Fourth-Quarter Adjusted Net Earnings Per Share Were $0.30, Up 15
Percent

Full Year Adjusted Net Earnings Per Share Were $2.22, Up 6 Percent

Full Year U.S. Soup Sales Increased 5 Percent

Fiscal 2010 Guidance: Adjusted Net Earnings Per Share Growth of 5 to
7 Percent

CAMDEN, N.J.–(BUSINESS WIRE)–Sep. 11, 2009–
Campbell Soup Company (NYSE:CPB) today reported net earnings for
the quarter ended Aug. 2, 2009 of $69 million, or $0.20 per share,
compared with $89 million, or $0.24 per share, in the year-ago period.
The current quarter’s reported net earnings included adjustments related
to commodity hedging and a non-cash impairment charge related to certain
European trademarks. Excluding all items impacting comparability
in both periods, adjusted net earnings rose 11 percent to $107 million
compared with $96 million in the prior year’s quarter, and
adjusted net earnings per share grew by 15 percent to $0.30 in the
current quarter compared with $0.26 in the year-ago quarter. Reflecting
a stronger U.S. dollar, adjusted net earnings per share for the quarter
were negatively impacted by $0.02 due to currency translation.

Douglas R. Conant, Campbell’s President and Chief Executive Officer,
said, “We completed the year with a solid fourth quarter and delivered a
strong year of earnings growth. We were able to overcome currency
headwinds and other macroeconomic challenges to achieve adjusted
earnings per share growth within our long-term target of between 5 and 7
percent. We successfully introduced innovative new products, including
‘Select Harvest’ soups and ‘Swanson’ stock, and delivered strong sales
growth across our entire U.S. soup portfolio and sauces businesses. We
delivered an outstanding year in our Asia Pacific business, produced a
very solid year in Pepperidge Farm and continued to advance our plans in
the emerging markets of Russia and China. We also improved our gross
margins through a combination of pricing actions and productivity
improvements and generated more than $1 billion in cash flow from
operations.”

Conant concluded, “Over the last seven years, we have achieved
consistent and sustainable business performance while improving our
prospects for the future through investments in products, infrastructure
and our geographic footprint. We have strong plans in place for the
upcoming year and a broad slate of innovation across our portfolio of
leading brands, especially in our U.S. soup business.”

Fiscal 2010 Guidance Consistent with Long-term Growth Targets

Campbell provided guidance for fiscal 2010 adjusted net earnings
per share growth of between 5 and 7 percent from the fiscal 2009
adjusted base of $2.22. The company expects a rise in net sales of 3 to
4 percent and an increase in adjusted earnings before interest and taxes
of 5 to 6 percent. This guidance is consistent with Campbell’s long-term
growth targets. The company anticipates benefits from its ongoing
efforts to drive product innovation and expand margins through reduced
costs and increased productivity, offset in part by the negative impact
of an estimated $0.06 per share in increased pension expense.

Fourth-Quarter Financial Results

In the fourth quarter of fiscal 2009, as a result of an annual review of
intangible assets, the company recorded a non-cash impairment charge of
$67 million ($47 million after tax or $0.13 per share) related to
certain European trademarks. The current and prior quarter’s net
earnings included additional items that impacted comparability. These
items are summarized below:

		Fourth Quarter
		2009								2008
(millions, except per share amounts)		Earnings				EPS				Earnings			EPS
Net earnings, as reported		$	69			$	0.20			$	89		$	0.24
Continuing Operations
Earnings from continuing operations, as reported		$	69			$	0.20			$	89		$	0.24
Net adjustment on commodity hedges			(9	)			(0.03	)			–			–
Adjustment for non-cash impairment charge on intangible assets			47				0.13				–			–
Adjustment for restructuring charges and related costs			–				–				7			0.02
Adjusted earnings from continuing operations		$	107			$	0.30			$	96		$	0.26
Discontinued Operations
Earnings from discontinued operations, as reported		$	–			$	–			$	–		$	–
Adjusted net earnings		$	107			$	0.30			$	96		$	0.26

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

For the fourth quarter, which included 13 weeks compared with 14 weeks
in the year-ago quarter, sales decreased 11 percent to $1.528 billion.
The change in sales for the quarter reflects the following factors:

• Volume and mix subtracted 2 percent
• Price and sales allowances added 5 percent
• Increased promotional spending subtracted 1 percent
• Currency subtracted 4 percent
• Divestitures and acquisitions subtracted 2 percent
• One less week subtracted 7 percent

Additional Fourth-Quarter Financial Details

• The company’s gross margin for the fourth quarter was 41.6 percent
  compared with 38.7 percent in the prior year’s quarter. The current
  quarter included a favorable net adjustment of $14 million
  related to commodity hedging. The prior year’s period included $7
  million of costs related to the company’s initiatives to improve
  operational efficiency and long-term profitability. After adjusting
  for these items, the gross margin percentage for the fourth quarter
  was 40.6 percent, compared with 39.1 percent in the prior-year
  quarter. The increase in gross margin percentage was primarily due to
  pricing and productivity improvements in excess of cost inflation.
• Marketing and selling expenses decreased by $54 million to $209
  million, reflecting lower marketing expenses, the impact of one less
  week and the impact of currency. The reduction in marketing expenses
  was primarily due to lower expenditures in the U.S. beverage business
  and Pepperidge Farm, as the company shifted funds to promotional
  programs to strengthen the value proposition in these premium segments.
• Administrative expenses increased to $184 million from $168 million,
  primarily due to higher incentive compensation costs, partially offset
  by the impact of currency.
• Excluding items impacting comparability, earnings before interest and
  taxes were unchanged at $198 million for both the current and
  prior-year quarter. Currency translation adversely impacted growth in
  earnings before interest and taxes by 6 percentage points. Growth in
  earnings before interest and taxes was also negatively impacted by one
  less week in the quarter compared with a year ago. Excluding the
  impact of currency and one less week in the quarter, earnings before
  interest and taxes increased primarily due to lower marketing expenses
  and improved gross margin performance.
• Net interest expense declined to $23 million compared with $38 million
  in the prior-year quarter due to a significant decline in the
  company’s short-term borrowing rates.

Full Year Financial Results

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

		Twelve Months
		2009								2008
(millions, except per share amounts)		Earnings				EPS				Earnings				EPS
Net earnings, as reported		$	736			$	2.06			$	1,165			$	3.06
Continuing Operations
Earnings from continuing operations, as reported		$	732			$	2.04			$	671			$	1.76
Adjustment for non-cash impairment charge on intangible assets			47				0.13				–				–
Adjustment for restructuring charges and related costs			15				0.04				107				0.28
Benefit from resolution of a state tax contingency			–				–				(13	)			(0.03	)
Adjusted earnings from continuing operations		$	794			$	2.22		*	$	765			$	2.01
Discontinued Operations
Earnings from discontinued operations, as reported		$	4			$	0.01			$	494			$	1.30
Adjustment for gain on sale of Godiva Chocolatier			–				–				(462	)			(1.21	)
Adjustment to taxes on gain on sale of Godiva Chocolatier			(4	)			(0.01	)			–				–
Adjusted earnings from discontinued operations		$	–			$	–			$	32			$	0.08	*
Adjusted net earnings		$	794			$	2.22			$	797			$	2.09
* Does not add due to rounding.

Net earnings for fiscal 2009 were $736 million, or $2.06 per share,
compared with $1.165 billion, or $3.06 per share, in the prior fiscal
year.

Excluding items impacting comparability, adjusted net earnings were $794
million for fiscal 2009 compared with $797 million in the prior fiscal
year. Adjusted net earnings per share were $2.22 for the current fiscal
year, an increase of 6 percent, compared with $2.09 for the prior fiscal
year. Currency translation negatively impacted adjusted net
earnings by $0.09 per share.

For fiscal 2009, which had one less week than fiscal 2008, net sales
were $7.586 billion, a decrease of 5 percent. The change in sales for
the year reflects the following factors:

• Volume and mix subtracted 2 percent
• Price and sales allowances added 7 percent
• Increased promotional spending subtracted 2 percent
• Currency subtracted 4 percent
• Divestitures and acquisitions subtracted 2 percent
• One less week subtracted 2 percent

Additional Full Year Financial Details

• The company’s gross margin for fiscal 2009 was 39.9 percent compared
  with 39.6 percent a year ago. The current year included $22 million of
  costs related to initiatives to improve operational efficiency and
  long-term profitability. The prior year included $7 million of costs
  related to these initiatives. After adjusting for these items, the
  company’s gross margin percentage increased to 40.2 percent from 39.7
  percent. The increase was primarily due to higher selling prices and
  productivity improvements, partially offset by cost inflation.
• Marketing and selling expenses decreased by $85 million to $1.077
  billion, primarily due to the impact of currency, lower marketing
  expenses and lower selling expenses. While advertising increased in
  the U.S. Soup business, the company reduced marketing expenses in
  other businesses to fund increased promotional activity.
• Administrative expenses decreased $17 million to $591 million,
  primarily due to the impact of currency.
• Excluding items impacting comparability, earnings before interest and
  taxes were $1.274 billion compared with $1.280 billion in the prior
  year. Currency translation adversely impacted growth in earnings
  before interest and taxes by 4 percentage points.
• In fiscal 2009, Campbell repurchased 17 million shares for $527
  million under its June 2008 strategic share repurchase program and the
  company’s ongoing practice of buying shares sufficient to offset
  shares issued under incentive compensation plans.
• Cash flow from operations for fiscal 2009 was $1.166 billion compared
  with $766 million in the prior period. The prior-year cash flow
  reflects the negative impact of approximately $230 million of taxes
  paid in connection with the sale of the Godiva business.

Summary of Fiscal 2009 Fourth-Quarter Results by Segment

U.S. Soup, Sauces and Beverages

Fourth-quarter sales for U.S. Soup, Sauces and Beverages were $650
million, a decrease of 3 percent. The change in sales reflects the
following factors:

• Volume and mix subtracted 1 percent
• Price and sales allowances added 5 percent
• One less week subtracted 7 percent

On a reported basis, U.S. soup sales for the quarter increased 1
percent. Excluding the impact of one less week and the acquisition of
“Wolfgang Puck” soups, broths and stocks, U.S. soup sales increased 7
percent, driven by the following:

• Sales of “Campbell’s” condensed soups increased 4 percent fueled by
  significant growth in cooking varieties and growth in eating
  varieties. Sales of cooking varieties benefitted from an increase of
  meals prepared at home.
• Sales of ready-to-serve soups increased 14 percent, due to gains in
  “Campbell’s Select Harvest” soups, “Campbell’s V8” premium soups and
  “Campbell’s Chunky” soups.
• Sales of broth rose 7 percent, reflecting the successful introduction
  of “Swanson” stock and the continued growth of aseptic broth varieties.
• Sales, principally of ready-to-serve soups and broth, benefitted from
  a reduction in new item introductory costs, as the year-ago period
  reflected costs associated with the launches of “Campbell’s Select
  Harvest” soups and “Swanson” cooking stock.

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

• Beverage sales decreased due to one less week and declines in “V8”
  vegetable juice, reflecting higher promotional spending, which was
  partially offset by gains in “V8 V-Fusion” juice.
• Sales of “Prego” pasta sauces experienced double-digit growth.
• “Pace” Mexican sauces sales declined slightly, as the impact of one
  less week was mostly offset by higher sales volumes.

Fourth-quarter operating earnings for the segment totaled $148 million
compared with $124 million in the prior-year period. The increase in
operating earnings was primarily due to lower marketing expense and an
improved gross margin percentage, as pricing and productivity
improvements exceeded cost inflation, partly offset by the impact of one
less week.

For fiscal 2009, U.S. Soup, Sauces and Beverages sales
increased 3 percent to $3.784 billion. A breakdown of the change in
sales follows:

• Volume and mix subtracted 2 percent
• Price and sales allowances added 8 percent
• Increased promotional spending subtracted 2 percent
• One less week subtracted 1 percent

For the year, on a reported basis, U.S. soup sales increased 5 percent.
Excluding the impact of one less week and the acquisition of “Wolfgang
Puck” soups, broths and stocks, U.S. soup sales increased 5 percent,
driven by the following:

• Sales of “Campbell’s” condensed soup increased 6 percent, fueled by
  double-digit growth in cooking varieties and growth in eating
  varieties.
• Sales of ready-to-serve soup rose 4 percent driven by the successful
  launches of “Campbell’s Select Harvest” soups and “Campbell’s V8”
  premium soups, partly offset by lower sales of “Campbell’s
  Chunky” varieties.
• Broth sales increased 8 percent, due to the growth of aseptic broth
  and the successful introduction of “Swanson” cooking stock.

Operating earnings increased to $927 million compared with $891 million
in the year-ago period, primarily due to pricing net of increased
promotional spending, and productivity improvements, which more than
offset cost inflation and lower volumes.

Baking and Snacking

Fourth-quarter sales for Baking and Snacking were $466 million, a
decrease of 13 percent from a year ago. A breakdown of the change in
sales follows:

• Volume and mix subtracted 1 percent
• Price and sales allowances added 4 percent
• Increased promotional spending subtracted 2 percent
• Currency subtracted 6 percent
• Divestitures and acquisitions subtracted 1 percent
• One less week subtracted 7 percent

Further details of sales results include the following:

• Pepperidge Farm sales declined due to one less week and a decline in
  the bakery business, partially offset by growth in the cookies and
  crackers business, driven by continued consumer demand for “Goldfish”
  snack crackers.
• In Australia, sales declined due to the impact of currency, one less
  week, divestitures and the discontinuation of private label and
  industrial chocolate businesses associated with the
  closing of a plant, partially offset by growth in the core Arnott’s
  branded business. The biscuit business in Indonesia achieved
  significant sales growth.

Fourth-quarter operating earnings decreased to $69 million compared with
$72 million a year ago. The decrease in operating earnings was due to
the negative impact of currency, one less week and lower earnings in
Arnott’s, partially offset by increased earnings in Pepperidge Farm.

For fiscal 2009, sales in this segment decreased by 10 percent to $1.846
billion. A breakdown of the change in sales follows:

• Volume and mix subtracted 1 percent
• Price and sales allowances added 7 percent
• Increased promotional spending subtracted 2 percent
• Currency subtracted 6 percent
• Divestitures and acquisitions subtracted 6 percent
• One less week subtracted 2 percent

Operating earnings were $262 million compared with $120 million in the
year-ago period. The current year included $3 million in costs related
to initiatives to improve operational efficiency and long-term
profitability compared with $144 million in such costs in the prior
year. Excluding these items, operating earnings increased, as earnings
growth in Pepperidge Farm and Arnott’s was mostly offset by the negative
impact of currency and one less week.

International Soup, Sauces and Beverages

Fourth-quarter sales for International Soup, Sauces and Beverages were
$289 million, a decrease of 20 percent compared to a year ago. The
change in sales reflects the following factors:

• Volume and mix subtracted 1 percent
• Price and sales allowances added 7 percent
• Increased promotional spending subtracted 1 percent
• Currency subtracted 11 percent
• Divestitures subtracted 7 percent
• One less week subtracted 7 percent

Further details of sales results include the following:

• Sales in Europe declined primarily due to divestitures, the impact of
  currency and one less week. Excluding these items, sales increased
  slightly, as gains in the Belgium business were partly offset by lower
  sales in Germany.
• In Canada, sales decreased due to the impact of currency and one less
  week. Excluding these items, sales increased by double digits,
  primarily due to gains in the soup business.
• Sales in the Asia Pacific region decreased due to the impact of
  currency and one less week, partially offset by gains in Malaysia.

The segment had a fourth-quarter operating loss of $48 million,
compared with operating earnings of $27 million in the year-ago period.
The current year included an impairment charge of $67 million related
to certain European trademarks. The prior year included $3 million in
costs associated with restructuring initiatives. Excluding these items,
operating earnings declined, primarily due to the impact of currency,
the impact of one less week and costs associated with establishing
businesses in Russia and China, partially offset by gains in Canada.

For fiscal 2009, sales decreased 16 percent to $1.357 billion. A
breakdown of the change in sales follows:

• Volume and mix subtracted 3 percent
• Price and sales allowances added 5 percent
• Increased promotional spending subtracted 1 percent
• Currency subtracted 11 percent
• Divestitures subtracted 4 percent
• One less week subtracted 2 percent

Operating earnings decreased to $69 million from $179 million in the
year-ago period. The current year included an impairment charge of $67
million related to certain European trademarks. The prior year included
$9 million of restructuring charges. Excluding these items, operating
earnings declined, primarily due to the impact of currency and costs
associated with establishing businesses in Russia and China.

North America Foodservice

Fourth-quarter sales were $123 million, a decrease of 16 percent. A
breakdown of the change in sales follows:

• Volume and mix subtracted 8 percent
• Price and sales allowances added 5 percent
• Increased promotional spending subtracted 4 percent
• Currency subtracted 2 percent
• One less week subtracted 7 percent

Operating earnings were $0 in both the current and prior-year quarter.
The prior-year quarter included $7 million of costs related to
initiatives to improve operational efficiency and long-term
profitability. Excluding these items, operating earnings declined due to
lower volumes as the foodservice sector continued to be negatively
impacted by the economy.

For fiscal 2009, sales decreased 9 percent to $599 million. A breakdown
of the

change in sales follows:

• Volume and mix subtracted 8 percent
• Price and sales allowances added 6 percent
• Increased promotional spending subtracted 3 percent
• Currency subtracted 2 percent
• One less week subtracted 2 percent

Operating earnings decreased to $34 million from $40 million in the
prior-year period. Costs related to initiatives to improve operational
efficiency and long-term profitability totaled $19 million in the
current year compared with $29 million in the prior period. Excluding
these items, earnings decreased reflecting the reduction in sales.

Unallocated Corporate Expenses

Unallocated corporate expenses decreased to $24 million in the current
quarter from $35 million a year ago. The current year included a
favorable net adjustment of $14 million related to commodity
hedges.

For the year, unallocated corporate expenses decreased to $107 million
from $132 million. The decrease was primarily due to lower expenses
associated with the company’s North American SAP implementation.

Non-GAAP Financial Information

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

Conference Call

Campbell will host a conference call to discuss these results on
September 11, 2009 at 10:00 a.m. Eastern Time. U.S. participants may
access the call at 1-866-814-1913 and non-U.S. participants at
1-703-639-1357. Participants should call at least five minutes prior to
the starting time. The passcode is “Campbell Soup” and the conference
leader is Jennifer Driscoll. The call and accompanying slides also will
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, 2009 at
1-888-266-2081 or 1-703-925-2533. The access code is 1387520.

Reporting Segments

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

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

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

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

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

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high-quality foods and simple meals, including soup, baked snacks, and
healthy beverages. Founded in 1869, the company has a portfolio of
market-leading brands, including “Campbell’s,” “Pepperidge Farm,”
“Arnott’s,” and “V8.” For more information on the company, visit
Campbell’s website at www.campbellsoup.com.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect the
company’s current expectations about its future plans and performance,
including statements concerning the impact of marketing investments and
strategies, pricing, share repurchase, new product introductions and
innovation, productivity and cost-saving initiatives, quality
improvements, inflation, commodity hedging, currency translation and
portfolio strategies, including acquisitions and divestitures, on sales,
earnings, and margins. These forward-looking statements rely on a number
of assumptions and estimates that could be inaccurate and which are
subject to risks and uncertainties. The factors that could cause the
company’s actual results to vary materially from those anticipated or
expressed in any forward-looking statement include (1) the impact of
strong competitive responses to the company’s efforts to leverage its
brand power in the market; (2) the risks associated with trade and
consumer acceptance of the company’s initiatives; (3) the company’s
ability to realize projected cost savings and productivity benefits;
(4) the company’s ability to manage changes to its business processes;
(5) the increased significance of certain of the company’s key trade
customers; (6) the impact of fluctuations in the supply or costs of
energy and raw and packaging materials; (7) the risks associated with
portfolio changes; (8) the uncertainties of litigation; (9) the impact
of changes in currency exchange rates, tax rates, interest rates, debt
and equity markets, inflation rates, economic conditions and other
external factors; (10) the impact of unforeseen business disruptions in
one or more of the company’s markets due to political instability, civil
disobedience, armed hostilities, natural disasters or other calamities;
and (11) other factors described in the company’s most recent Form 10-K
and subsequent Securities and Exchange Commission filings. The company
disclaims any obligation or intent to update the forward-looking
statements in order to reflect events or circumstances after the date of
this release.

CAMPBELL SOUP COMPANY CONSOLIDATED
STATEMENTS OF EARNINGS
(millions, except per share amounts)
		THREE MONTHS ENDED
		August 2,			August 3,
		2009			2008
Net sales		$	1,528		$	1,715
Costs and expenses
Cost of products sold			893			1,051
Marketing and selling expenses			209			263
Administrative expenses			184			168
Research and development expenses			31			33
Other expenses / (income)			66			9
Restructuring charges			–			3
Total costs and expenses			1,383			1,527
Earnings before interest and taxes			145			188
Interest, net			23			38
Earnings before taxes			122			150
Taxes on earnings			53			61
Earnings from continuing operations			69			89
Earnings from discontinued operations			–			–
Net earnings		$	69		$	89
Per share – basic
Earnings from continuing operations		$	.20		$	.25
Earnings from discontinued operations			–			–
Net earnings		$	.20		$	.25
Dividends		$	.25		$	.22
Weighted average shares outstanding – basic			346			363
Per share – assuming dilution
Earnings from continuing operations		$	.20		$	.24
Earnings from discontinued operations			–			–
Net earnings		$	.20		$	.24
Weighted average shares outstanding
– assuming dilution			352			371

In fiscal 2009, the company recognized in cost of products sold a $14 ($9 after tax or $.03 per share) favorable net adjustment on commodity hedge positions.

In fiscal 2009, as part of the company’s annual review of intangible assets, a non-cash impairment charge of $67 ($47 after tax or $.13 per share) was recorded in Other expenses/(income) related to certain European trademarks, primarily in Germany and Nordic, used in the International Soup, Sauces and Beverages segment.

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 initiatives announced in April 2008 to improve operational efficiency.

The period ended August 2, 2009 had 13 weeks. The period ended August 3, 2008 had 14 weeks.

CAMPBELL SOUP COMPANY CONSOLIDATED
STATEMENTS OF EARNINGS
(millions, except per share amounts)
		TWELVE MONTHS ENDED
		August 2,			August 3,
		2009			2008
Net sales		$	7,586		$	7,998
Costs and expenses
Cost of products sold			4,558			4,827
Marketing and selling expenses			1,077			1,162
Administrative expenses			591			608
Research and development expenses			114			115
Other expenses / (income)			61			13
Restructuring charges			–			175
Total costs and expenses			6,401			6,900
Earnings before interest and taxes			1,185			1,098
Interest, net			106			159
Earnings before taxes			1,079			939
Taxes on earnings			347			268
Earnings from continuing operations			732			671
Earnings from discontinued operations			4			494
Net earnings		$	736		$	1,165
Per share – basic
Earnings from continuing operations		$	2.08		$	1.80
Earnings from discontinued operations			.01			1.32
Net earnings		$	2.09		$	3.12
Dividends		$	1.00		$	.88
Weighted average shares outstanding – basic			352			373
Per share – assuming dilution
Earnings from continuing operations		$	2.04		$	1.76
Earnings from discontinued operations			.01			1.30
Net earnings		$	2.06		$	3.06
Weighted average shares outstanding
– assuming dilution			358			381

In fiscal 2009, the company recorded pre-tax restructuring related costs in cost of products sold of $22 ($15 after tax or $.04 per share) related to the initiatives announced in April 2008 to improve operational efficiency. 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 initiatives.

In fiscal 2009, as part of the company’s annual review of intangible assets, a non-cash impairment charge of $67 ($47 after tax or $.13 per share) was recorded in Other expenses/(income) related to certain European trademarks, primarily in Germany and Nordic, used in the International Soup, Sauces and Beverages segment.

In fiscal 2009, the company recognized a $4 (or $.01 per share) tax benefit in discontinued operations related to the sale of the Godiva Chocolatier business.

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

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.

Fiscal 2009 had 52 weeks. Fiscal 2008 had 53 weeks.

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

CAMPBELL SOUP COMPANY CONSOLIDATED
SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS
(millions, except per share amounts)
		THREE MONTHS ENDED
		August 2,				August 3,				Percent
Sales		2009				2008				Change
Contributions:
U.S. Soup, Sauces and Beverages		$	650			$	673			(3	%)
Baking and Snacking			466				533			(13	%)
International Soup, Sauces and Beverages			289				362			(20	%)
North America Foodservice			123				147			(16	%)
Total sales		$	1,528			$	1,715			(11	%)
Earnings
Contributions:
U.S. Soup, Sauces and Beverages		$	148			$	124
Baking and Snacking			69				72
International Soup, Sauces and Beverages			(48	)			27
North America Foodservice			–				–
Total operating earnings			169				223
Unallocated corporate expenses			(24	)			(35	)
Earnings before interest and taxes			145				188
Interest, net			(23	)			(38	)
Taxes on earnings			(53	)			(61	)
Earnings from continuing operations			69				89
Earnings from discontinued operations			–				–
Net earnings		$	69			$	89
Per share – assuming dilution
Earnings from continuing operations		$	.20			$	.24
Earnings from discontinued operations			–				–
Net earnings		$	.20			$	.24

In fiscal 2009, the company recognized in cost of products sold a $14 ($9 after tax or $.03 per share) favorable net adjustment on commodity hedge positions. The favorable net adjustment is included in Unallocated corporate expenses.

In fiscal 2009, as part of the company’s annual review of intangible assets, a non-cash impairment charge of $67 ($47 after tax or $.13 per share) was recorded in Other expenses/(income) related to certain European trademarks, primarily in Germany and Nordic, used in the International Soup, Sauces and Beverages segment.

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 initiatives announced in April 2008 to improve operational efficiency. The restructuring charge and related costs were recognized in the following segments: International Soup, Sauces and Beverages – $3, and North America Foodservice – $7.

The period ended August 2, 2009 had 13 weeks. The period ended August 3, 2008 had 14 weeks.

CAMPBELL SOUP COMPANY CONSOLIDATED
SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS
(millions, except per share amounts)
		TWELVE MONTHS ENDED
		August 2,				August 3,				Percent
Sales		2009				2008				Change
Contributions:
U.S. Soup, Sauces and Beverages		$	3,784			$	3,674			3	%
Baking and Snacking			1,846				2,058			(10	%)
International Soup, Sauces and Beverages			1,357				1,610			(16	%)
North America Foodservice			599				656			(9	%)
Total sales		$	7,586			$	7,998			(5	%)
Earnings
Contributions:
U.S. Soup, Sauces and Beverages		$	927			$	891
Baking and Snacking			262				120
International Soup, Sauces and Beverages			69				179
North America Foodservice			34				40
Total operating earnings			1,292				1,230
Unallocated corporate expenses			(107	)			(132	)
Earnings before interest and taxes			1,185				1,098
Interest, net			(106	)			(159	)
Taxes on earnings			(347	)			(268	)
Earnings from continuing operations			732				671
Earnings from discontinued operations			4				494
Net earnings		$	736			$	1,165
Per share – assuming dilution
Earnings from continuing operations		$	2.04				1.76
Earnings from discontinued operations			.01				1.30
Net earnings		$	2.06				3.06

In fiscal 2009, the company recorded pre-tax restructuring related costs in cost of products sold of $22 ($15 after tax or $.04 per share) related to the initiatives announced in April 2008 to improve operational efficiency. The restructuring related costs were recognized in the following segments: North America Foodservice – $19, and Baking and Snacking – $3. 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 initiatives. The restructuring charge and related costs were recognized in the following segments: Baking and Snacking – $144, International Soup, Sauces and Beverages – $9, and North America Foodservice – $29.

In fiscal 2009, as part of the company’s annual review of intangible assets, a non-cash impairment charge of $67 ($47 after tax or $.13 per share) was recorded in Other expenses/(income) related to certain European trademarks, primarily in Germany and Nordic, used in the International Soup, Sauces and Beverages segment.

In fiscal 2009, the company recognized a $4 (or $.01 per share) tax benefit in discontinued operations related to the sale of the Godiva Chocolatier business.

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

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.

Fiscal 2009 had 52 weeks. Fiscal 2008 had 53 weeks.

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

CAMPBELL SOUP COMPANY CONSOLIDATED
BALANCE SHEETS
(millions)
		August 2,					August 3,
		2009					2008
Current assets		$	1,551				$	1,652
Current assets held for sale			–					41
Plant assets, net			1,977					1,939
Intangible assets, net			2,423					2,603
Other assets			105					211
Non-current assets held for sale			–					28
Total assets		$	6,056				$	6,474
Current liabilities		$	1,628				$	2,382
Current liabilities held for sale			–					21
Long-term debt			2,246					1,633
Other liabilities			1,454					1,119
Non-current liabilities held for sale			–					1
Shareowners’ equity			728					1,318
Total liabilities and shareowners’ equity		$	6,056				$	6,474
Total debt		$	2,624				$	2,615
Cash and cash equivalents		$	51				$	81
Net debt		$	2,573				$	2,534

Reconciliation of GAAP and Non-GAAP Financial Measures

Fiscal Year Ended August 2, 2009

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 2, 2009 and August 3, 2008, 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 2, 2009			August 3, 2008
Current notes payable		$	378		$	982
Long-term debt			2,246			1,633
Total debt		$	2,624		$	2,615
Less: Cash and cash equivalents			(51)			(81)
Net debt		$	2,573		$	2,534

Items Impacting Gross Margin and 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 gross
margin and earnings results if these transactions are excluded.

The following items impacted gross margin and/or net earnings:

			(1)		In the fourth quarter of fiscal 2009, the company recognized in cost of products sold a $14 million ($9 million after tax or $0.03 per share) favorable net adjustment on commodity hedge positions. The aggregate year-to-date impact from open commodity hedges was not material. Beginning in fiscal 2009, unrealized gains and losses on commodity hedging activities are recorded in unallocated corporate expenses as these open positions represent hedges of future purchases. Upon closing of the contracts, the realized gain or loss is transferred to segment operating earnings. This allows the segments to reflect the economic effects of the hedge without exposure to quarterly volatility of unrealized gains and losses. The volatility associated with the unrealized gains or losses will be treated as an item impacting comparability. In prior periods, unrealized gains and losses on commodity hedging were not material.
			(2)		In the fourth quarter of fiscal 2009, as part of the company’s annual review of intangible assets, a non-cash impairment charge of $67 million ($47 million after tax or $0.13 per share) was recorded in Other expenses/(income) related to certain European trademarks, primarily in Germany and Nordic, used in the International Soup, Sauces and Beverages segment.
			(3)		In fiscal 2008, the company announced initiatives to improve operational efficiency and long-term profitability, including selling certain salty snack food brands and assets in Australia, closing certain production facilities in Australia and Canada, and streamlining the company’s management structure. In the fourth quarter of fiscal 2009, the expense recorded in cost of products sold related to these initiatives was not material. The aggregate year-to-date impact was $22 million ($15 million after tax or $0.04 per share). 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) 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.
			(4)		In the second quarter of fiscal 2009, the company recorded a $4 million tax benefit ($0.01 per share) in discontinued operations related to the sale of the Godiva Chocolatier business.
			(5)		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.
			(6)		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.

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. 2, 2009			Aug. 3, 2008			% Change
Gross margin, as reported		$	635		$	664
Deduct: Net adjustment on commodity hedges (1)			(14)			–
Add: Restructuring related costs (3)			–			7
Adjusted Gross margin		$	621		$	671		(7)%
Adjusted Gross margin percentage			40.6%			39.1%
Earnings before interest and taxes, as reported		$	145		$	188
Deduct: Net adjustment on commodity hedges (1)			(14)			–
Add: Non-cash impairment charge on intangible assets (2)			67			–
Add: Restructuring charges and related costs (3)			–			10
Adjusted Earnings before interest and taxes		$	198		$	198		0%
Interest, net, as reported		$	23		$	38
Adjusted Earnings before taxes		$	175		$	160
Taxes on earnings, as reported		$	53		$	61
Deduct: Tax expense from the net adjustment on commodity hedges (1)			(5)			–
Add: Tax benefit from non-cash impairment charge on intangible assets (2)			20			–
Add: Tax benefit from restructuring charges and related costs (3)			–			3
Adjusted Taxes on earnings		$	68		$	64
Adjusted effective income tax rate			38.9%			40.0%
Earnings from continuing operations, as reported		$	69		$	89
Deduct: Net adjustment on commodity hedges (1)			(9)			–
Add: Net non-cash impairment charge on intangible assets (2)			47			–
Add: Net adjustment from restructuring charges and related costs (3)			–			7
Adjusted Earnings from continuing operations		$	107		$	96		11%
Earnings from discontinued operations, as reported		$	–		$	–
Adjusted Net earnings		$	107		$	96		11%
Diluted earnings per share – continuing operations, as reported		$	0.20		$	0.24
Deduct: Net adjustment on commodity hedges (1)			(0.03)			–
Add: Net non-cash impairment charge on intangible assets (2)			0.13			–
Add: Net adjustment from restructuring charges and related costs (3)			–			0.02
Adjusted Diluted earnings per share – continuing operations		$	0.30		$	0.26		15%
Diluted earnings per share – discontinued operations, as reported		$	–		$	–
Adjusted Diluted net earnings per share		$	0.30		$	0.26		15%

(millions, except per share amounts)		Year-to-Date
		Aug. 2, 2009			Aug. 3, 2008			% Change
Gross margin, as reported		$	3,028		$	3,171
Add: Restructuring related costs (3)			22			7
Adjusted Gross margin		$	3,050		$	3,178		(4)%
Adjusted Gross margin percentage			40.2%			39.7%
Earnings before interest and taxes, as reported		$	1,185		$	1,098
Add: Non-cash impairment charge on intangible assets (2)			67			–
Add: Restructuring charges and related costs (3)			22			182
Adjusted Earnings before interest and taxes		$	1,274		$	1,280		0%
Interest, net, as reported		$	106		$	159
Adjusted Earnings before taxes		$	1,168		$	1,121
Taxes on earnings, as reported		$	347		$	268
Add: Tax benefit from non-cash impairment charge on intangible assets (2)			20			–
Add: Tax benefit from restructuring charges and related costs (3)			7			75
Add: Tax benefit from resolution of a state tax contingency (6)			–			13
Adjusted Taxes on earnings		$	374		$	356
Adjusted effective income tax rate			32.0%			31.8%
Earnings from continuing operations, as reported		$	732		$	671
Add: Net non-cash impairment charge on intangible assets (2)			47			–
Add: Net adjustment from restructuring charges and related costs (3)			15			107
Deduct: Benefit from resolution of a state tax contingency (6)			–			(13)
Adjusted Earnings from continuing operations		$	794		$	765		4%
Earnings from discontinued operations, as reported		$	4		$	494
Deduct: Tax benefit from the sale of the Godiva Chocolatier business (4)			(4)			–
Deduct: Gain on sale of the Godiva Chocolatier business (5)			–			(462)
Adjusted Earnings from discontinued operations		$	–		$	32
Adjusted Net earnings		$	794		$	797		0%
Diluted earnings per share – continuing operations, as reported		$	2.04		$	1.76
Add: Net non-cash impairment charge on intangible assets (2)			0.13			–
Add: Net adjustment from restructuring charges and related costs (3)			0.04			0.28
Deduct: Benefit from resolution of a state tax contingency (6)			–			(0.03)
Adjusted Diluted earnings per share – continuing operations *		$	2.22		$	2.01		10%
Diluted earnings per share – discontinued operations, as reported		$	0.01		$	1.30
Deduct: Tax benefit from the sale of the Godiva Chocolatier business (4)			(0.01)			–
Deduct: Gain on sale of the Godiva Chocolatier business (5)			–			(1.21)
Adjusted Diluted earnings per share – discontinued operations *		$	–		$	0.08
Adjusted Diluted net earnings per share		$	2.22		$	2.09		6%

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

Source: Campbell Soup Company

Campbell Soup Company
Anthony Sanzio (Media)
856-968-4390
or
Jennifer
Driscoll (Analysts)
856-342-6081