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Campbell Highlights U.S. Soup Innovation, Emerging Markets Expansion at Investor Meeting

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Reiterates Full Year Fiscal 2009 Guidance: Adjusted EPS to Exceed 5 to 7 Percent Range, Excluding Impact of Currency

CAMDEN, N.J.–(BUSINESS WIRE)–Jul. 15, 2009–
Campbell Soup Company (NYSE:CPB) today will outline innovations
for its upcoming fiscal year at an investor meeting at its Maxton, N.C.
plant. Campbell’s management will highlight plans for its U.S. soup
business, with an emphasis on innovation, wellness and value, and also
will provide an overview of its International businesses, with a focus
on progress in Russia and China. A webcast of the presentation can be
accessed at

Craig Owens, Campbell’s Chief Financial Officer and Chief Administrative
Officer, will open the meeting with a recap of the company’s
year-to-date fiscal 2009 performance.

Owens said, “Year to date, fiscal 2009 has been a successful year for
Campbell, especially considering the unprecedented upheaval in global
financial markets. In our U.S. soup business, we have delivered one of
the best top-line performances in many years. We’ve introduced
market-leading innovations with the successful launch of several new
products, making significant gains in the ready-to-serve segment with
our ‘Campbell’s Select Harvest’ line and improving our position in the
highly competitive broth segment. In our Pepperidge Farm business, we
have continued to grow the ‘Goldfish’ franchise, moving that brand to
the number three position in the U.S. cracker market. Internationally,
we have delivered strong performance in Asia Pacific. We also have
advanced our emerging markets plans by forging a long-term partnership
in Russia that will provide access to the best distribution system in
Russia for our products. We have achieved all of this and more in an
extremely challenging economic environment.”

U.S. Soup

Denise Morrison, President, North America Soup, Sauces and Beverages,
will describe plans to enhance Campbell’s position in the $83 billion
Simple Meals category through the strength of the Campbell brand and by
further increasing the relevance of soup through continued innovation,

Morrison said, “Campbell’s soups provide the ideal simple meal,
especially as shoppers remain focused on value. We are committed to
being people’s first choice for affordable and nourishing meals by
continuing to innovate faster, better, more completely and more uniquely
than any other company in the category. For instance, we have led the
food industry in introducing lower sodium products and will continue to
set the gold standard in the lower sodium journey.”

Morrison continued, “America loves ‘Campbell’s’ soup. In fact, more than
eight out of ten consumers indicate that ‘Campbell’s’ is America’s
favorite soup. And that’s why retailers love ‘Campbell’s’ soups too.
Campbell features three of the top ten shelf-stable grocery food items
with its iconic condensed soups: Chicken Noodle, Tomato and Cream of

Sean Connolly, President, Campbell USA, will describe additional
innovations in Campbell’s U.S. soup business, including:

Connolly said, “We are excited about the upcoming year and plan to
continue to build momentum within our Campbell USA business by driving
growth in our key platforms of simple meals and healthy beverages.”

Emerging Markets

Larry McWilliams, President, Campbell International, will provide an
overview of the company’s international business with a focus on
progress in the emerging markets of Russia and China.

McWilliams said, “We see a world of extraordinary value in soup,
especially in the emerging markets of Russia and China, which account
for nearly 22 percent of the world’s population. The opportunity before
us is to commercialize the enormous soup consumption behavior in these
markets. We are confident that we have the cultural insights in each of
these markets and can build meaningful relationships with consumers as
we have always done the world over.”

McWilliams will describe key initiatives for 2010 in emerging markets,

Campbell is preparing for expansion in Russia based on the recent
distribution agreement with Coca-Cola Hellenic. Campbell plans to
increase points of distribution and the variety of its “Domashnaya
Klassika” line in fiscal 2010. The Russian portfolio will increase from
three varieties in 1,500 stores in Moscow in the current year to 14
varieties in more than 32,000 stores in 100 cities in fiscal 2010.

Fiscal 2009 Guidance

On a currency neutral basis, the company continues to expect to deliver
sales growth, excluding the negative impact of one less week in the
fiscal year and divestitures, within its long-term target range of
between 3 and 4 percent; and adjusted earnings before interest and taxes
(EBIT) growth slightly below its long-term growth target of between 5
and 6 percent, reflecting the impact of one less week, higher marketing
spending and increased investment spending in Russia and China. On
a currency neutral basis, Campbell expects growth in adjusted net
earnings per share (EPS) to exceed the 5 to 7 percent range from the
fiscal 2008 adjusted base of $2.09.

The company expects its fiscal 2009 sales, EBIT and EPS growth rates to
be negatively impacted by approximately 5 percentage points as a result
of currency translation.

Campbell’s fiscal year ends on August 2, 2009. The company will report
full-year results on September 11, 2009.

This release includes certain non-GAAP measures as defined by SEC rules.
A reconciliation of those measures to the most directly comparable GAAP
measures is attached to the release.

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 web site at

Forward Looking Statement

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, new product introductions and innovation, quality
improvements, currency translation 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. The factors
that could cause the company’s actual results to vary materially from
those anticipated or expressed in any forward-looking statement include
(1) the impact of strong competitive responses to the company’s efforts
to leverage its brand power in the market; (2) the risks associated with
trade and consumer acceptance of the company’s initiatives; (3) the
company’s ability to realize projected cost savings and benefits; (4)
the company’s ability to manage changes to its business processes; (5)
the increased significance of certain of the company’s key trade
customers; (6) the impact of fluctuations in the supply or costs of
energy and raw and packaging materials; (7) the risks associated with
portfolio changes; (8) the uncertainties of litigation; (9) the impact
of changes in currency exchange rates, tax rates, interest rates, debt
and equity markets, inflation rates, economic conditions and other
external factors; (10) the impact of unforeseen business disruptions in
one or more of the company’s markets due to political instability, civil
disobedience, armed hostilities, natural disasters or other calamities;
and (11) other factors described in the company’s most recent Form 10-K
and subsequent Securities and Exchange Commission filings. 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
Ended August 3, 2008

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 Per Share

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:

      (1)   In the second quarter of fiscal 2008, the company recorded a
non-cash tax benefit of $13 million ($0.03 per share) in earnings
from continuing operations from the favorable resolution of a state
tax contingency in the United States.
(2) In fiscal 2008, the company recognized a pre-tax gain of $698
million ($462 million after tax or $1.21 per share) in earnings from
discontinued operations from the sale of the Godiva Chocolatier
(3) In fiscal 2008, the company announced initiatives to improve
operational efficiency and long-term profitability, including
selling certain salty snack food brands and assets in Australia,
closing certain production facilities in Australia and Canada, and
streamlining the company’s management structure. For the year ended
August 3, 2008, the company recorded pre-tax restructuring charges
of $175 million and $7 million of expenses in cost of products sold
(aggregate impact of $107 million after tax or $0.28 per share)
related to these initiatives.

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

  Year Ended
Aug. 3, 2008
Diluted net earnings per share, as reported $ 3.06
Deduct: Benefit from resolution of a state tax contingency (1) (0.03)
Deduct: Gain on sale of the Godiva Chocolatier business (2) (1.21)
Add: Net adjustment from restructuring charges and related costs (3)   0.28
Adjusted Diluted net earnings per share* $ 2.09

* The sum of the individual per share amounts does not equal due to

Source: Campbell Soup Company

Campbell Soup Company
Anthony Sanzio, 856-968-4390
F. Griehs, 856-342-6428
Jennifer Driscoll, 856-342-6081

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