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Campbell Raises First Quarter Earnings Estimate

CAMDEN, N.J., Oct 30, 2001 /PRNewswire via COMTEX/ — Campbell Soup Company
(NYSE: CPB) today raised its earnings estimate for the fiscal 2002 first quarter
ended October 28, 2001. On September 6, 2001, the company said that it expected
diluted earnings per share to be between $.33-$.36 for the quarter before
continuing special charges associated with the previously announced
reconfiguration of manufacturing operations in Australia. The company now
expects diluted earnings per share for the first quarter to be between
$.40-$.42, excluding these special charges.

(Photo: http://www.newscom.com/cgi-bin/prnh/20010129/HSM035LOGO )

Campbell said the revised earnings estimate is principally the result of
stronger than expected shipments of U.S. soup and sauce products resulting from
positive consumer trends. During the period following September 11, 2001, the
company experienced a significant increase in consumer purchases of U.S. soup
and sauces.

Marketing investments for the quarter were up significantly, consistent with the
company’s July 27, 2001 announcement that marketing investments in the fiscal
year would be increased by 15 percent, or $200 million. The company expects this
increased investment to continue throughout the year and is maintaining its
previous earnings estimate of approximately $1.30 per share.

As scheduled, the company will release its first quarter earnings on November
14, 2001. A conference call to discuss the results will be held the same day at
10:00 a.m. Eastern Standard Time.

Forward-Looking Statements

This release contains “forward-looking statements” which reflect the company’s
current expectations about its future performance. These forward-looking
statements rely on a number of assumptions and estimates which could be
inaccurate and which are subject to risks and uncertainties. These include, but
are not limited to, the inherent risks associated with trade and consumer
acceptance of product improvements and new product introductions, the
effectiveness of promotional programs and new advertising, the company’s ability
to achieve its cost savings objectives, uncertainty relating to the prediction
of trade inventory movements by trade customers, and other factors described in
the company’s most recent Form 10-K as updated from time to time by the company
in its subsequent filings with the Securities and Exchange Commission. Actual
results could vary materially from those anticipated or expressed in any
forward-looking statement made by the company. 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.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of high quality
soup, sauces, beverage, biscuits, confectionery and prepared food products. The
company owns a portfolio of more than 20 market-leading businesses each with
more than $100 million in sales. They include “Campbell’s” soups worldwide,
“Erasco” soups in Germany and “Liebig” soups in France, “Pepperidge Farm”
cookies and crackers, “V8” and “V8 Splash” juices, “Pace” Mexican sauces,
“Prego” Italian sauces, “Franco-American” pastas and gravies, “Swanson” broths,
“Homepride” sauces in the United Kingdom, “Arnott’s” biscuits in Australia and
“Godiva” chocolates around the world. The company also owns dry soup and sauce
businesses in Europe under the “Batchelors,” “Oxo,” “Lesieur,” “Royco,”
“Liebig,” “Heisse Tasse,” “Bla Band” and “McDonnells” brands. The company is
ably supported by 24,000 employees worldwide. For more information on the
company, visit Campbell’s website on the Internet at www.campbellsoup.com.

SOURCE Campbell Soup Company

CONTACT:          Jerry Buckley (Media), +1-856-342-6007, or Leonard F. Griehs
(Analysts), +1-856-342-6428, both of Campbell Soup
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010129/HSM035LOGO
PRN Photo Desk, 888-776-6555 or 212-782-2840

URL: http://www.campbellsoup.com
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