Campbell's recorded a combined $117 million impairment charge on its Kettle Brand and Cape Cod trademarks in the fourth quarter, dragging down overall profitability. The Snacks segment saw net sales drop 12% with organic sales down 6%, driven by weakness in the salty portfolio and third-party partner brands. Segment operating earnings fell 34%. The Meals & Beverages division fared better, posting 3% organic sales growth and benefiting from what the company described as durable at-home cooking trends. Corporate expenses jumped to $226 million from $83 million, largely due to the impairment charges.

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