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Campbell Reports First Quarter Results.

Adjusted Net Earnings Per Share Were $0.77, an Increase of 10 Percent.CAMDEN, N.J., Nov 24, 2008 (BUSINESS WIRE) — –U.S. Soup Sales Increased 12 Percent.

Campbell Soup Company (NYSE:CPB) today reported net earnings for
the quarter ended November 2, 2008 of $260 million, or $0.71 per share,
compared to $270 million, or $0.70 per share, in the prior year. The
current quarter’s reported net earnings included charges associated with
previously announced restructuring initiatives and the impact of
an unrealized loss on the company’s commodity hedging activities.
Excluding all items impacting comparability, adjusted net
earnings were $281 million and adjusted net earnings per share were
$0.77 in the current quarter, an increase of 10 percent.

A detailed reconciliation of the adjusted fiscal 2009 and 2008 financial
information to the reported information is attached to this release.

The items impacting comparability of net earnings are summarized below:

                                                    First Quarter
                                                    2009                2008
(millions, except per share amounts)                Earnings   EPS      Earnings   EPS
Net earnings, as reported                           $    260   $ 0.71   $    270   $ 0.70
Continuing Operations
Earnings from continuing operations, as reported    $    260   $ 0.71   $    268   $ 0.69
Adjustment for restructuring related costs               5       0.01        -       -
Adjustment for unrealized loss on commodity hedges       16      0.04        -       -
Adjusted Earnings from continuing operations        $    281   $ 0.77*  $    268   $ 0.69
Discontinued Operations
Earnings from discontinued operations, as reported  $    -     $ -      $    2     $ 0.01
Adjusted Net earnings                               $    281   $ 0.77   $    270   $ 0.70
* Does not add due to rounding.

For the first quarter, sales increased 3 percent to $2.250 billion.
Sales growth for the quarter reflects the following factors:


Volume and mix added 1 percent


Price and sales allowances added 7 percent


Increased promotional spending subtracted 2 percent


Currency subtracted 1 percent


Divestitures subtracted 2 percent

Douglas R. Conant, Campbell’s President and Chief Executive Officer,
said, “We are off to a good start to the year. Our product innovations
and marketing efforts have resulted in strong top-line performance
across our U.S. soup portfolio. This was especially evident in our
condensed soup and broth businesses, both of which had double-digit
gains in the quarter. We also are encouraged by the successful launch
and early results of our new ‘Campbell’s Select Harvest’ and
‘Campbell’s’ ‘V8’ ready-to-serve soups.

“Beyond U.S. soup, we had strong performance in our U.S. sauces
business, although the growth of our U.S. beverage business slowed
compared to the rapid growth of the last several quarters. Pepperidge
Farm again delivered strong sales performance with ‘Goldfish’ and Baked
Naturals snack crackers. Arnott’s achieved significant growth in its
savory crackers business, and our European branded soup performance was
solid. In emerging markets, we continued to invest in our businesses in
Russia and China as we prepared to expand our operations in both
countries.”

Conant concluded, “We are pleased with our performance in today’s
challenging and uncertain economic environment. Campbell’s product
portfolio is well positioned in both good and tough economic times. As
consumers continue to seek value, they can choose a variety of
Campbell’s products to help them provide wholesome, affordable food.”

Fiscal 2009 Guidance

In September 2008, Campbell stated that for fiscal 2009 it
expected to deliver sales growth, excluding the negative impact of one
less week in the fiscal year and divestitures, in excess of its
long-term target range of between 3 and 4 percent; adjusted 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; and
growth in adjusted net earnings per share of between 5 and 7
percent from the fiscal 2008 adjusted base of $2.09.

Approximately 25 to 30 percent of Campbell’s sales and earnings come
from non-U.S. operations. On a currency neutral basis, Campbell expects
to deliver its previously announced targets. Notwithstanding the fact
that the company is making efforts to improve future performance, at
quarter-end rates of exchange, the company’s fiscal 2009 sales,
EBIT and EPS growth rates each would be negatively impacted by
approximately 5 percentage points as a result of currency translation.

First Quarter Financial Details


Gross margin was 38.7 percent compared to 40.8 percent a year ago. The
current year includes a $26 million unrealized loss on commodity
hedges and $7 million of costs related to initiatives to improve
operational efficiency and long-term profitability. After adjusting
for these items, gross margin for the quarter was 40.2 percent. The
decline in gross margin was primarily due to cost inflation in
excess of pricing.


Marketing and selling expenses increased to $307 million due to higher
advertising, mainly in the U.S. soup business, where the company
launched two new ready-to-serve soups, “Campbell’s Select Harvest” and
“Campbell’s” “V8.” Campbell also launched new “Swanson” cooking
stock and introduced new advertising for “Campbell’s” condensed
soups.


Net debt, or total debt minus cash and cash equivalents, was $2.693
billion compared to $2.737 billion a year ago, a decrease of $44
million.


Average diluted shares outstanding declined to 365 million from 388
million primarily due to repurchases utilizing net proceeds from the
divestiture of the Godiva business and Campbell’s strategic share
repurchase programs.


During the quarter, Campbell repurchased 3 million shares for $114
million under its June 2008 strategic share repurchase program
and the company’s ongoing practice of buying back shares sufficient to
offset shares issued under incentive compensation plans.

Summary of Fiscal 2009 First Quarter Results by Segment

U.S. Soup, Sauces and Beverages

Sales for U.S. Soup, Sauces and Beverages were $1.198 billion, an
increase of 9 percent compared to a year ago. The change in sales
reflects the following factors:


Volume and mix added 4 percent


Price and sales allowances added 8 percent


Increased promotional spending subtracted 3 percent

Total soup sales for the quarter increased 12 percent, compared to a 1
percent decline a year ago, driven by the following:


Sales of “Campbell’s” condensed soups increased 14 percent with strong
gains in both eating and cooking varieties, due in part to higher
promotional activity.


Sales of ready-to-serve soups increased 7 percent for the quarter due
to the successful launch of “Campbell’s Select Harvest” soups, which
was partially offset by declines in “Campbell’s Chunky” soups. Sales
also benefited from the introduction of “Campbell’s” “V8” soups.


Sales of Campbell’s convenience platform, which includes soup in
microwavable bowls and cups, increased primarily due to gains in bowls.


Broth sales increased 23 percent due to continued strong demand
for “Swanson” aseptically-packaged broth and the introduction of new
“Swanson” cooking stock.


“Wolfgang Puck” soups, broths and stocks, which Campbell acquired in
the fourth quarter of fiscal 2008, added approximately one point of
soup sales growth.

Further details of the sales results of this segment’s other businesses
include:


Beverage sales increased slightly following double-digit growth a year
ago. The increase was driven by the continued strong performance of
“V8 V-Fusion” juice partially offset by declines in “V8” vegetable
juice. Sales in the prior period benefited from the start of the
distribution agreement with The Coca-Cola Company and Coca-Cola
Enterprises Inc. for Campbell’s single-serve refrigerated beverages.


“Prego” pasta sauce sales increased double digits.


Sales of “Pace” Mexican sauces also increased double digits
due to the successful launch of a line of
specialty salsas.

Operating earnings were $314 million compared to $309 million in the
prior-year period. The increase in operating earnings was due to higher
sales and productivity gains, partially offset by cost inflation and
higher advertising expenses.

Baking and Snacking

Sales for Baking and Snacking were $509 million, a decrease of 4 percent
from a year ago. A breakdown of the change in sales follows:


Volume and mix subtracted 1 percent


Price and sales allowances added 8 percent


Increased promotional spending subtracted 2 percent


Currency subtracted 2 percent


Divestitures subtracted 7 percent

Further details of sales results include the following:


Pepperidge Farm achieved sales growth with gains in the cookies and
crackers and bakery businesses.


In the cookies and crackers business, sales were driven by gains
in “Goldfish” snack crackers and the introduction of Baked
Naturals, an adult savory snack cracker, which were partially
offset by a decline in cookies.


The bakery business also delivered solid sales growth behind
whole-grain breads and stuffing.


As reported, Arnott’s sales declined due to the divestiture of certain
salty snack foods brands in May 2008 and the unfavorable impact of
currency. Excluding these items, sales increased due to significant
growth in savory crackers, partially offset by a decline in chocolate
biscuits.


Sales of biscuits in Indonesia grew strongly.

Operating earnings were $83 million compared with $72 million in the
prior-year period. The increase in operating earnings was driven
by growth in Arnott’s and Pepperidge Farm, partially offset by the
unfavorable impact of currency.

International Soup, Sauces and Beverages

Sales for International Soup, Sauces and Beverages were $380 million, a
decrease of 3 percent compared to a year ago. The change in sales
reflects the following factors:


Volume and mix subtracted 1 percent


Price and sales allowances added 3 percent


Increased promotional spending subtracted 1 percent


Currency subtracted 2 percent


Divestitures subtracted 2 percent

Further details of sales results include the following:


In Europe, sales increased as gains in France and Belgium were
partially offset by the divestiture of the company’s French
sauce and mayonnaise business in September 2008 and the planned exit
of the private label business in Germany. Across Europe, sales of
branded wet soup increased.


In Asia Pacific, sales increased primarily due to gains in Malaysia
and Australia.


In Canada, sales declined primarily due to the unfavorable impact of
currency and a decline in the beverage business.

Operating earnings were $38 million compared to $51 million in the
year-ago period. The decline in operating earnings was due to the
incremental cost to establish businesses in Russia
and China, a decline in the Canadian business and
the unfavorable impact of currency.

North America Foodservice

Sales were $163 million, a decrease of 2 percent compared to a year ago.
A breakdown of the change in sales follows:


Volume and mix subtracted 6 percent


Price and sales allowances added 6 percent


Increased promotional spending subtracted 1 percent


Currency subtracted 1 percent

Excluding the impact of currency, sales declined primarily due to the
negative impact from discontinuing certain unprofitable products and
weakness in the food service sector.

Operating earnings were $11 million compared to operating earnings of
$24 million in the prior period. The current year included $7 million in
accelerated depreciation and other exit costs related to the
previously announced restructuring program. The remaining decline in
operating earnings was primarily due to lower volumes.

Unallocated Corporate Expenses

Unallocated corporate expenses increased from $28 million a year ago to
$47 million in the current quarter. The increase was due to a $26
million unrealized loss on commodity hedging included in the current
year, partially offset by lower expenses related to the company’s ongoing
SAP implementation in North America and gains
recognized on foreign currency hedging transactions. Beginning in fiscal
2009, unrealized gains and losses on commodity hedging activities are
excluded from segment operating earnings and recorded in unallocated
corporate expenses as these open positions represent hedges of future
purchases. Upon closing of the contracts, the realized gain or loss will
be transferred to segment operating earnings. This allows the segments
to reflect the economic effects of the hedge without exposure to
quarterly volatility of unrealized gains and losses. In prior periods,
unrealized gains and losses on commodity hedging activities were not
material.

Non-GAAP Financial Information

A reconciliation of the adjusted fiscal 2009 and 2008 financial
information to the reported financial information is attached to this
release and can also be found on the company’s website at www.campbellsoupcompany.com
in the “Investor Center” section.

Conference Call

The company will host a conference call to discuss these results on
November 24, 2008 at 10:00 a.m. Eastern Standard Time. U.S. participants
may access the call at 1-866-835-8908 and non-U.S. participants at
1-703-639-1415. Participants should call at least five minutes prior to
the starting time. The passcode is “Campbell Soup” and the conference
leader is Len Griehs. The call will also be broadcast live over the
Internet at www.campbellsoupcompany.com
and can be accessed by clicking on the “Shareholder Event / Webcast”
banner. A recording of the call will be available approximately two
hours after it is completed through midnight December 1, 2008 at
1-888-266-2081 or 1-703-925-2533. The access code is 1305905.

Reporting Segments

Campbell Soup Company earnings results are reported for the following
segments:

U.S. Soup, Sauces and Beverages includes the following retail
businesses: “Campbell’s” brand condensed and ready-to-serve soups,
“Swanson” broth and canned poultry businesses, “Prego” pasta sauce,
“Pace” Mexican sauce, “Campbell’s Chunky” chili, “Campbell’s” canned
pasta, gravies and beans, “V8” vegetable juices, “V8 V-Fusion” juices,
“V8 Splash” juice beverages, “Campbell’s” tomato juice, and “Wolfgang
Puck” soups, stocks and broths.

Baking and Snacking includes the following businesses:
“Pepperidge Farm” cookies, crackers, breads and frozen products in U.S.
retail, “Arnott’s” biscuits in Australia and Asia Pacific, and
“Arnott’s” salty snacks in Australia.

International Soup, Sauces and Beverages includes the soup, sauce
and beverage businesses outside of the United States, including Europe,
Mexico, Latin America, the Asia Pacific region, as well as the
emerging markets of Russia and China, and the retail business in
Canada.

North America Foodservice includes the Away From Home
business in the U.S. and Canada.

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.

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, pricing, share repurchase, new product introductions and
innovation, cost-saving initiatives, quality improvements, inflation,
commodity hedging, 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.

CAMPBELL SOUP COMPANY CONSOLIDATED
STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)
                                                         THREE MONTHS ENDED
                                                         November 2,      October 28,
                                                         2008             2007
Net sales                                                $    2,250       $     2,185
Costs and expenses
Cost of products sold                                         1,379             1,293
Marketing and selling expenses                                307               296
Administrative expenses                                       140               141
Research and development expenses                             29                27
Other income                                                  (4    )           -
Total costs and expenses                                      1,851             1,757
Earnings before interest and taxes                            399               428
Interest, net                                                 32                42
Earnings before taxes                                         367               386
Taxes on earnings                                             107               118
Earnings from continuing operations                           260               268
Earnings from discontinued operations                         -                 2
Net earnings                                             $    260         $     270
Per share - basic
Earnings from continuing operations                      $    .73         $     .71
Earnings from discontinued operations                         -                 .01
Net earnings                                             $    .73         $     .71
Dividends                                                $    .25         $     .22
Weighted average shares outstanding - basic                   357               379
Per share - assuming dilution
Earnings from continuing operations                      $    .71         $     .69
Earnings from discontinued operations                         -                 .01
Net earnings                                             $    .71         $     .70
Weighted average shares outstanding - assuming dilution       365               388
In fiscal 2009, the company recorded pre-tax restructuring related
costs in cost of products sold of $7 ($5 after tax or $.01 per
share) related to the initiatives announced in April 2008 to improve
operational efficiency.
In fiscal 2009, the company recognized $26 ($16 after tax or $.04
per share) in cost of products sold related to an unrealized loss on
commodity hedges.
The sum of the individual per share amounts does not equal due to
rounding.
CAMPBELL SOUP COMPANY CONSOLIDATED
SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)
                                          THREE MONTHS ENDED
                                          November 2,      October 28,      Percent
Sales                                     2008             2007             Change
Contributions:
U.S. Soup, Sauces and Beverages           $    1,198       $    1,097       9    %
Baking and Snacking                            509              532         (4   %)
International Soup, Sauces and Beverages       380              390         (3   %)
North America Foodservice                      163              166         (2   %)
Total sales                               $    2,250       $    2,185       3    %
Earnings
Contributions:
U.S. Soup, Sauces and Beverages           $    314         $    309
Baking and Snacking                            83               72
International Soup, Sauces and Beverages       38               51
North America Foodservice                      11               24
Total operating earnings                       446              456
Unallocated corporate expenses                 (47   )          (28   )
Earnings before interest and taxes             399              428
Interest, net                                  (32   )          (42   )
Taxes on earnings                              (107  )          (118  )
Earnings from continuing operations            260              268
Earnings from discontinued operations          -                2
Net earnings                              $    260         $    270
Per share - assuming dilution
Earnings from continuing operations       $    .71         $    .69
Earnings from discontinued operations          -                .01
Net earnings                              $    .71         $    .70
In fiscal 2009, the company recorded pre-tax restructuring related
costs in cost of products sold of $7 ($5 after tax or $.01 per
share) related to the initiatives announced in April 2008 to improve
operational efficiency. The restructuring related costs were
recognized in the North America Foodservice segment.
In fiscal 2009, the company recognized $26 ($16 after tax or $.04
per share) in cost of products sold related to an unrealized loss on
commodity hedges. The loss is included in Unallocated corporate
expenses.
CAMPBELL SOUP COMPANY CONSOLIDATED
BALANCE SHEETS (unaudited)
(millions)
                                           November 2,  October 28,
                                           2008         2007
Current assets                             $     1,916  $     2,018
Plant assets, net                                1,776        2,064
Intangible assets, net                           2,217        2,598
Other assets                                     287          378
Total assets                               $     6,196  $     7,058
Current liabilities                        $     2,439  $     2,612
Long-term debt                                   1,635        1,773
Other liabilities                                1,051        1,168
Shareowners' equity                              1,071        1,505
Total liabilities and shareowners' equity  $     6,196  $     7,058
Total debt                                 $     2,756  $     2,814
Cash and cash equivalents                  $     63     $     77
Net debt                                   $     2,693  $     2,737

Reconciliation of GAAP and Non-GAAP Financial Measures

First Quarter Ended November 2, 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.

Net Debt

The company believes that net debt is a non-GAAP measure that provides
additional meaningful comparisons between the company’s financial
position at November 2, 2008 and October 28, 2007, and also a useful
perspective on the financial condition of the business. Interest income
earned on cash and cash equivalents partially offsets interest expense
on debt. Cash and cash equivalents are available to repay outstanding
debt upon maturity.

The table below summarizes information on total debt and cash and cash
equivalents:

(millions)                       November 2, 2008  October 28, 2007
Current notes payable            $     1,121       $     1,041
Long-term debt                         1,635             1,773
Total debt                       $     2,756       $     2,814
Less: Cash and cash equivalents        (63   )           (77   )
Net debt                         $     2,693       $     2,737

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:

(1) In the first quarter of 2009, the company recognized in cost of
products sold a $26 million ($16 million after tax or $0.04 per share)
unrealized loss on the fair value of open commodity futures contracts.
Beginning in fiscal 2009, unrealized gains and losses on commodity
hedging activities are excluded from segment operating earnings and are
recorded in unallocated corporate expenses as these open positions
represent hedges of future purchases. Upon closing of the contracts, the
realized gain or loss is transferred to segment operating earnings,
which allows the segments to reflect the economic effects of the hedge
without exposure to quarterly volatility of unrealized gains and losses.
The volatility associated with the unrealized gains or losses will be
treated as an item impacting comparability. In prior periods, unrealized
gains and losses on commodity hedging were not material.

(2) 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. In the first quarter of fiscal 2009, the
company recorded expenses of $7 million ($5 million after tax or $0.01
per share) in cost of products sold related to these initiatives. 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.

(3) 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.

(4) 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 business.

The tables below reconcile financial information, presented in
accordance with GAAP, to financial information excluding certain
transactions:

(millions, except per share amounts)                               First Quarter
                                                                   Nov. 2, 2008    Oct. 28, 2007   % Change
Earnings before interest and taxes, as reported                    $    399        $    428
Add: Unrealized loss on commodity hedges (1)                            26              -
Add: Restructuring related costs (2)                                    7               -
Adjusted Earnings before interest and taxes                        $    432        $    428        1        %
Interest, net, as reported                                         $    32         $    42
Adjusted Earnings before taxes                                     $    400        $    386
Taxes on earnings, as reported                                     $    107        $    118
Add: Tax benefit from unrealized loss on commodity hedges (1)           10              -
Add: Tax benefit from restructuring related costs (2)                   2               -
Adjusted Taxes on earnings                                         $    119        $    118
Adjusted effective income tax rate                                      29.8 %          30.6 %
Earnings from continuing operations, as reported                   $    260        $    268
Add: Net adjustment from unrealized loss on commodity hedges (1)        16              -
Add: Net adjustment from restructuring related costs (2)                5               -
Adjusted Earnings from continuing operations                       $    281        $    268        5        %
Earnings from discontinued operations, as reported                 $    -          $    2
Adjusted Net earnings                                              $    281        $    270        4        %
Diluted earnings per share - continuing operations, as reported    $    0.71       $    0.69
Add: Net adjustment from unrealized loss on commodity hedges (1)        0.04            -
Add: Net adjustment from restructuring related costs (2)                0.01            -
Adjusted Diluted earnings per share - continuing operations *      $    0.77       $    0.69       12       %
Diluted earnings per share - discontinued operations, as reported  $    -          $    0.01
Diluted net earnings per share, as reported                        $    0.71       $    0.70
Add: Net adjustment from unrealized loss on commodity hedges (1)        0.04            -
Add: Net adjustment from restructuring related costs (2)                0.01            -
Adjusted Diluted net earnings per share *                          $    0.77       $    0.70       10       %

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

(millions, except per share amounts)
                                                                      Year Ended
                                                                      Aug. 3, 2008
Earnings before interest and taxes, as reported                       $       1,098
Add: Restructuring charges and related costs (2)                              182
Adjusted Earnings before interest and taxes                           $       1,280
Interest, net, as reported                                            $       159
Adjusted Earnings before taxes                                        $       1,121
Taxes on earnings, as reported                                        $       268
Add: Tax benefit from restructuring charges and related costs (2)             75
Add: Tax benefit from resolution of a state tax contingency (3)               13
Adjusted Taxes on earnings                                            $       356
Adjusted effective income tax rate                                            31.8    %
Earnings from continuing operations, as reported                      $       671
Add: Net adjustment from restructuring charges and related costs (2)          107
Deduct: Benefit from resolution of a state tax contingency (3)                (13     )
Adjusted Earnings from continuing operations                          $       765
Earnings from discontinued operations, as reported                    $       494
Deduct: Gain on sale of the Godiva Chocolatier business (4)                   (462    )
Adjusted Earnings from discontinued operations                        $       32
Adjusted Net earnings                                                 $       797
Diluted earnings per share - continuing operations, as reported       $       1.76
Add: Net adjustment from restructuring charges and related costs (2)          0.28
Deduct: Benefit from resolution of state tax contingency (3)                  (0.03   )
Adjusted Diluted earnings per share - continuing operations           $       2.01
Diluted earnings per share - discontinued operations, as reported     $       1.30
Deduct: Gain on sale of the Godiva Chocolatier business (4)                   (1.21   )
Adjusted Diluted earnings per share - discontinued operations *       $       0.08
Diluted net earnings per share, as reported                           $       3.06
Add: Net adjustment from restructuring charges and related costs (2)          0.28
Deduct: Benefit from resolution of a state tax contingency (3)                (0.03   )
Deduct: Gain on sale of the Godiva Chocolatier business (4)                   (1.21   )
Adjusted Diluted net earnings per share*                              $       2.09

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

SOURCE: Campbell Soup Company

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