exchanges that the United States Food and Drug Administration (USFDA) had conducted a routine Good Manufacturing Practice (GMP) inspection at the company’s VSEZ Sterile Oncology Formulations Facility and API Facility in Visakhapatnam between August 24 and September 1. The inspection concluded with zero Form 483 observations.

On August 10, Gland Pharma reported a consolidated net profit of Rs 317 crore for Q1FY27, up 47% year-on-year from Rs 216 crore in the corresponding quarter last year. Revenue from operations rose 20% year-on-year to Rs 1,800 crore from Rs 1,506 crore in Q1FY26.

During Q1FY27, the company’s quarterly R&D investment stood at Rs 77.2 crore, while adjusted EBITDA increased 37% year-on-year. The adjusted EBITDA margin stood at 28%. The CDMO business contributed 50% of total revenue and recorded 20% year-on-year growth during the quarter. The B2B business accounted for the remaining 50% of revenue and grew 19% year-on-year.

Established in Hyderabad in 1978, Gland Pharma has grown from a contract manufacturer of small-volume liquid parenteral products to a generic injectable manufacturing company with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India and other markets.

The company primarily operates under a business-to-business (B2B) model and has a track record in pharmaceutical research and development, manufacturing and marketing of complex injectables.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

A blueberry recall first reported in July over the risk of E. coli contamination has been expanded to include frozen package mixes of strawberries, blackberries and blueberries sold at Walmart, according to the U.S. Food and Drug Administration.

One lot of 10-ounce packages of Great Value frozen Organic Triple Berry Blend has been recalled by Chilean supplier Frutas y Hortalizas del Sur S.A.

The frozen berries were sold at select Walmart stores in 16 states, including Alabama, Arkansas, Florida, Illinois, Indiana, Kentucky, Louisiana, Minnesota, Mississippi, Missouri, North Carolina, Ohio, Oklahoma, South Carolina, Texas and Wisconsin.

MORE THAN 12,000 POUNDS OF BACON RECALLED AFTER USDA ISSUES HIGHEST-RISK ALERT

The supplier originally recalled packages of 10-ounce GreenWise Organic IQF Blueberries in July after receiving reports of consumers getting sick after eating them.

There are no reports yet of people getting sick from the berry mix.

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The blueberries from the original recall were distributed to Publix stores in Alabama, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia.

Seventeen people in Florida and Georgia have reported falling ill from the blueberries, including six hospitalizations.

DOCTORS WARN YOUR ‘STOMACH BUG’ MAY ACTUALLY BE A PARASITE THAT’S HARDER TO DETECT

The mixed berries have a Universal Product Code of 7874211226 and best by date of Feb. 9, 2028.

E. coli O145 is a Shiga toxin-producing strain of the bacteria that can cause severe stomach cramps, diarrhea that may be bloody and nausea.

While most healthy people recover within about a week, infections can lead to a serious complication known as hemolytic uremic syndrome, particularly in young children, older adults and people with weakened immune systems.

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Consumers should throw the berry mix away or return it to Walmart for a refund.

A stronger-than-expected U.S. jobs report has put a September interest-rate hike back firmly on the table, leaving Federal Reserve Chair Kevin Warsh facing a difficult choice as President Donald Trump intensifies his demands for lower borrowing costs, Reuters reported.

U.S. employers added 162,000 jobs in August, nearly three times what economists had expected, while the labor force participation rate rose to 61.6%. More people moved from the sidelines directly into jobs, helping keep the unemployment rate at 4.1% even as the pool of available workers expanded.

The report strengthens the argument for the Fed to raise rates at its Sept. 15-16 meeting, particularly after Warsh last week said he needed confidence that inflation was moving back toward the central bank’s 2% target “clearly and at sufficient speed. Otherwise, we have work to do.”

But the stronger labor market data arrives as Trump steps up pressure on the central bank.

“The Fed Board, with its great new leader, must ​get smart – BE PATRIOTS for a change,” Trump said in a Truth Social post Friday after the jobs data were released.

He also renewed his criticism of high interest rates, saying: “High interest rates put the U.S.A. ​at a very unfair disadvantage, and I won’t allow that to happen!”
Trump then tied his demand for lower rates to U.S. trade policy, threatening to halt trade with countries running a deficit with the United States.”We should have ​the LOWEST RATE of any country in the World … LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT,” Trump said.

The threat adds another layer of uncertainty for the Fed, which is already navigating inflation that has remained above its 2% target for more than five years. Trump’s tariffs, along with higher energy prices linked to the escalation in the U.S.-Iran conflict and strong investment in artificial intelligence, have added to price pressures and pushed up longer-term Treasury yields.

For now, however, the jobs report itself does not settle the Fed’s decision.

Wage growth was 3.1% in August, a pace broadly consistent with the Fed’s inflation goal, while the increase in labor-force participation suggests the steady unemployment rate was driven by more people working or looking for work rather than a deterioration in labor-market conditions.

“The upshot of today’s numbers is that the September FOMC meeting remains finely balanced,” Pantheon Macro economists wrote. “FOMC members have uniformly signaled that inflation data will determine their next ​policy steps.”

That makes next week’s consumer price index and producer price index reports crucial. Fed Governor Christopher Waller told Reuters NEXT on Thursday that he would support keeping rates in the 3.50%-3.75% range if inflation data continued to moderate.

Markets nevertheless moved toward pricing a hike after Friday’s report, with interest-rate futures implying about a 62% chance of an increase this month, up from roughly 55% before the data.

“While Fed officials have communicated that they are squarely focused on the inflation readings, today’s strong employment report also provides additional support for rate hikes this year,” Nationwide Chief Economist Kathy Bostjancic wrote.

“We now see two, 25 basis-point rate hikes by year-end, lifting the fed funds rate to 4-4.25%.”

(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)

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