caret-down

Campbell Reports Fourth Quarter and Fiscal 2004 Earnings

CAMDEN, N.J.–(BUSINESS WIRE)–Sept. 13, 2004–Campbell Soup
Company (NYSE:CPB) today reported diluted earnings per share for the
fourth quarter ended August 1, 2004 of $.14, compared to $.18 recorded
in the year-ago quarter. Comparability of earnings per share in the
quarter was impacted by a gain of $.02 related to the sale of an idle
manufacturing plant in California and a charge of $.05 related to the
restructuring announced in June. Excluding these two items, earnings
were $.17 per share.

For the quarter, net sales decreased 2 percent to $1,433 million,
reflecting the following factors:

    --  Volume and mix added 4 percent

    --  Price added 1 percent

    --  Increased promotional spending subtracted 2 percent

    --  Currency added 2 percent

    --  One less week in the quarter subtracted 7 percent

Excluding the impact of one less week in the quarter compared to
fiscal 2003, net sales were up 5 percent.

Net earnings for the fourth quarter of fiscal 2004 were $59
million versus $74 million a year earlier. This year’s fourth quarter
includes a $6 million after-tax gain from the sale of the idle
manufacturing site and a $22 million after-tax charge related to the
restructuring announced by the company in June.

For the fiscal 2004 year, the company reported diluted earnings
per share of $1.57 compared to $1.52 for the prior year, before the
cumulative effect of accounting change. In fiscal 2004, comparability
of net earnings was impacted by a $.02 per share gain from the
settlement of a class action suit, a $.02 per share gain from the sale
of property, and a $.05 per share charge for restructuring. Excluding
these items, earnings were $1.58 per share.

For the year, net sales increased 6 percent to $7,109 million,
reflecting the following factors:

    --  Volume and mix added 2 percent

    --  Price added 2 percent

    --  Currency added 4 percent

    --  One less week in the fiscal year subtracted 2 percent

Excluding the impact of one less week in the year compared to
fiscal 2003, net sales were up 8 percent.

Net earnings for fiscal 2004 were $647 million versus $626 million
for the prior year, before the cumulative effect of accounting change.
In fiscal 2004, net earnings included a $10 million after-tax gain
associated with the class action suit, a $6 million after-tax gain
from the sale of property, and a $22 million after-tax charge for the
restructuring.

In addition, the company reported cash flow from operations of
$744 million compared with $873 million last year. This decline was
primarily due to higher working capital requirements of approximately
$150 million and a $50 million contribution to a U.S. pension fund,
partially offset by an increase in earnings. Capital expenditures for
fiscal 2004 were $288 million, slightly higher than the $283 million
of a year ago.

Douglas R. Conant, Campbell’s President and Chief Executive
Officer, said, “Our sales on a comparable basis in the fourth quarter
of fiscal 2004 were strong and we have good momentum as we begin the
new fiscal year. We have demonstrated that we can grow the top line
across our key segments, including soup, beverages, biscuits and
confectionery. As anticipated, in the U.S. our investment this year in
quality, convenience packaging, and more focused marketing helped us
to maintain substantial growth in our ready-to-serve soup business and
to moderate the decline in condensed soup sales.”

Conant continued, “The restructuring we announced in June will
enable us to achieve tighter control of costs and will help to improve
margins. While we still have challenges to address, our plans to
deliver quality growth will enable us to win with our customers and
consumers in 2005 and beyond.”

For fiscal year 2005, the company expects earnings per share to
increase between 5 and 7 percent, excluding restructuring charges,
from the adjusted fiscal year 2004 base of $1.58.

    Summary of Fiscal 2004 Results by Segment

    North America Soup and Away From Home

Sales for North America Soup and Away From Home were $2,699
million, a 4 percent increase compared with a year ago. A breakdown of
the change in sales follows:

    --  Volume and mix added 1 percent

    --  Price added 3 percent

    --  Increased promotional spending subtracted 1 percent

    --  Currency added 2 percent

    --  One less week in the fiscal year subtracted 1 percent

Excluding the impact of one less week in the year, net sales rose
5 percent compared to fiscal 2003.

    Further details of sales results include the following:

    --  U.S. ready-to-serve soup sales for fiscal 2004 increased 8
        percent on a shipment increase of 6 percent. Investments in
        higher quality products, convenience packaging and integrated
        marketing are driving top line growth. The "M'm! M'm! Good! To
        Go" convenience platform was the primary driver of sales
        growth. This includes Campbell's "Soup At Hand" sippable
        soups, which more than doubled sales versus a year ago, as
        well as "Campbell's Chunky" and "Campbell's Select" soups in
        microwavable bowls.

    --  U.S. condensed soup sales declined 2 percent for the year on
        shipment declines of 4 percent. "Campbell's" condensed eating
        soups grew sales, led by "Campbell's" Chicken Noodle soup,
        which delivered strong performance driven by an integrated
        kids marketing program. This growth was offset by declines in
        cooking soups. Fiscal 2004 saw substantial progress in the
        installation of new gravity-feed shelving for condensed soup.
        Over 8,700 units are now installed, and plans call for an
        additional 2,300 units to be in place this fall.

    --  U.S. broth sales increased 6 percent, while shipments
        increased 5 percent, with gains in both cans and aseptically
        packaged "Swanson" broth.

    --  For the balance of the segment, sales in Canada increased due
        to currency, while Away From Home sales grew slightly,
        primarily due to strong sales of refrigerated soups.

For fiscal 2004, operating earnings of $602 million were down 5
percent compared to the previous year. This decline included a $7
million restructuring charge, which negatively impacted earnings by 1
percent. Earnings were also negatively impacted by costs associated
with quality improvements, higher inflation, trade promotion, and
product mix. These were partially offset by higher selling prices and
productivity improvements.

North America Sauces and Beverages

North America Sauces and Beverages sales were even with last year
at $1,246 million. A breakdown of the change in sales follows:

    --  Volume and mix added 1 percent

    --  Reduced promotional spending added 1 percent

    --  One less week in the fiscal year subtracted 2 percent

Excluding the impact of one less week in the year, net sales rose
2 percent compared to fiscal 2003.

    Further details of sales results include the following:

    --  Campbell's beverage businesses had an outstanding year, led by
        sales growth of "V8" vegetable juice. Stronger advertising,
        more efficient trade spending, and favorable consumer trends
        toward wellness enabled "V8" vegetable juice to achieve record
        sales levels. "Campbell's" Organic Tomato Juice was launched
        as the company's first certified organic product.

    --  "Prego" pasta sauce sales declined primarily due to the impact
        of lower sales in the dry pasta category. Performance improved
        in the second half of the year.

    --  "Pace" Mexican sauces were even with the previous year.

    --  Mexico achieved good sales growth.

For fiscal 2004, operating earnings of $268 million were down 7
percent compared to the previous year. The decline in operating
earnings included a restructuring charge of $3 million, which accounts
for 1 percent of the decrease. Other factors in the decline included
higher costs associated with new product introductions and inflation,
partially offset by productivity improvements.

Biscuits and Confectionery

Sales for Biscuits and Confectionery were $1,982 million, a 12
percent increase compared with a year ago. A breakdown of the change
in sales follows:

    --  Volume and mix added 4 percent

    --  Price added 2 percent

    --  Increased promotional spending subtracted 1 percent

    --  Acquisitions added 2 percent

    --  Currency added 7 percent

    --  One less week in the fiscal year subtracted 2 percent

Excluding the impact of one less week in the year, net sales rose
14 percent compared to fiscal 2003.

    Further details of sales results include the following:

    --  The Pepperidge Farm "Goldfish" snacks business continued its
        strong growth driven by gains in mass merchandisers and the
        introduction of new varieties, including new "Goldfish"
        sandwich snackers and trans-fat free "Goldfish" Crisps. The
        Mini Distinctive cookie varieties, which include mini "Milano"
        and "Nantucket" cookies, were successfully launched. Fresh
        bread sales also increased primarily due to the introduction
        of "Pepperidge Farm" Carb Style breads and rolls, as well as
        good growth in the sales of bagels and English muffins.

    --  Arnott's delivered strong sales results driven by improved
        performance in biscuits. The Australian Snackfoods business,
        behind strong incremental marketing investment, improved
        marketplace performance in a highly competitive environment.

    --  Godiva Chocolatier's worldwide sales improved, driven by solid
        growth in North American retail same store sales and increased
        sales in duty free stores.

For fiscal 2004, operating earnings increased 2 percent to $216
million, with currency translation accounting for 8 percentage points
of the growth. Operating earnings included a $12 million restructuring
charge, which negatively impacted earnings growth by 6 percentage
points. Earnings growth at Pepperidge Farm, Arnott’s, and Godiva was
offset by a decline in earnings in the Australian Snackfoods business.

International Soup and Sauces

International Soup and Sauces sales were $1,182 million, an
increase of 12 percent compared to a year ago. A breakdown of the
change in sales follows:

    --  Volume and mix added 2 percent

    --  Currency added 12 percent

    --  One less week in the fiscal year subtracted 2 percent

Excluding the impact of one less week in the year, net sales rose
14 percent compared to fiscal 2003.

    Further details of sales results include the following:

    --  Sales gains were achieved in France, Belgium and the Asia
        Pacific region, partially offset by sales declines in the U.K.
        and Germany.

    --  In the U.K., "Batchelors Cup-A-Soup" dry soup and "Batchelors
        Supernoodles" ramen noodles achieved good growth, which was
        more than offset by declines in wet soups and sauces.

    --  In Europe, aseptically packaged soups, sold under the "Liebig"
        brand in France and the "Campbell's" brand in Belgium,
        achieved good growth.

    --  In Asia Pacific, soups had strong sales growth driven by
        increased volume in Australia, with strong performances by
        both Campbell's "Country Ladle" and "Chunky" brands.

For fiscal 2004, operating earnings increased 5 percent to $135
million. Operating earnings included restructuring charges of $9
million, which negatively impacted earnings growth by 7 percentage
points. The remaining change in earnings is primarily due to favorable
currency translation.

Non-GAAP Financial Information

This release presents Campbell’s reported financial results. In
discussing these results, this release also refers to certain non-GAAP
financial measures. As required by the SEC, the company has provided a
reconciliation of those measures to the most directly comparable GAAP
measures with this release and 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 September 13, 2004 at 10:00 a.m. Eastern Standard Time. U.S.
participants may access the call at 1-888-791-6044 and non-U.S.
participants at 1-517-308-9004. Participants should call at least five
minutes prior to the starting time. The passcode is Campbell Soup. 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 Webcast banner. A recording of the call will be
available approximately two hours after it is completed through
midnight September 17, 2004 at 1-800-964-3292 or 1-402-998-1011.

Forward-Looking Statements

This release contains “forward-looking statements” which 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, cost-saving
initiatives and quality improvement on sales, earnings and margins.
These forward-looking statements rely on a number of assumptions and
estimates which 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.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality soup, sauce, beverage, biscuit, confectionery and
prepared food products. The Company is 135 years old, with over $7
billion in annual sales and a portfolio of more than 20 market-leading
brands. In North America, leading brands include “Campbell’s” soups,
“Swanson” broths, “Pepperidge Farm” cookies, crackers, breads and
frozen products, “V8” vegetable juices, “V8 Splash” juice beverages,
“Pace” Mexican sauces, and “Prego” pasta sauces. In Europe, leading
brands include “Erasco” soups in Germany and “Liebig” soups in France,
and several dry soup and sauce brands: “Batchelors,” “Oxo,” “Lesieur,”
“Royco,” “Liebig,” “Heisse Tasse,” “Bla Band,” “Erin,” and
“McDonnells.” Additional European brands include “Homepride” sauces
and “Fray Bentos” canned meats in the United Kingdom, and “Devos
Lemmens” mayonnaise and cold sauces in Belgium and France. In the Asia
Pacific region, the company markets “Arnott’s” biscuits, “Campbell’s”
soups, and “Swanson” broths. “Godiva” chocolates are sold around the
world. Approximately 25,000 employees ably support the company around
the world. For more information on the company, visit Campbell’s
website on the Internet at www.campbellsoupcompany.com.

                  CAMPBELL SOUP COMPANY CONSOLIDATED
                        STATEMENTS OF EARNINGS
                 (millions, except per share amounts)


                                               THREE MONTHS ENDED
                                               ------------------
                                             August 1,     August 3,
                                               2004          2003
                                           ------------- -------------

Net sales                                  $      1,433  $      1,455
                                           ------------- -------------

Costs and expenses
    Cost of products sold                           872           858
    Marketing and selling expenses                  242           278
    Administrative expenses                         142           128
    Research and development expenses                28            25
    Other(income)/expenses                          (12)           11
    Restructuring charge                             32             -
                                           ------------- -------------
Total costs and expenses                          1,304         1,300
                                           ------------- -------------

Earnings before interest and taxes                  129           155
    Interest, net                                    43            45
                                           ------------- -------------
Earnings before taxes                                86           110

Taxes on earnings                                    27            36
                                           ------------- -------------
Net earnings                               $         59  $         74
                                           ============= =============

Per share - basic
  Net earnings                             $        .14  $        .18
                                           ============= =============

  Dividends                                $      .1575  $      .1575
                                           ============= =============

Weighted average shares outstanding
  - basic                                           409           411
                                           ============= =============


Per share - assuming dilution
  Net earnings                             $        .14  $        .18
                                           ============= =============

Weighted average shares outstanding
  - assuming dilution                               412           411
                                           ============= =============


The period ended August 1, 2004 had 13 weeks. The period ended
August 3, 2003 had 14 weeks.




                  CAMPBELL SOUP COMPANY CONSOLIDATED
                        STATEMENTS OF EARNINGS
                 (millions, except per share amounts)


                                               TWELVE MONTHS ENDED
                                               -------------------
                                             August 1,     August 3,
                                               2004          2003
                                           ------------- -------------

Net sales                                  $      7,109  $      6,678
                                           ------------- -------------

Costs and expenses
    Cost of products sold                         4,187         3,805
    Marketing and selling expenses                1,153         1,145
    Administrative expenses                         542           507
    Research and development expenses                93            88
    Other(income)/expenses                          (13)           28
    Restructuring charge                             32             -
                                           ------------- -------------
Total costs and expenses                          5,994         5,573
                                           ------------- -------------

Earnings before interest and taxes                1,115         1,105
     Interest, net                                  168           181
                                           ------------- -------------
Earnings before taxes                               947           924

Taxes on earnings                                   300           298
                                           ------------- -------------
Earnings before cumulative
  effect of accounting change                       647           626
Cumulative effect of accounting change                -           (31)
                                           ------------- -------------
Net earnings                               $        647  $        595
                                           ============= =============

Per share - basic
   Earnings before cumulative
     effect of accounting change           $       1.58  $       1.52
   Cumulative effect of accounting change             -          (.08)
                                           ------------- -------------
   Net earnings                            $       1.58  $       1.45
                                           ============= =============

   Dividends                               $        .63  $        .63
                                           ============= =============

Weighted average shares outstanding
  - basic                                           409           411
                                           ============= =============


Per share - assuming dilution
   Earnings before cumulative
     effect of accounting change           $       1.57  $       1.52
   Cumulative effect of accounting change             -          (.08)
                                           ------------- -------------
   Net earnings                            $       1.57  $       1.45
                                           ============= =============

Weighted average shares outstanding
  - assuming dilution                               412           411
                                           ============= =============


In connection with the adoption of Statement of Financial Accounting
Standards No. 142 "Goodwill and Other Intangible Assets," the company
recognized a non-cash charge of $31 (net of a $17 tax benefit) as a
cumulative effect of accounting change for the write-down of goodwill
of one business unit in the first quarter of fiscal 2003.

Fiscal 2004 had 52 weeks. Fiscal 2003 had 53 weeks.




                  CAMPBELL SOUP COMPANY CONSOLIDATED
             SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS
                 (millions, except per share amounts)


                                               THREE MONTHS ENDED
                                               ------------------
                                           August 1, August 3, Percent
Sales                                        2004      2003    Change
-----                                      --------- --------- -------
Contributions:
   North America Soup and Away
    From Home                                  $422      $436      -3%
   North America Sauces and
    Beverages                                   294       326     -10%
   Biscuits and Confectionery                   460       444       4%
   International Soup and
    Sauces                                      257       249       3%
                                           --------- ---------
    Total sales                              $1,433    $1,455      -2%
                                           ========= =========





Earnings
--------
Contributions:
   North America Soup and Away
    From Home                                   $48       $71     -32%
   North America Sauces and
    Beverages                                    52        69     -25%
   Biscuits and Confectionery                    43        45      -4%
   International Soup and
    Sauces                                       23        31     -26%
                                           --------- ---------
       Total operating earnings                 166       216     -23%
       Unallocated corporate expenses           (37)      (61)
                                           --------- ---------

Earnings before interest
 and taxes                                      129       155     -17%
Interest, net                                   (43)      (45)
Taxes on earnings                               (27)      (36)
                                           --------- ---------
     Net earnings                               $59       $74     -20%
                                           ========= =========

Net earnings per share -
 assuming dilution                             $.14      $.18     -22%
                                           ========= =========


Earnings contributions by segment include the effect of a fourth
quarter 2004 restructuring charge of $32 pre-tax ($22 after tax or
$.05 per share) as follows: North America Soup and Away From Home $7,
North America Sauces and Beverages $3, Biscuits and Confectionery $12,
International Soup and Sauces $9 and Corporate Unallocated $1.

The period ended August 1, 2004 had 13 weeks.  The period ended
August 3, 2003 had 14 weeks.




                  CAMPBELL SOUP COMPANY CONSOLIDATED
             SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS
                 (millions, except per share amounts)


                                               TWELVE MONTHS ENDED
                                               -------------------
                                           August 1, August 3, Percent
Sales                                        2004      2003    Change
-----                                      --------- --------- -------
Contributions:
   North America Soup and Away
    From Home                              $  2,699  $  2,606       4%
   North America Sauces and
    Beverages                                 1,246     1,246       0%
   Biscuits and Confectionery                 1,982     1,774      12%
   International Soup and
    Sauces                                    1,182     1,052      12%
                                           --------- ---------
    Total sales                            $  7,109  $  6,678       6%
                                           ========= =========





Earnings
--------
Contributions:
   North America Soup and Away
    From Home                              $    602  $    632      -5%
   North America Sauces and
    Beverages                                   268       289      -7%
   Biscuits and Confectionery                   216       212       2%
   International Soup and
    Sauces                                      135       128       5%
                                           --------- ---------
       Total operating earnings               1,221     1,261      -3%
       Unallocated corporate expenses          (106)     (156)
                                           --------- ---------

Earnings before interest and
 taxes                                        1,115     1,105       1%
Interest, net                                  (168)     (181)
Taxes on earnings                              (300)     (298)
                                           --------- ---------
     Earnings before cumulative
      effect of accounting
      change                                    647       626       3%
     Cumulative effect of
      accounting change                           -       (31)
                                           --------- ---------
     Net earnings                          $    647  $    595       9%
                                           ========= =========

Net earnings per share before
 cumulative effect of
 accounting change
 - assuming dilution                       $   1.57  $   1.52       3%
                                           ========= =========


In connection with the adoption of SFAS No. 142, the company
recognized a non-cash charge of $31 (net of a $17 tax benefit), or
$.08 per share, as a cumulative effect of accounting change for the
write-down of goodwill of one business unit in the first quarter of
fiscal 2003.

Earnings contributions by segment include the effect of a fourth
quarter 2004 restructuring charge of $32 pre-tax ($22 after tax or
$.05 per share) as follows: North America Soup and Away From Home $7,
North America Sauces and Beverages $3, Biscuits and Confectionery $12,
International Soup and Sauces $9 and Corporate Unallocated $1.

Fiscal 2004 had 52 weeks. Fiscal 2003 had 53 weeks.




                  CAMPBELL SOUP COMPANY CONSOLIDATED
                            BALANCE SHEETS
                              (millions)


                                                  August 1,  August 3,
                                                    2004       2003
                                                 ---------- ----------

Current assets                                   $   1,481  $   1,290

Plant assets, net                                    1,901      1,843

Intangible assets, net                               2,995      2,821

Other assets                                           298        251
                                                 ---------- ----------

     Total assets                                $   6,675  $   6,205
                                                 ========== ==========


Current liabilities                              $   2,339  $   2,783

Long-term debt                                       2,543      2,249

Nonpension postretirement benefits                     298        304

Other liabilities                                      621        482

Shareowners' equity                                    874        387
                                                 ---------- ----------

     Total liabilities and shareowners' equity   $   6,675  $   6,205
                                                 ========== ==========


Total debt                                       $   3,353  $   3,528
                                                 ========== ==========

Cash and cash equivalents                        $      32  $      32
                                                 ========== ==========

Reconciliation of GAAP and Non-GAAP Financial Measures, as
reported in the Campbell Soup Company earnings release of September
13, 2004

The company uses certain “non-GAAP” financial measures as defined
by the Securities and Exchange Commission in certain communications.
The “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. The items include the following:

    --  Earnings per share (EPS) before the cumulative effect of
        accounting change, excluding restructuring related costs and
        one-time items

    --  EPS annual growth rates excluding restructuring related costs
        and one-time items

    --  Organic sales growth

The table below reconciles earnings per share before the
cumulative effect of accounting change, presented in accordance with
GAAP, to earnings per share excluding restructuring related costs and
other one-time items.

                       Fourth Quarter              Fiscal Year
                 -------------------------- --------------------------
                 August 1, August 3,   %    August 1, August 3,   %
                   2004      2003    Change   2004      2003    Change
                   ----      ----    ------   ----      ----    ------
As reported
 earnings per
 share before
 the cumulative
 effect of
 accounting
 change          $   0.14  $   0.18   (22)% $   1.57  $   1.52      3%
Add:
 Restructuring
 related
 costs (1)           0.05         -             0.05         -
Deduct:
 Gain on
 litigation
 settlement (2)         -         -            (0.02)        -
  Gain on sale
   of
   property (3)     (0.02)        -            (0.02)        -
                 --------- ---------        --------- ---------

Earnings per
 share before
 the cumulative
 effect of
 accounting
 change,
 excluding
 restructuring
 related costs
 and one-time
 items           $   0.17  $   0.18    (6)% $   1.58  $   1.52      4%
                 ========= ========= ====== ========= ========= ======


    (1) The 2004 costs relate to the worldwide cost savings
        initiatives and Australian distribution and logistics
        realignment announced on June 24.

    (2) The gain relates to the settlement of a class-action lawsuit
        involving ingredient suppliers.

    (3) The gain relates to the sale of an idle facility in
        California.

The company believes that earnings per share excluding certain
restructuring related costs and certain other transactions not
considered to be part of the ongoing business are a better indicator
of the true performance of the business. Consequently, the company
believes that investors may be able to better understand earnings if
these transactions are excluded from the results.

The company refers to sales growth rates adjusting for currency,
acquisitions and divestitures and the extra week in a 53 week fiscal
year to present the results without the impact of these items, all of
which can make it more difficult for investors to understand our
underlying business trend. The company refers to sales growth
excluding currency, acquisitions and divestitures, and the 53rd week
as organic growth. Management believes that this measure provides
useful comparisons of period-to-period results.

Components of the change in sales are as follows:

                                  Fourth Quarter       Fiscal Year
                               ------------------- -------------------
                               August 1, August 3, August 1, August 3,
                                 2004      2003      2004      2003
                               --------- --------- --------- ---------

Volume and mix                        4%      (2)%        2%        1%
Price                                 1         2         2         1
Trade and consumer promotions        (2)        3         -         -
                               --------- --------- --------- ---------
Organic growth                        3%        3%        4%        2%

Acquisitions                          -         3         -         2
Currency                              2         5         4         3
                               --------- --------- --------- ---------
  Sub-total                           5        11         8         7
Impact of 53rd week                  (7)        8        (2)        2
                               --------- --------- --------- ---------
As reported change in sales         (2)%       19%        6%        9%
                               ========= ========= ========= =========
    CONTACT: Campbell Soup Company
             Media
             Jerry S. Buckley, 856-342-6007
                 or
             Analysts
             Leonard F. Griehs, 856-342-6428

    SOURCE: Campbell Soup Company