As Goldfish Crackers annual sales approach $1 billion, the brand—boosted by limited-time offers (LTOs)—continues to be the largest growth driver for Campbell Soup Co.
In the company’s second fiscal quarter ended Jan. 29, Goldfish posted dollar sales growth of 21% versus the prior year’s quarter, and more than 30% compared to three years ago.
“Our strategy to expand our consumer target has been even more successful than expected—with growth versus prior year in both buy rates and repeat rates among households without children about equal to households with children,” president and CEO Mark Clouse said on an earnings call last week.
Typically the province of quick-service restaurants, LTOs have been a mechanism for Goldfish to expand its consumption among adults.
One example is the recent return of Goldfish Frank’s RedHot crackers in a collaboration with McCormick & Co., which sells Frank’s RedHot sauce.
Having partnered with Frank’s in May of 2021, it’s the first time that Goldfish has brought back an LTO.
Last month, the brand’s LTO initiative involved merchandise in the form of the “Goldfish x Boban Hand Dish” introduced by this spot during the NBA All-Star Game.
In a partnership with NBA player Boban Marjanovi—known for having the league’s biggest hands—Goldfish gave away a dish that it claimed could hold 301 of its crackers.
When it comes to LTOs, CPG companies haven’t always taken a strategic approach, Nik Modi, managing director at RBC Capital Markets, said in a recent webinar by The Food Institute.
“I think historically, companies have been a bit too reckless. It’s been more about trying to fit a volume gap or shelf space gap versus really thinking about consumer engagement,” said Modi.
With annual Goldfish sales currently exceeding $900 million, Campbell has long targeted $1 billion and says it’s on track to achieve that goal.