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Campbell Completes Sale of Godiva Chocolatier Business to Yildiz Holding A.S. for $850 Million

$600 Million of Proceeds to Be Used to Fund New Share Repurchase

            Plan; Company Updates Guidance for Fiscal 2008

CAMDEN, N.J.–(BUSINESS WIRE)–March 18, 2008–Campbell Soup
Company (NYSE:CPB) today announced it has completed the sale of its
Godiva Chocolatier business to Yildiz Holding A.S. for $850 million.
Campbell announced the agreement of sale on December 20, 2007.

Campbell also announced today that its Board of Directors has
authorized using approximately $600 million of the net proceeds of the
sale of Godiva to purchase company stock in open market transactions.
The company expects these purchases to be substantially completed in
fiscal 2008. This share repurchase authority is in addition to
Campbell’s ongoing practice of buying back shares sufficient to offset
shares issued under incentive compensation plans.

Following the divestiture of the Godiva business, Campbell updated
its fiscal 2008 sales and earnings guidance. For fiscal 2008, the
company expects its continuing operations to deliver sales growth in
excess of its long-term target range of between 3 and 4 percent, due
in part to the favorable impact of currency and a 53rd week of sales
in the fiscal year. Campbell expects to deliver EBIT growth from
continuing operations between 5 and 7 percent from the fiscal 2007
adjusted base of $1.200 billion. Excluding items impacting
comparability, the company expects adjusted net earnings per share
growth between 5 and 7 percent from the fiscal 2007 adjusted base of
$1.95, which is unchanged from previous guidance. While Campbell
expects the divestiture will be accretive to earnings per share in
fiscal 2008, the company intends to make additional investments in
brand building and cost reduction initiatives.

Detailed financial information outlining the historical pro forma
impact of the transaction and the anticipated use of proceeds is being
made available through a public filing.

Douglas R. Conant, Campbell’s President and Chief Executive
Officer, said, “This latest share repurchase program represents our
ongoing confidence in our more focused portfolio and is a continuation
of our commitment to deliver strong investor returns.”

    Godiva has annual sales of approximately $500 million.

    About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high-quality foods and simple meals, including soup, baked snacks, and
healthy beverages. Founded in 1869, the company has a portfolio of
market-leading brands, including “Campbell’s,” “Pepperidge Farm,”
“Arnott’s,” and “V8.” For more information on the company, visit
Campbell’s website at www.campbellsoup.com.

Non-GAAP Financial Information

A reconciliation of the adjusted fiscal 2007 financial information
to the reported financial information is attached to this release.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect
the company’s current expectations about its future plans and
performance, including statements concerning the impact of marketing
investments and strategies, share repurchase, cost-saving initiatives,
quality improvements, and portfolio strategies, including
divestitures, on sales, earnings, and margins. These forward-looking
statements rely on a number of assumptions and estimates that could be
inaccurate and which are subject to risks and uncertainties. Actual
results could vary materially from those anticipated or expressed in
any forward-looking statement made by the company. Please refer to the
company’s most recent Form 10-K and subsequent filings for a further
discussion of these risks and uncertainties. The company disclaims any
obligation or intent to update the forward-looking statements in order
to reflect events or circumstances after the date of this release.

        Reconciliation of GAAP and Non-GAAP Financial Measures
                      Fiscal Year 2008 Guidance

Campbell Soup Company uses certain non-GAAP financial measures as
defined by the Securities and Exchange Commission in certain
communications. These non-GAAP financial measures are measures of
performance not defined by accounting principles generally accepted in
the United States and should be considered in addition to, not in lieu
of, GAAP reported measures.

Items Impacting Net Earnings

The company believes that financial information excluding certain
transactions not considered to be part of the ongoing business
improves the comparability of year-to-year results. Consequently, the
company believes that investors may be able to better understand its
earnings results if these transactions are excluded from the results.

    The following items impacted net earnings:

    Continuing Operations

(1) In the third quarter of fiscal 2007, the company recorded a
pre-tax non-cash benefit of $20 million ($13 million after tax or
$0.03 per share) in earnings from continuing operations from the
reversal of legal reserves due to favorable results in litigation.

(2) In the third quarter of fiscal 2007, the company recorded a
tax benefit of $22 million resulting from the settlement of bilateral
advance pricing agreements (“APA”) among the company, the United
States, and Canada related to royalties. In addition, the company
reduced net interest expense by $4 million ($3 million after tax). The
aggregate impact on earnings from continuing operations was $25
million, or $0.06 per share.

(3) In the second quarter of fiscal 2007, the company recorded a
pre-tax gain of $23 million ($14 million after tax or $0.04 per share)
in earnings from continuing operations associated with the sale of an
idle manufacturing facility.

Discontinued Operations

(4) In the first quarter of fiscal 2007, the company completed the
sale of its businesses in the United Kingdom and Ireland. The total
after-tax gain recognized on the sale in 2007 was $24 million ($0.06
per share). Additionally, in the fourth quarter of fiscal 2007, a $7
million tax benefit ($0.02 per share) was recognized from the
favorable resolution of tax audits in the United Kingdom.

The table below reconciles financial information, presented in
accordance with GAAP, to financial information excluding certain
transactions:

          (millions, except per share amounts)
                                                         Year-to-Date
                                                         -------------
                                                         July 29, 2007
                                                         -------------

Earnings before interest and taxes, as reported          $      1,243
Deduct: Reversal of legal reserves (1)                            (20)
Deduct: Gain on sale of an idle manufacturing facility
 (3)                                                              (23)
                                                         -------------
Adjusted Earnings before interest and taxes              $      1,200
                                                         -------------

Interest, net, as reported                               $        144
Add: Reduction in interest expense related to the
 settlement of the APA (2)                                          4
                                                         -------------
Adjusted Interest, net                                   $        148
                                                         -------------

Adjusted Earnings before taxes                           $      1,052
                                                         -------------

Taxes on earnings, as reported                           $        307
Deduct: Tax impact of reversal of legal reserves (1)               (7)
Deduct: Tax impact of reduction of interest expense
 related to settlement of the APA (2)                              (1)
Add: Tax benefit from settlement of the APA (2)                    22
Deduct: Tax impact of gain on sale of an idle
 manufacturing facility (3)                                        (9)
                                                         -------------
Adjusted Taxes on earnings                               $        312
                                                         -------------

Adjusted effective income tax rate                               29.7%

Earnings from continuing operations, as reported         $        792
Deduct: Net adjustment related to reversal of legal
 reserves (1)                                                     (13)
Deduct: Net benefit from settlement of the APA (2)                (25)
Deduct: Gain on sale of an idle manufacturing facility
 (3)                                                              (14)
                                                         -------------
Adjusted Earnings from continuing operations             $        740
                                                         =============

Earnings from discontinued operations, as reported       $         62
Deduct: Gain on sale of UK/Ireland businesses and
 resolution of tax audits (4)                                     (31)
                                                         -------------
Adjusted Earnings from discontinued operations           $         31
                                                         =============

Diluted net earnings per share, as reported              $       2.16
Deduct: Net adjustment related to reversal of legal
 reserves (1)                                                   (0.03)
Deduct: Net benefit from settlement of the APA (2)              (0.06)
Deduct: Gain on sale of an idle manufacturing facility
 (3)                                                            (0.04)
Deduct: Gain on sale of UK/Ireland businesses and
 resolution of tax audits (4)                                   (0.08)
                                                         -------------
Adjusted Diluted net earnings per share                  $       1.95
                                                         =============

Reconciliation has been prepared reflecting the results of the
Godiva Chocolatier business as discontinued operations.

    CONTACT: Campbell Soup Company
             Anthony Sanzio (Media)
             856-968-4390
             or
             Leonard F. Griehs (Analysts)
             856-342-6428

    SOURCE: Campbell Soup Company