caret-down

Campbell Reports Fourth Quarter and Fiscal 2008 Results.

    Fourth Quarter Adjusted Net Earnings Per Share Were $0.26.

      Full Year Adjusted Net Earnings Per Share Were $2.09, Up 7
                               Percent.

                Sales Increased 8 Percent for the Year.

CAMDEN, N.J.–(BUSINESS WIRE)–Sept. 11, 2008–Campbell Soup
Company (NYSE:CPB) today reported net earnings for the quarter ended
August 3, 2008 of $89 million, or $0.24 per share, compared to $61
million, or $0.16 per share, in the year-ago period. The current
quarter’s reported net earnings included charges associated with
previously announced restructuring initiatives. Excluding all items
impacting comparability in both periods, adjusted net earnings were
$96 million compared to $53 million in the prior year’s quarter and
adjusted net earnings per share were $0.26 in the current quarter
compared to $0.14 in the year-ago quarter, an increase of 86 percent.

A detailed reconciliation of the adjusted fiscal 2008 and 2007
financial information to the reported information is attached to this
release.

In March 2008, Campbell completed the sale of the Godiva business,
the results of which are reported as discontinued operations for all
periods. Additionally, in the third and fourth quarters, Campbell
recorded restructuring charges and costs related to previously
announced initiatives to improve operational efficiency and enhance
long-term profitability, including the sale of certain salty snack
foods brands and assets in Australia, the closure of production
facilities in Australia and Canada, and the streamlining of its
management structure.

The current and prior quarter’s net earnings included items that
impacted comparability. These items are summarized below:

                                               Fourth Quarter
                                      --------------------------------
                                           2008             2007
                                      --------------- ----------------
(millions, except per share amounts)  Earnings  EPS   Earnings   EPS
------------------------------------- -------- ------ -------- -------

                                      -------- ------ -------- -------
Net earnings, as reported             $    89  $0.24  $    61  $ 0.16
                                      ======== ====== ======== =======

Continuing Operations
------------------------------------- -------- ------ -------- -------
Earnings from continuing operations,
 as reported                          $    89  $0.24  $    58  $ 0.15
                                      -------- ------ -------- -------

Adjustment for restructuring charges
 and related costs                          7   0.02        -       -

                                      -------- ------ -------- -------
Adjusted Earnings from continuing
 operations                           $    96  $0.26  $    58  $ 0.15
                                      -------- ------ -------- -------

Discontinued Operations
------------------------------------- -------- ------ -------- -------
Earnings from discontinued
 operations, as reported              $     -  $   -  $     3  $ 0.01
                                      -------- ------ -------- -------

Adjustment for gain on sale of
 UK/Ireland businesses and resolution
 of tax audits                              -      -       (8)  (0.02)

                                      -------- ------ -------- -------
Adjusted Earnings from discontinued
 operations                           $     -  $   -  $    (5) $(0.01)
                                      -------- ------ -------- -------


                                      -------- ------ -------- -------
Adjusted Net earnings                 $    96  $0.26  $    53  $ 0.14
                                      ======== ====== ======== =======

In the fourth quarter, earnings from continuing operations were
$89 million compared to $58 million in the prior year. Earnings per
share from continuing operations for the current quarter were $0.24
compared to $0.15 in the year-ago period. Excluding items impacting
comparability, adjusted earnings from continuing operations in the
fourth quarter were $96 million compared to $58 million in the
year-ago period. Adjusted earnings per share from continuing
operations were $0.26 compared to $0.15 in the prior-year period, an
increase of 73 percent.

In the prior period, earnings from discontinued operations were $3
million, or $0.01 per share. Excluding items impacting comparability,
the adjusted loss from discontinued operations was $5 million, or
$0.01 per share, reflecting the seasonality of the Godiva business.

For the fourth quarter, sales increased 13 percent to $1.715
billion. Sales growth for the quarter reflects the following factors:

    -- Volume and mix subtracted 1 percent

    -- Price and sales allowances added 5 percent

    -- Increased promotional spending subtracted 1 percent

    -- Currency added 4 percent

    -- Divestitures subtracted 2 percent

    -- The 53rd week added 8 percent

Douglas R. Conant, Campbell’s President and Chief Executive
Officer, said, “We delivered a very strong quarter, including in our
U.S. soup business, to complete a challenging year in which we faced
unprecedented cost inflation. For the sixth consecutive year, we met
or exceeded our financial guidance. Our more focused portfolio
strategy is paying off, as we grew sales and earnings for the year in
each of our three core categories–simple meals, baked snacks and
healthy beverages.

“In U.S. soup, our focus on wellness is working. Our lower sodium
soup portfolio continued its strong performance, and we are well
positioned to build on this success in fiscal year 2009, especially
with the launch of ‘Campbell’s Select Harvest’ ready-to-serve soups.
In addition, our soup businesses in Canada and Australia posted good
results for the year.”

Conant continued, “Looking at the rest of our portfolio,
Pepperidge Farm once again delivered outstanding performance, and
Arnott’s also had a strong year in its core biscuit business. In
healthy beverages, our ‘V8’ brand, led by ‘V8 V-Fusion,’ reported
double-digit sales growth for the year. In the emerging markets of
Russia and China, we are encouraged by our progress in our first year
in the marketplace, and we are optimistic about our expansion plans in
both geographies.

“Looking ahead to fiscal 2009, we have strong plans in place
across our portfolio to win with consumers in our core categories.”

Conant concluded, “In fiscal 2009, we expect our continuing
operations, excluding the negative impact of one less week in the
fiscal year and recent divestitures, to deliver sales growth in excess
of our long-term target range of between 3 and 4 percent. We expect to
deliver EBIT growth, excluding items impacting comparability, slightly
below our long-term target growth rate of between 5 and 6 percent,
reflecting the impact of one less week in the fiscal year, higher
marketing spending behind increased innovation in the U.S. and
increased investment spending in Russia and China. Consistent with our
long-term target growth rate, we expect to deliver adjusted net
earnings per share growth between 5 and 7 percent from the fiscal 2008
adjusted base of $2.09.”

The current and prior year’s net earnings included items that
impacted comparability. These items are summarized below:

                                               Twelve Months
                                     ---------------------------------
                                           2008             2007
                                     ---------------- ----------------
(millions, except per share amounts) Earnings   EPS   Earnings   EPS
------------------------------------ -------- ------- -------- -------

                                     -------- ------- -------- -------
Net earnings, as reported            $ 1,165  $ 3.06  $   854  $ 2.16
                                     ======== ======= ======== =======

Continuing Operations
------------------------------------ -------- ------- -------- -------
Earnings from continuing operations,
 as reported                         $   671  $ 1.76  $   792  $ 2.00
                                     -------- ------- -------- -------

Adjustment for restructuring charges
 and related costs                       107    0.28        -       -

Benefit from resolution of a state
 tax contingency                         (13)  (0.03)       -       -

Adjustment for the reversal of legal
 reserves due to favorable results
 in litigation                             -       -      (13)  (0.03)

Benefit from the settlement of
 bilateral advanced pricing
 agreements (APA) among the company,
 the U.S., and Canada related to
 royalties                                 -       -      (25)  (0.06)

Adjustment for gain on sale of idle
 manufacturing facility                    -       -      (14)  (0.04)
                                     -------- ------- -------- -------
Adjusted Earnings from continuing
 operations                          $   765  $ 2.01  $   740  $ 1.87
                                     -------- ------- -------- -------

Discontinued Operations
------------------------------------ -------- ------- -------- -------
Earnings from discontinued
 operations, as reported             $   494  $ 1.30  $    62  $ 0.16
                                     -------- ------- -------- -------

Adjustment for gain on sale of
 Godiva Chocolatier                     (462)  (1.21)       -       -

Adjustment for gain on sale of
 UK/Ireland businesses and
 resolution of tax audits                  -       -      (31)  (0.08)

                                     -------- ------- -------- -------
Adjusted Earnings from discontinued
 operations                          $    32  $ 0.08* $    31  $ 0.08
                                     -------- ------- -------- -------


                                     -------- ------- -------- -------
Adjusted Net earnings                $   797  $ 2.09  $   771  $ 1.95
                                     ======== ======= ======== =======

* Does not add due to rounding.

Net earnings for fiscal 2008 were $1.165 billion, or $3.06 per
share, compared to $854 million, or $2.16 per share, in the year-ago
period.

Excluding items impacting comparability, adjusted net earnings
were $797 million compared to $771 million in the year-ago period.
Adjusted net earnings per share were $2.09 in the current period
compared to $1.95 in the prior period, an increase of 7 percent.

For fiscal 2008, earnings from continuing operations were $671
million versus $792 million a year earlier. Earnings per share from
continuing operations were $1.76 compared to $2.00 a year ago.

Excluding the above-referenced items in both years, adjusted
earnings from continuing operations for fiscal 2008 were $765 million
compared to $740 million a year ago and adjusted earnings per share
from continuing operations were $2.01 compared to $1.87 a year ago, an
increase of 7 percent.

Earnings from discontinued operations for the year were $494
million, or $1.30 per share, versus $62 million, or $0.16 per share, a
year ago. Excluding items impacting comparability in both years,
adjusted earnings from discontinued operations for the year were $32
million, or $0.08 per share, compared to $31 million, or $0.08 per
share, a year ago.

For fiscal 2008, net sales were $7.998 billion, an increase of 8
percent. Sales growth for the year reflects the following factors:

    -- Volume and mix added 2 percent

    -- Price and sales allowances added 2 percent

    -- Increased promotional spending subtracted 1 percent

    -- Currency added 4 percent

    -- Divestitures subtracted 1 percent

    -- The 53rd week added 2 percent

Full Year Financial Details from Continuing Operations

    -- Gross margin decreased to 39.6 percent from 40.6 percent. The
     decline was primarily due to escalating cost inflation, partially
     offset by higher selling prices and productivity gains.

    -- Restructuring charges of $175 million included $120 million
     related to the loss on the sale of certain Australian salty snack
     foods brands and assets, $38 million for plant closures and $17
     million related to streamlining the company's management
     structure. An additional $7 million of accelerated depreciation
     was recorded in cost of products sold. Total costs to date in
     fiscal 2008 related to the company's initiatives designed to
     improve operational efficiency and long-term profitability were
     $182 million.

    -- Cash flow from operations for fiscal 2008 was $766 million
     compared to $674 million in the prior period.

    -- During the fiscal year, Campbell repurchased 26 million shares
     for $903 million. The company completed its three-year $600
     million share repurchase program and the program using
     approximately $600 million of the net proceeds from the sale of
     Godiva to repurchase shares. Campbell also repurchased shares
     under its practice to offset shares issued under incentive
     compensation plans. In June 2008, Campbell announced that its
     Board of Directors authorized a new three-year program to
     purchase up to $1.2 billion of its outstanding shares in open
     market and privately negotiated transactions.

    Summary of Fiscal 2008 Fourth Quarter Results by Segment

    U.S. Soup, Sauces and Beverages

Sales for U.S. Soup, Sauces and Beverages were $673 million
compared to $601 million a year ago, an increase of 12 percent. The
change in sales reflects the following factors:

    -- Price and sales allowances added 5 percent

    -- Increased promotional spending subtracted 1 percent

    -- The 53rd week added 8 percent

On a reported basis, U.S. soup sales for the quarter increased 15
percent. Sales of condensed soup increased 14 percent, sales of
ready-to-serve soup increased 13 percent and broth sales increased 21
percent.

Excluding the benefit of the 53rd week, U.S. soup sales increased
6 percent, driven by the following:

    -- Sales of "Campbell's" condensed soups increased 6 percent with
     gains in both eating and cooking varieties.

    -- Sales of ready-to-serve soups increased 5 percent due to solid
     gains in "Campbell's Chunky" soups in both cans and microwavable
     bowls.

    -- Sales of "Swanson" broth increased 13 percent.

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

    -- Beverage sales increased primarily due to the impact of the
     53rd week and the continued growth of "V8 V-Fusion" juice.

    -- "Prego" pasta sauce sales increased primarily due to the 53rd
     week.

    -- "Pace" Mexican sauces increased due to the 53rd week and a new
     line of specialty salsas.

Operating earnings were $124 million compared to $84 million in
the prior-year period. The increase in operating earnings was
primarily due to higher pricing, productivity improvements, lower
marketing expenses and the benefit of the 53rd week, partially offset
by the impact of cost inflation.

For fiscal 2008, U.S. Soup, Sauces and Beverages sales increased 5
percent to $3.674 billion. A breakdown of the change in sales follows:

    -- Volume and mix added 3 percent

    -- Price and sales allowances added 2 percent

    -- Increased promotional spending subtracted 1 percent

    -- The 53rd week added 1 percent

For the year, on a reported basis, U.S. soup sales increased 2
percent. Excluding the benefit of the 53rd week, U.S. soup sales
increased 1 percent:

    -- Sales of "Campbell's" condensed soup were flat, with gains in
     cooking varieties offset by declines in eating varieties.

    -- Sales of ready-to-serve soup increased 1 percent. Gains in
     "Campbell's Chunky" and "Campbell's Select" soup in cans were
     partially offset by declines in the convenience platform, which
     includes soups in microwavable bowls and cups.

    -- U.S. soup sales continued to benefit from the success of lower
     sodium products.

    -- "Swanson" broth sales increased 11 percent.

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

    -- Excluding the impact of the 53rd week, beverage sales increased
     double digits. Sales growth was primarily driven by consumer
     demand for healthy beverages, with gains in "V-8" vegetable juice
     and "V-8 V-Fusion" juice, as well as in "V8 Splash" juice drinks.
     Beverage sales benefited from expanded distribution following an
     agreement with The Coca-Cola Company and Coca-Cola Enterprises
     Inc. to distribute Campbell's single-serve refrigerated beverages
     in North America.

    -- Sales of "Prego" pasta sauce and "Pace" Mexican sauces
     increased.

Operating earnings were $891 million compared to $861 million in
the year-ago period. The increase in operating earnings was primarily
due to higher sales volumes, productivity improvements and higher
price realization, partially offset by the impact of cost inflation.

Baking and Snacking

Sales for Baking and Snacking were $533 million, an increase of 13
percent from a year ago. A breakdown of the change in sales follows:

    -- Volume and mix added 1 percent

    -- Price and sales allowances added 8 percent

    -- Increased promotional spending subtracted 3 percent

    -- Currency added 5 percent

    -- Divestitures subtracted 6 percent

    -- The 53rd week added 8 percent

Further details of sales results include the following:

    -- Pepperidge Farm achieved double-digit sales growth, primarily
     driven by gains in the cookies and crackers and bakery businesses
     and the positive impact of the 53rd week. Excluding the impact of
     the 53rd week:

        -- In the cookies and crackers business, sales growth was
         driven by continued consumer demand for "Goldfish" snack
         crackers, the launch of Baked Naturals, a line of adult
         savory snack crackers, and growth in cookies.

        -- The bakery business delivered double-digit sales gains
         behind continued consumer demand for whole-grain breads and
         growth in sandwich rolls.

        -- Arnott's sales increased primarily due to the favorable
         impact of currency and biscuit growth, offset by the
         divestiture of certain Australian salty snack foods brands.

Operating earnings increased to $72 million compared with $49
million a year ago. The increase in operating earnings was due to
higher earnings in Arnott’s, the benefit of the 53rd week and the
favorable impact of currency.

For fiscal 2008, sales increased 11 percent to $2.058 billion. A
breakdown of the change in sales follows:

    -- Volume and mix added 2 percent

    -- Price and sales allowances added 6 percent

    -- Increased promotional spending subtracted 1 percent

    -- Currency added 5 percent

    -- Divestitures subtracted 3 percent

    -- The 53rd week added 2 percent

Further details of sales results include the following:

    -- Pepperidge Farm sales increased across all businesses: cookies
     and crackers, bakery and frozen.

        -- The cookies and crackers business posted strong gains due
         to the continued growth of "Goldfish" snack crackers, the
         launch of Baked Naturals crackers, and growth in distinctive
         cookies.

        -- Increased bakery sales were driven by gains in whole-grain
         varieties and sandwich rolls.

    -- Arnott's sales increased due to the favorable impact of
     currency, biscuit growth and the benefit of the 53rd week,
     partially offset by the divestiture of certain Australian salty
     snack foods brands and the company's biscuit business in Papua
     New Guinea.

Operating earnings were $120 million compared to $238 million in
the year-ago period. The current period included $144 million of
restructuring charges. Operating earnings in the prior period included
a $23 million gain from the sale of the Pepperidge Farm facility.
Excluding the gain from the sale and restructuring charges, the
increase in operating earnings was primarily due to earnings growth in
Arnott’s biscuits, the favorable impact of currency and gains in
Pepperidge Farm.

International Soup, Sauces and Beverages

Sales for International Soup, Sauces and Beverages were $362
million, an increase of 17 percent compared to a year ago. The change
in sales reflects the following factors:

    -- Volume and mix subtracted 3 percent

    -- Price and sales allowances added 1 percent

    -- Currency added 11 percent

    -- The 53rd week added 8 percent

Excluding the impact of the 53rd week, further details of sales
results include the following:

    -- Sales in Europe increased due to the favorable impact of
     currency and growth in the Belgium business, partially offset by
     declines in France and Germany, where the company exited the
     private label soup business.

    -- Sales in the Asia Pacific region increased due to the favorable
     impact of currency and growth in the Australian soup business.

    -- In Canada, sales increased due to the favorable impact of
     currency.

Operating earnings were $27 million compared to $18 million in the
year-ago period. The current quarter included $3 million in
restructuring charges. Excluding the restructuring charges, the
increase in operating earnings was driven by growth in the Canadian
business, the favorable impact of currency and the benefit of the 53rd
week, partially offset by impairment charges on certain trademarks and
costs associated with the launch of new products in Russia and China.

For fiscal 2008, sales increased 15 percent to $1.610 billion. A
breakdown of the change in sales follows:

    -- Volume and mix added 2 percent

    -- Currency added 11 percent

    -- The 53rd week added 2 percent

Excluding the impact of the 53rd week, further details of sales
results include the following:

    -- Sales in Europe increased due to the favorable impact of
     currency and volume-driven gains in the Belgium business, which
     were partially offset by a decline in Germany.

    -- In the Asia Pacific region, sales increased due to the
     favorable impact of currency and growth in the Australian soup
     business.

    -- In Canada, sales increased primarily due to the favorable
     impact of currency and growth in the soup and beverages
     businesses.

Operating earnings increased to $179 million from $168 million in
the year-ago period. The current period included $9 million of
restructuring charges. Excluding the restructuring charges, the
increase in operating earnings was primarily due to the favorable
impact of currency and growth in the Canadian and Australian soup
businesses, partially offset by costs associated with the launch of
new products in Russia and China and impairment charges on certain
trademarks.

North America Foodservice

Sales were $147 million, an increase of 7 percent. A breakdown of
the change in sales follows:

    -- Volume and mix subtracted 6 percent

    -- Price and sales allowances added 4 percent

    -- Currency added 1 percent

    -- The 53rd week added 8 percent

Excluding the impact of the 53rd week, sales declined. Sales
declines in refrigerated soup were partially offset by gains in frozen
and canned soups.

Operating earnings were $0 compared to operating earnings of $17
million in the prior period. The current quarter included $7 million
of costs related to improving operational efficiency and long-term
profitability. The prior year included a $10 million gain related to a
settlement in lieu of condemnation of a refrigerated soup facility in
Washington State.

For fiscal 2008, sales increased 3 percent to $656 million. A
breakdown of the change in sales follows:

    -- Volume and mix subtracted 2 percent

    -- Price and sales allowances added 2 percent

    -- Increased promotional spending subtracted 1 percent

    -- Currency added 2 percent

    -- The 53rd week added 2 percent

Operating earnings decreased to $40 million from $78 million in
the year-ago period. The current year included $29 million of
restructuring charges and related costs to improve operational
efficiency and long-term profitability. The prior year included a $10
million gain related to a settlement in lieu of condemnation of a
refrigerated soup facility in Washington State, partially offset by
relocation and start-up costs associated with the replacement
facility. The current year’s earnings also were adversely impacted by
cost inflation, partially offset by higher selling prices and
productivity gains.

Non-GAAP Financial Information

A reconciliation of the adjusted fiscal 2008 and 2007 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 September 11, 2008 at 10:00 a.m. Eastern Standard Time. U.S.
participants may access the call at 1-866-835-8825 and non-U.S.
participants at 1-703-639-1407. 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 September 18, 2008 at
1-888-266-2081 or 1-703-925-2533. The access code is 1276968.

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, “Campbell’s Supper Bakes” meal kits, “V8”
vegetable juices, “V8 V-Fusion” juices, “V8 Splash” juice beverages,
and “Campbell’s” tomato juice.

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
Canada, Europe, Mexico, Latin America, and the Asia Pacific region.

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, 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. 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.

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


                                                   THREE MONTHS ENDED
                                                  --------------------
                                                  August 3,  July 29,
                                                    2008       2007
                                                  --------- ----------

Net sales                                         $   1,715 $   1,520
                                                  --------- ----------

Costs and expenses
   Cost of products sold                              1,051       926
   Marketing and selling expenses                       263       261
   Administrative expenses                              168       170
   Research and development expenses                     33        35
   Other expenses / (income)                              9       (12)
   Restructuring charges                                  3         -
                                                  --------- ----------
Total costs and expenses                              1,527     1,380
                                                  --------- ----------

Earnings before interest and taxes                      188       140
Interest, net                                            38        38
                                                  --------- ----------
Earnings before taxes                                   150       102

Taxes on earnings                                        61        44
                                                  --------- ----------

Earnings from continuing operations                      89        58
Earnings from discontinued operations                     -         3
                                                  --------- ----------
Net earnings                                      $      89 $      61
                                                  ========= ==========

Per share - basic
   Earnings from continuing operations            $     .25 $     .15
   Earnings from discontinued operations                  -       .01
                                                  --------- ----------
   Net earnings                                   $     .25 $     .16
                                                  ========= ==========

   Dividends                                      $     .22 $     .20
                                                  ========= ==========

Weighted average shares outstanding - basic             363       382
                                                  ========= ==========


Per share - assuming dilution
   Earnings from continuing operations            $     .24 $     .15
   Earnings from discontinued operations                  -       .01
                                                  --------- ----------
   Net earnings                                   $     .24 $     .16
                                                  ========= ==========

Weighted average shares outstanding - assuming
 dilution                                               371       392
                                                  ========= ==========

In fiscal 2008, the company recorded a pre-tax restructuring
charge of $3 and expenses in Cost of products sold of $7 (aggregate
impact of $7 after tax or $.02 per share) related to the previously
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 2007, the company completed the
sale of its businesses in the United Kingdom and Ireland. In the
fourth quarter of fiscal 2007, a $1 after-tax gain from the sale was
recognized. Additionally, a $7 tax benefit ($0.02 per share) was
recognized from the favorable resolution of tax audits in the United
Kingdom. The aggregate impact on earnings from discontinued operations
was $8 ($.02 per share) in the fourth quarter.

The period ended August 3, 2008 had 14 weeks. The period ended
July 29, 2007 had 13 weeks.

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


                                                  TWELVE MONTHS ENDED
                                                  --------------------
                                                  August 3,  July 29,
                                                    2008       2007
                                                  --------- ----------

Net sales                                         $   7,998 $   7,385
                                                  --------- ----------

Costs and expenses
   Cost of products sold                              4,827     4,384
   Marketing and selling expenses                     1,162     1,106
   Administrative expenses                              608       571
   Research and development expenses                    115       111
   Other expenses / (income)                             13       (30)
   Restructuring charges                                175         -
                                                  --------- ----------
Total costs and expenses                              6,900     6,142
                                                  --------- ----------

Earnings before interest and taxes                    1,098     1,243
Interest, net                                           159       144
                                                  --------- ----------
Earnings before taxes                                   939     1,099

Taxes on earnings                                       268       307
                                                  --------- ----------

Earnings from continuing operations                     671       792
Earnings from discontinued operations                   494        62
                                                  --------- ----------
Net earnings                                      $   1,165 $     854
                                                  ========= ==========

Per share - basic
   Earnings from continuing operations            $    1.80 $    2.05
   Earnings from discontinued operations               1.32       .16
                                                  --------- ----------
   Net earnings                                   $    3.12 $    2.21
                                                  ========= ==========

   Dividends                                      $     .88 $     .80
                                                  ========= ==========

Weighted average shares outstanding - basic             373       386
                                                  ========= ==========


Per share - assuming dilution
   Earnings from continuing operations            $    1.76 $    2.00
   Earnings from discontinued operations               1.30       .16
                                                  --------- ----------
   Net earnings                                   $    3.06 $    2.16
                                                  ========= ==========

Weighted average shares outstanding - assuming
 dilution                                               381       396
                                                  ========= ==========

In fiscal 2008, the company recorded a pre-tax restructuring
charge of $175 and $7 of expenses in Cost of products sold (aggregate
impact of $107 after tax or $.28 per share) related to the previously
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 fiscal 2008, the company recognized an after-tax gain of $462
($1.21 per share) in earnings from discontinued operations from the
sale of the Godiva Chocolatier business.

In the second quarter of fiscal 2008, the company recognized a $13
($.03 per share) tax benefit in continuing operations related to the
favorable resolution of state tax contingency.

In the third quarter of fiscal 2007, the company recorded a
pre-tax non-cash benefit of $20 ($13 after tax or $.03 per share) from
the reversal of legal reserves due to favorable results in litigation.
The benefit is included in Administrative expenses.

In the third quarter of fiscal 2007, the company recorded a tax
benefit of $22 resulting from the settlement of bilateral advance
pricing agreements (“APA”) among the company, the United States, and
Canada related to royalties. In addition, the company reduced net
interest expense by $4 ($3 after tax). The aggregate impact on
earnings from continuing operations was $25, or $0.06 per share.

In the second quarter of fiscal 2007, the company recognized a
pre-tax gain of $23 ($14 after tax or $.04 per share) from the sale of
an idle manufacturing facility. The gain is included in Other expenses
/ (income).

In the first quarter of fiscal 2007, the company completed the
sale of its businesses in the United Kingdom and Ireland. The total
after-tax gain recognized on the sale in 2007 in earnings from
discontinued operations was $24 ($0.06 per share). Of this amount, $1
was recognized in the fourth quarter of fiscal 2007. Additionally, in
the fourth quarter of fiscal 2007, a $7 tax benefit ($0.02 per share)
was recognized from the favorable resolution of tax audits in the
United Kingdom. The aggregate impact on earnings from discontinued
operations was $8 ($.02 per share) in the fourth quarter and $31 ($.08
per share) for fiscal 2007.

Fiscal 2008 had 53 weeks. Fiscal 2007 had 52 weeks.

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



                                            THREE MONTHS ENDED
                                            ------------------
                                            August 3, July 29, Percent
Sales                                         2008      2007   Change
------------------------------------------- --------- -------- -------
Contributions:
   U.S. Soup, Sauces and Beverages          $    673  $   601      12%
   Baking and Snacking                           533      471      13%
   International Soup, Sauces and Beverages      362      310      17%
   North America Foodservice                     147      138       7%
                                            --------- --------
Total sales                                 $  1,715  $ 1,520      13%
                                            ========= ========





Earnings
-------------------------------------------
Contributions:
   U.S. Soup, Sauces and Beverages          $    124  $    84
   Baking and Snacking                            72       49
   International Soup, Sauces and Beverages       27       18
   North America Foodservice                       -       17
                                            --------- --------
Total operating earnings                         223      168
Unallocated corporate expenses                   (35)     (28)
                                            --------- --------

Earnings before interest and taxes               188      140
Interest, net                                    (38)     (38)
Taxes on earnings                                (61)     (44)
                                            --------- --------

Earnings from continuing operations               89       58
Earnings from discontinued operations              -        3
                                            --------- --------
Net earnings                                $     89  $    61
                                            ========= ========

Per share - assuming dilution
   Earnings from continuing operations      $    .24  $   .15
   Earnings from discontinued operations           -      .01
                                            --------- --------
Net earnings                                $    .24  $   .16
                                            ========= ========

In connection with the sale of the Godiva business, the company
revised its allocation methodology for corporate overhead expenses and
restated historical results of all segments. In 2008, following the
distribution agreement with The Coca-Cola Company and Coca-Cola
Enterprises Inc., sales and earnings of certain beverage products are
reported in U.S. Soup, Sauces and Beverages and International Soup,
Sauces and Beverages, which were historically included in North
America Foodservice. To enhance comparability, the company has
restated the historical results of these segments.

In fiscal 2008, the company recorded a pre-tax restructuring
charge of $3 and expenses in Cost of products sold of $7 (aggregate
impact of $7 after tax or $.02 per share) related to the previously
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. The restructuring charge was recognized in the following
segments: International Soup, Sauces and Beverages – $3, and North
America Foodservice – $7.

In the first quarter of fiscal 2007, the company completed the
sale of its businesses in the United Kingdom and Ireland. In the
fourth quarter of fiscal 2007, a $1 after-tax gain from the sale was
recognized. Additionally, a $7 tax benefit ($0.02 per share) was
recognized from the favorable resolution of tax audits in the United
Kingdom. The aggregate impact on earnings from discontinued operations
was $8 ($.02 per share) in the fourth quarter.

The period ended August 3, 2008 had 14 weeks. The period ended
July 29, 2007 had 13 weeks.

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



                                            TWELVE MONTHS ENDED
                                            -------------------
                                            August 3, July 29, Percent
Sales                                         2008     2007    Change
------------------------------------------- --------- -------- -------
Contributions:
  U.S. Soup, Sauces and Beverages           $  3,674  $ 3,495       5%
  Baking and Snacking                          2,058    1,850      11%
  International Soup, Sauces and Beverages     1,610    1,402      15%
  North America Foodservice                      656      638       3%
                                            --------- --------
Total sales                                 $  7,998  $ 7,385       8%
                                            ========= ========





Earnings
-------------------------------------------
Contributions:
  U.S. Soup, Sauces and Beverages           $    891  $   861
  Baking and Snacking                            120      238
  International Soup, Sauces and Beverages       179      168
  North America Foodservice                       40       78
                                            --------- --------
Total operating earnings                       1,230    1,345
Unallocated corporate expenses                  (132)    (102)
                                            --------- --------

Earnings before interest and taxes             1,098    1,243
Interest, net                                   (159)    (144)
Taxes on earnings                               (268)    (307)
                                            --------- --------

Earnings from continuing operations              671      792
Earnings from discontinued operations            494       62
                                            --------- --------
Net earnings                                $  1,165  $   854
                                            ========= ========

Per share - assuming dilution
  Earnings from continuing operations       $   1.76  $  2.00
  Earnings from discontinued operations         1.30      .16
                                            --------- --------
Net earnings                                $   3.06  $  2.16
                                            ========= ========

In connection with the sale of the Godiva business, the company
revised its allocation methodology for corporate overhead expenses and
restated historical results of all segments. In 2008, following the
distribution agreement with The Coca-Cola Company and Coca-Cola
Enterprises Inc., sales and earnings of certain beverage products are
reported in U.S. Soup, Sauces and Beverages and International Soup,
Sauces and Beverages, which were historically included in North
America Foodservice. To enhance comparability, the company has
restated the historical results of these segments.

In fiscal 2008, the company recorded a pre-tax restructuring
charge of $175 and $7 of expenses in Cost of products sold (aggregate
impact of $107 after tax or $.28 per share) related to the previously
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. The restructuring charge was recognized in the following
segments: Baking and Snacking – $144, International Soup, Sauces and
Beverages – $9, and North America Foodservice – $29.

In fiscal 2008, the company recognized an after-tax gain of $462
($1.21 per share) in earnings from discontinued operations from the
sale of the Godiva Chocolatier business.

In the second quarter of fiscal 2008, the company recognized a $13
(or $.03 per share) tax benefit in continuing operations related to
the favorable resolution of state tax contingency.

In the third quarter of fiscal 2007, the company recorded a
pre-tax non-cash benefit of $20 ($13 after tax or $.03 per share) from
the reversal of legal reserves due to favorable results in litigation.
The benefit is included in Unallocated corporate expenses.

In the third quarter of fiscal 2007, the company recorded a tax
benefit of $22 resulting from the settlement of bilateral advance
pricing agreements (“APA”) among the company, the United States, and
Canada related to royalties. In addition, the company reduced net
interest expense by $4 ($3 after tax). The aggregate impact on
earnings from continuing operations was $25, or $.06 per share.

In the second quarter of fiscal 2007, the company recognized a
pre-tax gain of $23 ($14 after tax or $.04 per share) from the sale of
an idle manufacturing facility in the Baking and Snacking segment.

In the first quarter of fiscal 2007, the company completed the
sale of its businesses in the United Kingdom and Ireland. The total
after-tax gain recognized on the sale in 2007 in earnings from
discontinued operations was $24 ($0.06 per share). Of this amount, $1
was recognized in the fourth quarter of fiscal 2007. Additionally, in
the fourth quarter of fiscal 2007, a $7 tax benefit ($0.02 per share)
was recognized from the favorable resolution of tax audits in the
United Kingdom. The aggregate impact on earnings from discontinued
operations was $8 ($.02 per share) in the fourth quarter and $31 ($.08
per share) for fiscal 2007.

Fiscal 2008 had 53 weeks. Fiscal 2007 had 52 weeks.

                  CAMPBELL SOUP COMPANY CONSOLIDATED
                            BALANCE SHEETS
                              (millions)



                                                    August 3, July 29,
                                                      2008      2007
                                                    --------- --------

Current assets                                      $   1,652 $  1,578

Current assets held for sale                               41        -

Plant assets, net                                       1,939    2,042

Intangible assets, net                                  2,603    2,487

Other assets                                              211      338

Non-current assets held for sale                           28        -

                                                    --------- --------
  Total assets                                      $   6,474 $  6,445
                                                    ========= ========


Current liabilities                                 $   2,382 $  2,030

Current liabilities held for sale                          21        -

Long-term debt                                          1,633    2,074

Other liabilities                                       1,119    1,046

Non-current liabilities held for sale                       1        -

Shareowners' equity                                     1,318    1,295

                                                    --------- --------
  Total liabilities and shareowners' equity         $   6,474 $  6,445
                                                    ========= ========


Total debt                                          $   2,615 $  2,669
                                                    ========= ========

Cash and cash equivalents                           $      81 $     71
                                                    ========= ========

Net debt                                            $   2,534 $  2,598
                                                    ========= ========

    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.

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 August 3, 2008 and July 29, 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)                 August 3, 2008 July 29, 2007
                                          -------------- -------------

Current notes payable                     $         982  $        595
Long-term debt                                    1,633         2,074
                                          -------------- -------------
Total debt                                $       2,615  $      2,669

Less: Cash and cash equivalents                     (81)          (71)
                                          -------------- -------------
Net debt                                  $       2,534  $      2,598
                                          ============== =============

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 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 fourth quarter of
     fiscal 2008, the company recorded a pre-tax restructuring charge
     of $3 million and expenses in cost of products sold of $7 million
     (aggregate impact of $7 million after tax or $0.02 per share) in
     earnings from continuing operations 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.

(2) 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.

(3) 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.

(4) In the third quarter of fiscal 2007, the company recorded a pre-
     tax non-cash benefit of $20 million ($13 million after tax or
     $0.03 per share) in earnings from continuing operations from the
     reversal of legal reserves due to favorable results in
     litigation.

(5) In the third quarter of fiscal 2007, the company recorded a tax
     benefit of $22 million resulting from the settlement of bilateral
     advance pricing agreements ("APA") among the company, the United
     States, and Canada related to royalties. In addition, the company
     reduced net interest expense by $4 million ($3 million after
     tax). The aggregate impact on earnings from continuing operations
     was $25 million ($0.06 per share).

(6) In the second quarter of fiscal 2007, the company recorded a pre-
     tax gain of $23 million ($14 million after tax or $0.04 per
     share) in earnings from continuing operations associated with the
     sale of an idle manufacturing facility.

(7) In the first quarter of fiscal 2007, the company completed the
     sale of its businesses in the United Kingdom and Ireland. The
     total after-tax gain recognized on the sale in 2007 in earnings
     from discontinued operations was $24 million ($0.06 per share).
     Of this amount, $1 million was recognized in the fourth quarter
     of fiscal 2007. Additionally, in the fourth quarter of fiscal
     2007, a $7 million tax benefit ($0.02 per share) was recognized
     in earnings from discontinued operations from the favorable
     resolution of tax audits in the United Kingdom. The aggregate
     after-tax impact of these items in 2007 was $31 million ($0.08
     per share).

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

   (millions, except per share
             amounts)                    Fourth Quarter
                                   --------------------------
                                   Aug. 3, 2008 July 29, 2007 % Change
                                   -------------------------- --------

Earnings before interest and
 taxes, as reported                $       188  $        140
Add: Restructuring charges and
 related costs (1)                          10             -
                                   ------------ -------------
Adjusted Earnings before interest
 and taxes                         $       198  $        140       41%
                                   ------------ -------------

Interest, net, as reported         $        38  $         38
                                   ------------ -------------

Adjusted Earnings before taxes     $       160  $        102
                                   ------------ -------------

Taxes on earnings, as reported     $        61  $         44
Add: Tax benefit from
 restructuring charges and related
 costs (1)                                   3             -
                                   ------------ -------------
Adjusted Taxes on earnings         $        64  $         44
                                   ------------ -------------
Adjusted effective income tax rate        40.0%         43.1%

Earnings from continuing
 operations, as reported           $        89  $         58
Add: Net adjustment from
 restructuring charges and related
 costs (1)                                   7             -
                                   ------------ -------------
Adjusted Earnings from continuing
 operations                        $        96  $         58       66%
                                   ============ =============

Earnings from discontinued
 operations, as reported           $         -  $          3
Deduct: Gain on sale of UK/Ireland
 businesses and resolution of tax
 audits (7)                                  -            (8)
                                   ------------ -------------
Adjusted Earnings from
 discontinued operations           $         -  $         (5)
                                   ============ =============

                                   ------------ -------------
Adjusted Net earnings              $        96  $         53       81%
                                   ============ =============

Diluted earnings per share -
 continuing operations, as
 reported                          $      0.24  $       0.15
Add: Net adjustment from
 restructuring charges and related
 costs (1)                                0.02             -
                                   ------------ -------------
Adjusted Diluted earnings per
 share - continuing operations     $      0.26  $       0.15       73%
                                   ============ =============

Diluted earnings per share -
 discontinued operations, as
 reported                          $         -  $       0.01
Deduct: Gain on sale of UK/Ireland
 businesses and resolution of tax
 audits (7)                                  -         (0.02)
                                   ------------ -------------
Adjusted Diluted earnings per
 share - discontinued operations   $         -  $      (0.01)
                                   ============ =============

Diluted net earnings per share, as
 reported                          $      0.24  $       0.16
Add: Net adjustment from
 restructuring charges and related
 costs (1)                                0.02             -
Deduct: Gain on sale of UK/Ireland
 businesses and resolution of tax
 audits (7)                                  -         (0.02)
                                   ------------ -------------
Adjusted Diluted net earnings per
 share                             $      0.26  $       0.14       86%
                                   ============ =============
   (millions, except per share
             amounts)                     Year-to-Date
                                   --------------------------
                                   Aug. 3, 2008 July 29, 2007 % Change
                                   -------------------------- --------

Earnings before interest and
 taxes, as reported                $     1,098  $      1,243
Add: Restructuring charges and
 related costs (1)                         182             -
Deduct: Reversal of legal reserves
 (4)                                         -           (20)
Deduct: Gain on sale of an idle
 manufacturing facility (6)                  -           (23)
                                   ------------ -------------
Adjusted Earnings before interest
 and taxes                         $     1,280  $      1,200        7%
                                   ------------ -------------

Interest, net, as reported         $       159  $        144
Add: Reduction in interest expense
 related to the settlement of the
 APA (5)                                     -             4
                                   ------------ -------------
Adjusted interest, net             $       159  $        148
                                   ------------ -------------

Adjusted Earnings before taxes     $     1,121  $      1,052
                                   ------------ -------------

Taxes on earnings, as reported     $       268  $        307
Add: Tax benefit from
 restructuring charges and related
 costs (1)                                  75             -
Add: Tax benefit from resolution
 of a state tax contingency (2)             13             -
Deduct: Tax impact of reversal of
 legal reserves (4)                          -            (7)
Deduct: Tax impact of reduction of
 interest expense related to
 settlement of the APA (5)                   -            (1)
Add: Tax benefit from settlement
 of the APA (5)                              -            22
Deduct: Tax impact of gain on sale
 of an idle manufacturing facility
 (6)                                         -            (9)
                                   ------------ -------------
Adjusted Taxes on earnings         $       356  $        312
                                   ------------ -------------
Adjusted effective income tax rate        31.8%         29.7%

Earnings from continuing
 operations, as reported           $       671  $        792
Add: Net adjustment from
 restructuring charges and related
 costs (1)                                 107             -
Deduct: Benefit from resolution of
 a state tax contingency (2)               (13)            -
Deduct: Net adjustment related to
 reversal of legal reserves (4)              -           (13)
Deduct: Net benefit from
 settlement of the APA (5)                   -           (25)
Deduct: Gain on sale of an idle
 manufacturing facility (6)                  -           (14)
                                   ------------ -------------
Adjusted Earnings from continuing
 operations                        $       765  $        740        3%
                                   ============ =============

Earnings from discontinued
 operations, as reported           $       494  $         62
Deduct: Gain on sale of the Godiva
 Chocolatier business (3)                 (462)            -
Deduct: Gain on sale of UK/Ireland
 businesses and resolution of tax
 audits (7)                                  -           (31)
                                   ------------ -------------
Adjusted Earnings from
 discontinued operations           $        32  $         31
                                   ============ =============

                                   ------------ -------------
Adjusted Net earnings              $       797  $        771        3%
                                   ============ =============


Diluted earnings per share -
 continuing operations, as
 reported                          $      1.76  $       2.00
Add: Net adjustment from
 restructuring charges and related
 costs (1)                                0.28             -
Deduct: Benefit from resolution of
 state tax contingency (2)               (0.03)            -
Deduct: Net adjustment related to
 reversal of legal reserves (4)              -         (0.03)
Deduct: Net benefit from
 settlement of the APA (5)                   -         (0.06)
Deduct: Gain on sale of an idle
 manufacturing facility (6)                  -         (0.04)
                                   ------------ -------------
Adjusted Diluted earnings per
 share - continuing operations     $      2.01  $       1.87        7%
                                   ============ =============

Diluted earnings per share -
 discontinued operations, as
 reported                          $      1.30  $       0.16
Deduct: Gain on sale of the Godiva
 Chocolatier business (3)                (1.21)            -
Deduct: Gain on sale of UK/Ireland
 businesses and resolution of tax
 audits (7)                                  -         (0.08)
                                   ------------ -------------
Adjusted Diluted earnings per
 share - discontinued operations * $      0.08  $       0.08        -%
                                   ============ =============



   (millions, except per share
             amounts)                     Year-to-Date
                                   --------------------------
                                   Aug. 3, 2008 July 29, 2007 % Change
                                   -------------------------- --------

Diluted net earnings per share, as
 reported                          $      3.06  $       2.16
Add: Net adjustment from
 restructuring charges and related
 costs (1)                                0.28             -
Deduct: Benefit from resolution of
 a state tax contingency (2)             (0.03)            -
Deduct: Gain on sale of the Godiva
 Chocolatier business (3)                (1.21)            -
Deduct: Net adjustment related to
 reversal of legal reserves (4)              -         (0.03)
Deduct: Net benefit from
 settlement of the APA (5)                   -         (0.06)
Deduct: Gain on sale of an idle
 manufacturing facility (6)                  -         (0.04)
Deduct: Gain on sale of UK/Ireland
 businesses and resolution of tax
 audits (7)                                  -         (0.08)
                                   ------------ -------------
Adjusted Diluted net earnings per
 share*                            $      2.09  $       1.95        7%
                                   ============ =============

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

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

    SOURCE: Campbell Soup Company