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Campbell Provides Update on Core Business and Expansion into Higher-Growth Spaces

CAMDEN, N.J.–(BUSINESS WIRE)–Feb. 20, 2013–
At the Consumer Analyst Group of New York (CAGNY) conference in Boca
Raton, Fla., Campbell Soup Company (NYSE:CPB) President
and Chief Executive Officer Denise Morrison provided an update on the
company’s progress against its strategies to return the company to
sustainable, profitable top-line growth.

Under Morrison’s leadership, Campbell has focused on three key growth
strategies:

  • Stabilize and then profitably grow North America soup and simple meals;
  • Expand the company’s international presence; and
  • Continue to drive growth in healthy beverages and baked snacks.

Morrison said, “To realize our strategic vision, we must fulfill a dual
mandate. We committed ourselves to work diligently and creatively to
expand into higher-growth spaces, to engage with new consumers and to
build our business in new geographies. But at the same time, it is
imperative that we maintain the strength of our core business and our
intense engagement−over many, many decades−with our loyal consumer base.”

In its U.S. Soup and Simple Meals business, Campbell is rebuilding
strength in the core and investing in innovation to maintain the appeal
and excitement of its brands with new recipes and line extensions that
provide taste adventure. Morrison said, “Our plans for stabilizing and
rebuilding the profitability of our Soup and Simple Meals business in
North America are working.”

Morrison also described efforts in other parts of the business,
including Healthy Beverages. Campbell plans to introduce “V8 V-Fusion
Refreshers,” a new line that offers a crisper, lighter taste for
consumers seeking greater refreshment. The company will continue to
build on its launch last fiscal year of “V8 V-Fusion + Energy,” a line
of energy drinks made with green tea, as well as new products to drive
continued growth in its Global Baking and Snacking business.

Morrison highlighted Campbell’s breakthrough innovation efforts as a key
driver for accelerated growth. This innovation process led to
“Campbell’s Go” soups and “Campbell’s” Skillet Sauces, introduced
earlier this fiscal year. The “Campbell’s” Skillet Sauces line
represents the first entrant in a platform of dinner sauces the company
has planned. While “Campbell’s” Skillet Sauces target the stovetop, the
next set of Campbell’s products in this range will feature slow cookers,
which are now in more than 80 percent of U.S. households and used to
prepare nearly 500 million meals per year. Sold in pouch packages, the
new line of “Campbell’s” Slow Cooker Sauces will be available later this
year in four to five varieties, including Sweet Korean BBQ.

Morrison noted that Campbell’s acquisition of Bolthouse Farms provides
the foundation for a new platform to accelerate growth, with its
market-leading positions in the super-premium beverages segment.
“Bolthouse Farms gives us strong credentials in the packaged fresh
category in the retail perimeter–a terrain much broader than beverages
and salad dressings. We’ve identified some very compelling opportunities
in this arena and we’re developing plans to pursue them,” said Morrison.
Packaged fresh is a $12 billion category with a growth rate estimated to
be six to seven percent–well ahead of the food industry average.

Morrison also discussed international expansion and the pursuit of
external development opportunities in priority markets in Asia and Latin
America to increase capabilities and build scale. This included
recently-announced agreements in Mexico with Grupo Jumex and Conservas
La Costeña to expand access to production and distribution capabilities
in that market for the company’s beverages, soups and sauces.

“We know that it will take time, patience and fortitude to fulfill our
strategic vision. We are under no illusions that this work will proceed
in a straight line,” concluded Morrison. “The progress we’ve made in the
past eighteen months has been highly gratifying.”

Morrison shared these details with investors and the news media at the
CAGNY conference today. A replay of the webcast of the presentation will
be available at investor.campbellsoupcompany.com approximately
two hours after the conclusion of the presentation.

About Campbell Soup Company

Campbell Soup Company is a manufacturer and marketer of high-quality
foods and simple meals, including soup and sauces, 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.” Through its corporate social responsibility
program, the company strives to make a positive impact in the workplace,
in the marketplace and in the communities in which it operates. Campbell
is a member of the Standard & Poor’s 500 and the Dow Jones
Sustainability Indexes. For more information, visit www.campbellsoupcompany.com.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect the
company’s current expectations about the impact of its future plans and
performance 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 impact of portfolio
changes, including the Bolthouse Farms acquisition; (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.

Source: Campbell Soup Company

Campbell Soup Company
Carla Burigatto (Media)
856-342-3737
or
Jennifer
Driscoll (Analysts / Investors)
856-342-6081