Fourth-Quarter Sales Increased 7 Percent; Organic Sales Decreased 2
Percent

Fourth-Quarter Adjusted EPS from Continuing Operations Increased 14
Percent to $0.49

Full-Year Adjusted EBIT Increased 4 Percent

Full-Year Adjusted EPS from Continuing Operations Increased 2 Percent
to $2.53

Fourth-Quarter and Full-Year Results Reflected the Benefit of One
Additional Week in Fiscal 2014

Campbell Provides Fiscal 2015 Guidance

CAMDEN, N.J.–(BUSINESS WIRE)–Sep. 8, 2014–
Campbell Soup Company (NYSE:CPB) today reported its
fourth-quarter and full-year results for fiscal 2014.

Fourth-Quarter Overview

• U.S. Simple Meals Sales Increased 5 Percent; Organic Sales Declined
  5 Percent; Earnings Increased 4 Percent
• Global Baking and Snacking Sales Increased 10 Percent; Organic
  Sales Declined 2 Percent; Earnings Increased 17 Percent
• Bolthouse and Foodservice Sales Increased 11 Percent; Organic Sales
  Grew 4 Percent; Earnings Increased 16 Percent

The company reported earnings from continuing operations for the quarter
ended Aug. 3, 2014, of $137 million, or $0.43 per share, compared with
earnings of $117 million, or $0.37 per share, in the prior year. In the
fourth quarter of fiscal 2014, Campbell implemented initiatives to
improve supply chain efficiency in Australia and reduce overhead across
the organization. The company recorded pre-tax restructuring charges of
$20 million ($14 million after tax or $0.04 per share) related to these
initiatives. In addition, the company incurred pre-tax
restructuring-related costs of $1 million associated with
previously-announced initiatives. The company also recognized an
additional pre-tax pension settlement charge of $4 million ($3 million
after tax or $0.01 per share) associated with a U.S. pension plan.
Excluding items impacting comparability in both periods, adjusted
earnings from continuing operations increased 14 percent to $155
million, compared with $136 million in the prior-year quarter, and
adjusted earnings per share from continuing operations increased 14
percent to $0.49, compared with $0.43 in the year-ago quarter. The
quarter benefited from an additional week in fiscal 2014, which
contributed an estimated $25 million to earnings from continuing
operations and $0.08 to earnings per share from continuing operations. A
detailed reconciliation of the reported financial information to the
adjusted information is included at the end of this news release.

Denise Morrison, Campbell’s President and Chief Executive Officer, said,
“Our fiscal 2014 results were in line with our most recent guidance,
including increases in net sales, adjusted EBIT and adjusted EPS.

“We continued to make progress in reshaping Campbell, although we
recognize that it is taking longer than originally anticipated. The
Kelsen Group acquisition expanded our baked snacks business to China and
Hong Kong. Bolthouse Farms achieved strong top-line growth as we
increased distribution and invested in advertising and consumer programs
to build brand equity. We divested our European simple meals
business to focus on faster-growing markets. This year, we made several
strategic investments, funded in part by reduced overhead costs.
We believe that the diversification of our portfolio and responsible
cost management will change our growth trajectory over time.”

Morrison concluded, “Looking ahead, we plan to deliver modest growth in
fiscal 2015, despite a consumer environment that is likely to remain
challenging. As we announced at our July 21 Investor Day, we expect
fiscal 2015 growth to be below our long-term targets for sales and
earnings. We intend to make meaningful improvements in our core
businesses and drive innovation across the company with the launch of
more than 200 new products. We plan to deliver sales growth in U.S.
Simple Meals, including U.S. Soup, and in Pepperidge Farm, by optimizing
all the drivers of demand. We will execute our turnaround plans
to strengthen U.S. Beverages and expect to stabilize sales in Australia,
where we took further action in the fourth quarter to improve
productivity. We are counting on continued growth in Bolthouse Farms,
Kelsen Group and Plum, which have added more than $1 billion in sales in
faster-growing categories. As always, we will be relentless in managing
our costs and margins to improve profit performance. We’re confident
that Campbell is on the right path, and we are committed to
executing our strategy to deliver sustainable, profitable net sales
growth.”

Fiscal 2015 Guidance for Continuing Operations

As shown in the table below, from the adjusted 52-week 2014 base, the
company expects continuing operations to grow sales by 1 to 2 percent,
adjusted EBIT to grow by 0 to 2 percent and adjusted EPS to grow by 0 to
2 percent, or $2.45 to $2.50 per share.

				2014				2015
		2014		Estimated		2014		Guidance
		Results		Impact of		Base*		(vs. 52-week
Continuing Operations		(53 weeks)		53rd Week		(52 weeks)		base)
($ millions, except per share)
Net Sales		$8,268		2%		$8,139		1 to 2%
Adjusted EBIT*		$1,281		3%		$1,244		0 to 2%
Adjusted EPS*		$2.53		$0.08		$2.45		0 to 2%
								$2.45 – $2.50
*Adjusted – see non-GAAP reconciliation

Fourth-Quarter Sales from Continuing Operations

For the fourth quarter, sales from continuing operations increased 7
percent to $1.852 billion. Organic sales decreased 2 percent. A
breakdown of the change in sales follows:

• Acquisitions added 3 percent
• Increased promotional spending subtracted 2 percent
• Currency subtracted 1 percent
• The 53^rd week added 7 percent

Fourth-Quarter Financial Details – Continuing Operations

• Gross margin was 34.1 percent, compared with 36.2 percent a year ago.
  Excluding items impacting comparability in both periods, adjusted
  gross margin for the quarter was 34.3 percent, compared with 36.7
  percent a year ago. The decline was primarily attributable to
  increased supply chain costs, cost inflation and higher promotional
  spending, partly offset by productivity improvements.
• Marketing and selling expenses decreased 1 percent to $189 million.
  The decrease was primarily due to lower advertising and consumer
  promotion expenses, lower selling expenses and the impact of currency,
  partly offset by the impact of acquisitions.
• Administrative expenses decreased $46 million to $149 million,
  primarily due to lower incentive compensation costs and cost savings
  from restructuring initiatives.
• EBIT was $234 million, compared with $178 million in the prior-year
  quarter. Excluding items impacting comparability in both periods,
  adjusted EBIT increased 25 percent to $259 million. The increase was
  primarily due to lower administrative expenses and the benefit of the
  additional week, partly offset by a lower gross margin percentage.
• The tax rate in the quarter was 33.8 percent, compared with 22.3
  percent in the year-ago quarter. Excluding items impacting
  comparability in both periods, the current quarter’s adjusted tax rate
  was 33.2 percent, compared with 24.7 percent in the year-ago quarter.
  The prior-year rate for the quarter benefited from lower taxes on
  foreign earnings.

Full-Year Results from Continuing Operations

Earnings from continuing operations for the fiscal year were $737
million, or $2.33 per share, compared with earnings of $689 million, or
$2.17 per share, in the prior year. Excluding items impacting
comparability in both periods, adjusted earnings from continuing
operations increased 2 percent to $800 million, compared with $786
million in the prior year, and adjusted earnings per share from
continuing operations increased 2 percent to $2.53, compared with $2.48
in the year-ago period. As with the current quarter, the fiscal year
benefited from the additional week, which contributed an estimated $25
million to earnings from continuing operations and $0.08 to earnings per
share from continuing operations.

For the fiscal year, sales from continuing operations increased 3
percent to $8.268 billion. Organic sales declined 1 percent. A breakdown
of the change in sales for the fiscal year is as follows:

• Acquisitions added 3 percent
• Price and sales allowances added 1 percent
• Increased promotional spending subtracted 2 percent
• Currency subtracted 1 percent
• The 53^rd week added 2 percent

Full-Year Financial Details – Continuing Operations

• Gross margin was 35.1 percent, compared with 36.2 percent a year ago.
  Excluding items impacting comparability in both years, adjusted gross
  margin was 35.4 percent, compared with 37.3 percent a year ago. The
  decline was primarily attributable to cost inflation, higher
  promotional spending, increased supply chain costs and the impact of
  acquisitions, partly offset by productivity improvements and higher
  selling prices.
• Marketing and selling expenses decreased 1 percent to $935 million.
  The decrease was primarily due to lower advertising and consumer
  promotion expenses, the impact of currency, lower marketing overhead
  expenses and lower selling expenses, partly offset by the impact of
  acquisitions.
• Administrative expenses decreased $104 million to $573 million,
  primarily due to lower incentive compensation costs, cost savings from
  restructuring initiatives and lower pension costs, partly offset by
  the impact of acquisitions.
• EBIT was $1.192 billion, compared with $1.080 billion in the prior
  year. Excluding items impacting comparability in both years, adjusted
  EBIT increased 4 percent to $1.281 billion. The increase was primarily
  due to lower administrative expenses, the benefit of the additional
  week and lower marketing expenses, partly offset by a lower gross
  margin percentage and lower organic sales.
• Net interest expense decreased $6 million to $119 million, reflecting
  lower interest rates.
• The tax rate in the fiscal year was 32.3 percent, compared with 28.8
  percent in the prior year. Excluding items impacting comparability in
  both periods, the current year’s adjusted tax rate was 31.7 percent,
  compared to 29.8 percent in the prior year. The prior-year rate
  benefited from lower taxes on foreign earnings and the favorable
  settlement of certain U.S. state tax matters.
• Cash flow from operations was $899 million, compared with $1.019
  billion in the prior year. The decline was primarily related to lower
  cash earnings and taxes paid on the divestiture of the European simple
  meals business, partly offset by lower working capital requirements.

Summary of Fiscal 2014 Fourth-Quarter and Full-Year Results by Segment

U.S. Simple Meals

Sales for U.S. Simple Meals were $518 million for the fourth quarter, a
5 percent increase from a year ago. A breakdown of the change in sales
follows:

• Volume and mix subtracted 5 percent
• Price and sales allowances added 1 percent
• Increased promotional spending subtracted 1 percent
• The acquisition of Plum added 3 percent
• The 53^rd week added 7 percent

U.S. Soup sales decreased 3 percent compared to the year-ago quarter.
Declines in U.S. Soup sales included a 7 point decrease driven by
movement in retailer inventory levels, particularly on condensed cooking
soups and broth due to the later timing of the Easter holiday in the
current year, offset by a 7 point increase from the benefit of the
additional week. Including the benefit of the 53^rd week and
the offsetting inventory reductions, further details of the sales
results include the following:

• Sales of “Campbell’s” condensed soups increased 1 percent, with gains
  in eating varieties partly offset by declines in cooking varieties.
• Sales of ready-to-serve soups decreased 8 percent, primarily due to
  declines in “Campbell’s Homestyle” canned soup as we cycled the
  year-ago launch and declines in microwavable soup varieties.
• Broth sales decreased 8 percent, driven by declines in canned and
  aseptic broth.

Sales of other simple meals increased 19 percent compared to the
year-ago quarter, with the acquisition of Plum contributing 8 points of
growth. Excluding the benefit of the acquisition and the additional
week, sales increased 2 percent primarily driven by gains in
“Campbell’s” dinner sauces and “Prego” pasta sauces.

U.S. Simple Meals operating earnings for the fourth quarter increased 4
percent to $114 million. The increase was primarily due to the
additional week and lower administrative and marketing expenses, partly
offset by the decline in U.S. Soup sales and a lower gross margin
percentage.

For the fiscal year, sales for U.S. Simple Meals increased 3 percent to
$2.944 billion. A breakdown of the change in sales follows:

• Price and sales allowances added 2 percent
• Increased promotional spending subtracted 2 percent
• The acquisition of Plum added 2 percent
• The 53^rd week added 1 percent

U.S. Soup sales decreased 1 percent due to a decline of 5 percent in
ready-to-serve soups and a decline of 1 percent in condensed soups,
partly offset by a 9 percent gain in broth.

Sales of other simple meals increased 15 percent, including a 9 point
contribution from the acquisition of Plum and gains in “Prego” pasta
sauces and “Campbell’s” dinner sauces.

U.S. Simple Meals operating earnings were $714 million in the fiscal
year, compared with $731 million in the year-ago period, a decrease of 2
percent. A lower gross margin percentage and expenses related to the
November 2013 Plum recall were partly offset by lower administrative
expenses, lower marketing expenses and the benefit of the additional
week.

Global Baking and Snacking

Sales for Global Baking and Snacking were $628 million for the fourth
quarter, an increase of 10 percent from a year ago. The acquisition of
Kelsen Group contributed $32 million to sales. The increase in sales
reflected the following factors:

• The acquisition of Kelsen Group added 6 percent
• Volume and mix added 3 percent
• Increased promotional spending subtracted 5 percent
• Currency subtracted 1 percent
• The 53^rd week added 7 percent

Further details of sales results excluding the benefit of the additional
week included the following:

• Sales of Pepperidge Farm products decreased, driven by increased
  promotional spending partly offset by volume gains.
  • Sales of cookies and crackers were comparable to prior year with
    gains in “Goldfish” snack crackers offset by declines in
    “Pepperidge Farm” adult cracker varieties.
  • Sales of frozen and other products decreased.
  • Sales of fresh bakery products increased, driven by volume gains
    in bread and rolls.
• Sales at Arnott’s decreased due to declines in Australia and the
  negative impact of currency, partly offset by strong gains in
  Indonesia.

Operating earnings for the quarter were $98 million, an increase of 17
percent over the year-ago period. The increase was primarily driven by
lower administrative expenses and the benefit of the additional week,
partly offset by a lower gross margin percentage. The increase reflected
growth in Pepperidge Farm and the addition of Kelsen Group’s operating
results. Earnings in Arnott’s were comparable to the prior-year quarter.

For the fiscal year, sales increased 7 percent to $2.440 billion. The
acquisition of Kelsen Group contributed $193 million to sales growth. A
breakdown of the change in sales follows:

• The acquisition of Kelsen Group added 8 percent
• Volume and mix added 1 percent
• Price and sales allowances added 2 percent
• Increased promotional spending subtracted 3 percent
• Currency subtracted 3 percent
• The 53^rd week added 2 percent

Sales declines at Arnott’s in Australia were partly offset by sales
growth in Pepperidge Farm and Indonesia.

Operating earnings in the fiscal year were $332 million, compared with
$316 million in the prior year, an increase of 5 percent. The increase
was primarily driven by lower administrative expenses, the acquisition
of Kelsen Group, lower marketing expenses and the benefit of the
additional week, partly offset by a lower gross margin percentage and
the unfavorable impact of currency. The increase included growth in
Pepperidge Farm and the addition of Kelsen Group’s operating results,
partly offset by lower earnings in Arnott’s.

International Simple Meals and Beverages

Sales for International Simple Meals and Beverages were $188 million for
the fourth quarter, an increase of 1 percent from a year ago. The sales
increase reflected the following factors:

• Price and sales allowances added 1 percent
• Increased promotional spending subtracted 1 percent
• Currency subtracted 3 percent
• Net accounting in Mexico subtracted 4 percent
• The 53^rd week added 8 percent

Further details of sales results, excluding the benefit of the
additional week, included the following:

• In Latin America, sales declined primarily due to the impact of
  presenting revenue on a net basis related to the implementation of the
  company’s new business model in Mexico.
• In the Asia Pacific region, sales decreased primarily due to declines
  in Australia and the negative impact of currency, partly offset by
  gains in Malaysia.
• In Canada, sales decreased due to the negative impact of currency.

Operating earnings for the quarter were $21 million, compared with $14
million in the year-ago period. The increase in operating earnings was
primarily due to a higher gross margin percentage and the benefit of the
additional week.

For the fiscal year, sales were $780 million, a decrease of 10 percent.
Sales were impacted by the following factors:

• Volume and mix subtracted 2 percent
• Price and sales allowances subtracted 1 percent
• Currency subtracted 6 percent
• Net accounting in Mexico subtracted 3 percent
• The 53^rd week added 2 percent

Sales declined in Latin America, Canada and the Asia Pacific region.

Operating earnings in the fiscal year were $106 million, compared with
$108 million a year ago, a decrease of 2 percent. The decrease was
primarily driven by volume declines and the unfavorable impact of
currency, partly offset by lower administrative expenses, a higher gross
margin percentage and lower selling expenses.

U.S. Beverages

Sales for U.S. Beverages were $184 million for the fourth quarter, an
increase of 6 percent from a year ago. Sales were impacted by the
following factors:

• Volume and mix subtracted 3 percent
• Price and sales allowances added 1 percent
• Decreased promotional spending added 1 percent
• The 53^rd week added 7 percent

Excluding the additional week, declines in “V8 V-Fusion” beverages were
partly offset by gains in “V8 Splash” beverages and “V8” vegetable juice.

Operating earnings for the quarter were $43 million, compared with $20
million in the year-ago period. The increase was primarily driven by
lower administrative, selling and marketing expenses and the benefit of
the additional week.

For the fiscal year, sales were $723 million, a decrease of 3 percent. A
breakdown of the change in sales follows:

• Volume and mix subtracted 5 percent
• Decreased promotional spending added 1 percent
• The 53^rd week added 2 percent

*Numbers do not add due to rounding

Operating earnings in the fiscal year increased 6 percent to $127
million, primarily driven by lower administrative and marketing
expenses, partly offset by a lower gross margin percentage and volume
declines.

Bolthouse and Foodservice

Sales for Bolthouse and Foodservice increased 11 percent for the quarter
to $334 million. The sales increase reflected the following factors:

• Volume and mix added 5 percent
• Increased promotional spending subtracted 1 percent
• Currency subtracted 1 percent
• The 53^rd week added 8 percent

Excluding the benefit of the 53^rd week, sales rose 3 percent
driven by double-digit sales gains in Bolthouse Farms premium
refrigerated beverages and salad dressings, partly offset by declines in
North America Foodservice.

Operating earnings for the quarter were $29 million, a 16 percent
increase over the year-ago period. The increase was primarily due to
lower administrative expenses and the benefit of the additional week,
partly offset by a lower gross margin percentage and higher marketing
expenses.

For the fiscal year, sales increased 5 percent to $1.381 billion. The
sales increase reflected the following factors:

• Volume and mix added 3 percent
• Increased promotional spending subtracted 1 percent
• An additional week of sales at Bolthouse Farms added 1 percent
• The 53^rd week added 2 percent

Sales growth from Bolthouse Farms was partly offset by sales declines in
North America Foodservice.

Operating earnings for the fiscal year were $117 million, compared with
$116 million in the prior year, an increase of 1 percent. The increase
was primarily due to lower administrative expenses, the increase in
sales and the benefit of the 53^rd week, partly offset by a
lower gross margin percentage and increased marketing investment for
Bolthouse Farms.

Unallocated Corporate Expenses

Unallocated corporate expenses for the quarter were $51 million,
compared with $55 million a year ago. The current quarter included
additional pension settlement charges of $4 million associated with a
U.S. pension plan and $1 million of restructuring-related costs. The
prior-year quarter included $10 million of restructuring-related costs.
The balance of the change for the current quarter was primarily due to
losses on open commodity hedges, mostly offset by lower incentive
compensation costs. Unallocated corporate expenses for the fiscal year
were $149 million, compared with $260 million in the prior year. The
current year included pension settlement charges of $22 million
associated with a U.S. pension plan, a $9 million loss on foreign
exchange forward contracts related to the sale of the European simple
meals business and $3 million of restructuring-related costs. The prior
year included $91 million of restructuring-related costs and $10 million
of transaction costs related to the Bolthouse Farms acquisition. The
balance of the decrease for the fiscal year was primarily due to lower
incentive compensation costs and gains on foreign exchange transactions.

Results from Discontinued Operations

The company completed the divestiture of its European simple meals
business to CVC Capital Partners on Oct. 28, 2013. Results for the
European simple meals business are reported as discontinued operations.
For the fiscal year, earnings from discontinued operations were $81
million, or $0.26 per share. Excluding the impact of the gain on the
sale of the European business, earnings from discontinued operations
were $9 million, or $0.03 per share.

Non-GAAP Financial Information

A detailed reconciliation of the reported financial information to the
adjusted financial information is included at the end of this news
release.

Acquisition Dates

The company’s fiscal 2013 and fiscal 2014 results from continuing
operations reflect the following acquisitions: Bolthouse Farms on Aug.
6, 2012; Plum on June 13, 2013; and Kelsen Group on Aug. 8, 2013.

Conference Call

Campbell will host a conference call to discuss these results on Sept.
8, 2014, at 8:30 a.m. Eastern Daylight Time. Participants may access the
call at +1 (703) 639-1316. The conference ID is 1642451. Participants
should call at least ten minutes prior to the starting time. The call
will also be broadcast live over the Internet at investor.campbellsoupcompany.com
and can be accessed by clicking on the “Webcast-Live” button. A
recording of the call will be available approximately two hours after it
is completed through midnight on Sept. 22, 2014, at +1 (703) 925-2533.
The access code is 1642451. A recording of the call can also be accessed
online by visiting investor.campbellsoupcompany.com
and clicking on the “News & Events” button, followed by the “Webcasts &
Presentations” button. To download the new Campbell investor relations
app, which offers access to SEC documents, news releases, audiocasts and
more, please visit the Apple App store to download on your iPhone or
iPad, or Google Play for your Android mobile device.

Reporting Segments

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

U.S. Simple Meals includes the following products: “Campbell’s”
condensed and ready-to-serve soups, “Swanson” broth and stocks, “Prego”
pasta sauces, “Pace” Mexican sauces, “Campbell’s” gravies, pasta, beans
and dinner sauces, “Swanson” canned poultry and “Plum Organics” food
and snacks.

Global Baking and Snacking aggregates the following: Pepperidge
Farm cookies, crackers, bakery and frozen products in U.S. retail;
Arnott’s biscuits in Australia and Asia Pacific; and Kelsen cookies
globally.

International Simple Meals and Beverages aggregates the retail
business in Canada and the simple meals and beverages business in Asia
Pacific, Latin America and China.

U.S. Beverages includes the following products: “V8” juices and
beverages and “Campbell’s” tomato juice.

Bolthouse and Foodservice comprises Bolthouse Farms carrot
products, including fresh carrots, juice concentrate and fiber;
Bolthouse Farms super-premium refrigerated beverages and refrigerated
salad dressings; and the North America Foodservice business. The North
America Foodservice business encompasses the distribution of products
such as soup, specialty entrees, beverage products, other prepared foods
and Pepperidge Farm products through various food service channels in
the United States and Canada.

About Campbell Soup Company

Campbell (NYSE: CPB) makes real food that matters for life’s moments,
from high-quality soups and simple meals to snacks and healthy
beverages. For generations, people have trusted Campbell to provide
authentic, flavorful and readily available foods and beverages that
connect them to each other, to warm memories and to what’s important
today. Led by its iconic “Campbell’s” brand, the company’s portfolio
includes “Pepperidge Farm”, “Goldfish”, “Bolthouse Farms”, “V8”,
“Swanson”, “Prego”, “Pace”, “Plum Organics”, “Arnott’s”, “Tim Tam”,
“Royal Dansk” and “Kjeldsens”. Founded in 1869, Campbell has a
heritage of giving back and acting as a good steward of the planet’s
natural resources. The company is a member of the Standard & Poor’s 500
and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com
or follow company news on Twitter via @CampbellSoupCo.

Forward Looking Statements

This release contains “forward-looking statements” that reflect the
company’s current expectations about the impact of its future plans and
performance on the company’s business or financial results, including
its 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 impact of changes in
consumer demand for the company’s products; (3) the risks associated
with trade and consumer acceptance of the company’s initiatives; (4) the
company’s ability to realize projected cost savings and benefits; (5)
the company’s ability to manage changes to its business processes; (6)
the practices and increased significance of certain of the company’s key
trade customers; (7) the impact of fluctuations in the supply or costs
of energy and raw and packaging materials; (8) the impact of portfolio
changes; (9) the uncertainties of litigation; (10) the impact of changes
in currency exchange rates, tax rates, interest rates, debt and equity
markets, inflation rates, economic conditions and other external
factors; (11) 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 (12) 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 3, 2014				July 28, 2013
Net sales		$	1,852			$	1,723
Costs and expenses
Cost of products sold		1,221				1,100
Marketing and selling expenses		189				191
Administrative expenses		149				195
Research and development expenses		33				34
Other expenses		6				5
Restructuring charges		20				20
Total costs and expenses		1,618				1,545
Earnings before interest and taxes		234				178
Interest, net		30				30
Earnings before taxes		204				148
Taxes on earnings		69				33
Earnings from continuing operations		135				115
Earnings (loss) from discontinued operations		—				(275		)
Net earnings (loss)		135				(160		)
Net loss attributable to noncontrolling interests		2				2
Net earnings (loss) attributable to Campbell Soup Company		$	137			$	(158	)
Per share – basic
Earnings from continuing operations attributable to Campbell Soup Company		$	.44			$	.37
Earnings (loss) from discontinued operations		—				(.88		)
Net earnings (loss) attributable to Campbell Soup Company*		$	.44			$	(.50	)
Dividends		$	.312			$	.29
Weighted average shares outstanding – basic		314				314
Per share – assuming dilution
Earnings from continuing operations attributable to Campbell Soup Company		$	.43			$	.37
Earnings (loss) from discontinued operations		—				(.87		)
Net earnings (loss) attributable to Campbell Soup Company		$	.43			$	(.50	)
Weighted average shares outstanding – assuming dilution		316				317
*The sum of the individual per share amounts may not add due to rounding.

In the fourth quarter of fiscal 2014, the company recognized a pre-tax pension settlement charge in Cost of products sold of $4 ($3 after tax or $.01 per share in earnings from continuing operations) associated with a U.S. pension plan. The settlement resulted from the level of lump sum distributions from the plan’s assets in 2014, primarily due to the closure of the facility in Sacramento, California.

In the fourth quarter of fiscal 2014, the company implemented initiatives to improve supply chain efficiency in Australia and reduce overhead across the organization. The company recorded pre-tax restructuring charges of $20 ($14 after tax or $.04 per share in earnings from continuing operations) related to the initiatives.

In fiscal 2013, the company implemented initiatives to improve its U.S. supply chain cost structure and increase asset utilization across its U.S. thermal plant network; expand access to manufacturing and distribution capabilities in Mexico; improve its Pepperidge Farm bakery supply chain cost structure; and reduce overhead in North America. In the fourth quarter of fiscal 2014, the company recorded restructuring-related costs of $1 in Cost of products sold ($1 after tax in earnings from continuing operations). In the fourth quarter of fiscal 2013, the company recorded pre-tax restructuring charges of $20 and restructuring-related costs of $10 in Cost of products sold (aggregate impact of $19 after tax or $.06 per share on earnings from continuing operations).

On October 28, 2013, the company completed the sale of its simple meals business in Europe. The results of the business are reported as discontinued operations. In the fourth quarter of fiscal 2013, the company recorded an impairment charge on the intangible assets of this business of $396 ($263 after tax or $.83 per share) in earnings from discontinued operations. In addition, the company recorded $18 in tax charges ($.06 per share) in earnings from discontinued operations representing taxes on the difference between the book value and tax basis of the business.

The period ended August 3, 2014 had 14 weeks. The period ended July 28, 2013 had 13 weeks.

CAMPBELL SOUP COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
(millions, except per share amounts)
		TWELVE MONTHS ENDED
		August 3, 2014				July 28, 2013
Net sales		$	8,268			$	8,052
Costs and expenses
Cost of products sold		5,370				5,140
Marketing and selling expenses		935				947
Administrative expenses		573				677
Research and development expenses		121				128
Other expenses		22				29
Restructuring charges		55				51
Total costs and expenses		7,076				6,972
Earnings before interest and taxes		1,192				1,080
Interest, net		119				125
Earnings before taxes		1,073				955
Taxes on earnings		347				275
Earnings from continuing operations		726				680
Earnings (loss) from discontinued operations		81				(231		)
Net earnings		807				449
Net loss attributable to noncontrolling interests		11				9
Net earnings attributable to Campbell Soup Company		$	818			$	458
Per share – basic
Earnings from continuing operations attributable to Campbell Soup Company		$	2.35			$	2.19
Earnings (loss) from discontinued operations		.26				(.74		)
Net earnings attributable to Campbell Soup Company*		$	2.61			$	1.46
Dividends		$	1.248			$	1.16
Weighted average shares outstanding – basic		314				314
Per share – assuming dilution
Earnings from continuing operations attributable to Campbell Soup Company		$	2.33			$	2.17
Earnings (loss) from discontinued operations		.26				(.73		)
Net earnings attributable to Campbell Soup Company		$	2.59			$	1.44
Weighted average shares outstanding – assuming dilution		316				317
*The sum of the individual per share amounts may not add due to rounding.

In fiscal 2014, the company recognized pre-tax pension settlement charges in Cost of products sold of $22 ($14 after tax or $.04 per share in earnings from continuing operations) associated with a U.S. pension plan. The settlements resulted from the level of lump sum distributions from the plan’s assets in 2014, primarily due to the closure of the facility in Sacramento, California.

In fiscal 2014, the company implemented initiatives to streamline its salaried workforce in North America and its workforce in the Asia Pacific region; restructure manufacturing and streamline operations for its soup and broth business in China; improve supply chain efficiency in Australia; and reduce overhead across the organization. In fiscal 2014, the company recorded pre-tax restructuring charges of $54 ($33 after tax or $.10 per share in earnings from continuing operations attributable to Campbell Soup Company) related to the initiatives.

In fiscal 2013, the company implemented initiatives to improve its U.S. supply chain cost structure and increase asset utilization across its U.S. thermal plant network; expand access to manufacturing and distribution capabilities in Mexico; improve its Pepperidge Farm bakery supply chain cost structure; and reduce overhead in North America. In fiscal 2014, the company recorded pre-tax restructuring charges of $1 and restructuring-related costs of $3 in Cost of products sold (aggregate impact of $3 after tax or $.01 per share on earnings from continuing operations) related to the initiatives. In fiscal 2013, the company recorded pre-tax restructuring charges of $51 and restructuring-related costs of $91 in Cost of products sold (aggregate impact of $90 after tax or $.28 per share on earnings from continuing operations).

On October 28, 2013, the company completed the sale of its simple meals business in Europe. The results of the business are reported as discontinued operations. In fiscal 2014, the company recorded a loss of $9 ($6 after tax or $.02 per share) on foreign exchange forward contracts used to hedge the proceeds from the sale of the European simple meals business. The loss was included in Other expenses in earnings from continuing operations. In addition, the company recorded tax expense of $7 ($.02 per share) in earnings from continuing operations associated with the sale of the business. In fiscal 2014, the company recognized a pre-tax gain of $141 ($72 after tax or $.23 per share) in earnings from discontinued operations. In the fourth quarter of fiscal 2013, the company recorded an impairment charge on the intangible assets of this business of $396 ($263 after tax or $.83 per share) in earnings from discontinued operations. In addition, the company recorded $18 in tax charges ($.06 per share) in earnings from discontinued operations representing taxes on the difference between the book value and tax basis of the business.

In fiscal 2013, the company recorded pre-tax transaction costs of $10 ($7 after tax or $.02 per share) associated with the acquisition of Bolthouse Farms, which closed on August 6, 2012. The costs were included in Other expenses in earnings from continuing operations.

Fiscal 2014 had 53 weeks. Fiscal 2013 had 52 weeks.

CAMPBELL SOUP COMPANY
CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS
(millions, except per share amounts)
		THREE MONTHS ENDED
		August 3, 2014				July 28, 2013				Percent Change
Sales
Contributions:
U.S. Simple Meals		$	518			$	493			5%
Global Baking and Snacking		628				570				10%
International Simple Meals and Beverages		188				187				1%
U.S. Beverages		184				173				6%
Bolthouse and Foodservice		334				300				11%
Total sales		$	1,852			$	1,723			7%
Earnings
Contributions:
U.S. Simple Meals		$	114			$	110			4%
Global Baking and Snacking		98				84				17%
International Simple Meals and Beverages		21				14				50%
U.S. Beverages		43				20				115%
Bolthouse and Foodservice		29				25				16%
Total operating earnings		305				253				21%
Unallocated corporate expenses		51				55
Restructuring charges		20				20
Earnings before interest and taxes		234				178				31%
Interest, net		30				30
Taxes on earnings		69				33
Earnings from continuing operations		135				115
Earnings (loss) from discontinued operations		—				(275		)
Net earnings (loss)		135				(160		)		184%
Net loss attributable to noncontrolling interests		2				2
Net earnings (loss) attributable to Campbell Soup Company		$	137			$	(158	)		187%
Per share – assuming dilution
Earnings from continuing operations attributable to Campbell Soup Company		$	.43			$	.37
Earnings (loss) from discontinued operations		—				(.87		)
Net earnings (loss) attributable to Campbell Soup Company		$	.43			$	(.50	)		186%

In the fourth quarter of fiscal 2014, the company recognized a pre-tax pension settlement charge in Unallocated corporate expenses of $4 ($3 after tax or $.01 per share in earnings from continuing operations) associated with a U.S. pension plan. The settlement resulted from the level of lump sum distributions from the plan’s assets in 2014, primarily due to the closure of the facility in Sacramento, California.

In the fourth quarter of fiscal 2014, the company implemented initiatives to improve supply chain efficiency in Australia and reduce overhead across the organization. The company recorded pre-tax restructuring charges of $20 ($14 after tax or $.04 per share in earnings from continuing operations) related to the initiatives.

In fiscal 2013, the company implemented initiatives to improve its U.S. supply chain cost structure and increase asset utilization across its U.S. thermal plant network; expand access to manufacturing and distribution capabilities in Mexico; improve its Pepperidge Farm bakery supply chain cost structure; and reduce overhead in North America. In the fourth quarter of fiscal 2014, the company recorded restructuring-related costs of $1 in Unallocated corporate expenses ($1 after tax in earnings from continuing operations). In the fourth quarter of fiscal 2013, the company recorded pre-tax restructuring charges of $20 and restructuring-related costs of $10 in Unallocated corporate expenses (aggregate impact of $19 after tax or $.06 per share on earnings from continuing operations).

On October 28, 2013, the company completed the sale of its simple meals business in Europe. The results of the business are reported as discontinued operations. In the fourth quarter of fiscal 2013, the company recorded an impairment charge on the intangible assets of this business of $396 ($263 after tax or $.83 per share) in earnings from discontinued operations. In addition, the company recorded $18 in tax charges ($.06 per share) in earnings from discontinued operations representing taxes on the difference between the book value and tax basis of the business.

The period ended August 3, 2014 had 14 weeks. The period ended July 28, 2013 had 13 weeks.

CAMPBELL SOUP COMPANY
CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS
(millions, except per share amounts)
		TWELVE MONTHS ENDED
		August 3, 2014				July 28, 2013				Percent Change
Sales
Contributions:
U.S. Simple Meals		$	2,944			$	2,849			3%
Global Baking and Snacking		2,440				2,273				7%
International Simple Meals and Beverages		780				869				(10)%
U.S. Beverages		723				742				(3)%
Bolthouse and Foodservice		1,381				1,319				5%
Total sales		$	8,268			$	8,052			3%
Earnings
Contributions:
U.S. Simple Meals		$	714			$	731			(2)%
Global Baking and Snacking		332				316				5%
International Simple Meals and Beverages		106				108				(2)%
U.S. Beverages		127				120				6%
Bolthouse and Foodservice		117				116				1%
Total operating earnings		1,396				1,391				—%
Unallocated corporate expenses		149				260
Restructuring charges		55				51
Earnings before interest and taxes		1,192				1,080				10%
Interest, net		119				125
Taxes on earnings		347				275
Earnings from continuing operations		726				680
Earnings (loss) from discontinued operations		81				(231		)
Net earnings		807				449				80%
Net loss attributable to noncontrolling interests		11				9
Net earnings attributable to Campbell Soup Company		$	818			$	458			79%
Per share – assuming dilution
Earnings from continuing operations attributable to Campbell Soup Company		$	2.33			$	2.17
Earnings (loss) from discontinued operations		.26				(.73		)
Net earnings attributable to Campbell Soup Company		$	2.59			$	1.44			80%

In fiscal 2014, the company recognized pre-tax pension settlement charges in Unallocated corporate expenses of $22 ($14 after tax or $.04 per share in earnings from continuing operations) associated with a U.S. pension plan. The settlements resulted from the level of lump sum distributions from the plan’s assets in 2014, primarily due to the closure of the facility in Sacramento, California.

In fiscal 2014, the company implemented initiatives to streamline its salaried workforce in North America and its workforce in the Asia Pacific region; restructure manufacturing and streamline operations for its soup and broth business in China; improve supply chain efficiency in Australia; and reduce overhead across the organization. In fiscal 2014, the company recorded pre-tax restructuring charges of $54 ($33 after tax or $.10 per share in earnings from continuing operations attributable to Campbell Soup Company) related to the initiatives.

In fiscal 2013, the company implemented initiatives to improve its U.S. supply chain cost structure and increase asset utilization across its U.S. thermal plant network; expand access to manufacturing and distribution capabilities in Mexico; improve its Pepperidge Farm bakery supply chain cost structure; and reduce overhead in North America. In fiscal 2014, the company recorded pre-tax restructuring charges of $1 and restructuring-related costs of $3 in Unallocated corporate expenses (aggregate impact of $3 after tax or $.01 per share on earnings from continuing operations) related to the initiatives. In fiscal 2013, the company recorded pre-tax restructuring charges of $51 and restructuring-related costs of $91 in Unallocated corporate expenses (aggregate impact of $90 after tax or $.28 per share on earnings from continuing operations).

On October 28, 2013, the company completed the sale of its simple meals business in Europe. The results of the business are reported as discontinued operations. In fiscal 2014, the company recorded a loss of $9 ($6 after tax or $.02 per share) on foreign exchange forward contracts used to hedge the proceeds from the sale of the European simple meals business. The loss was included in Unallocated corporate expenses in earnings from continuing operations. In addition, the company recorded tax expense of $7 ($.02 per share) in earnings from continuing operations associated with the sale of the business. In fiscal 2014, the company recognized a pre-tax gain of $141 ($72 after tax or $.23 per share) in earnings from discontinued operations. In the fourth quarter of fiscal 2013, the company recorded an impairment charge on the intangible assets of this business of $396 ($263 after tax or $.83 per share) in earnings from discontinued operations. In addition, the company recorded $18 in tax charges ($.06 per share) in earnings from discontinued operations representing taxes on the difference between the book value and tax basis of the business.

In fiscal 2013, the company recorded pre-tax transaction costs of $10 ($7 after tax or $.02 per share) associated with the acquisition of Bolthouse Farms, which closed on August 6, 2012. The costs were included in Unallocated corporate expenses in earnings from continuing operations.

Fiscal 2014 had 53 weeks. Fiscal 2013 had 52 weeks.

CAMPBELL SOUP COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions)
		August 3, 2014			July 28, 2013
Current assets		$	2,100		$	2,028
Current assets of discontinued operations held for sale		—			193
Plant assets, net		2,318			2,260
Intangible assets, net		3,608			3,318
Other assets		87			131
Non-current assets of discontinued operations held for sale		—			393
Total assets		$	8,113		$	8,323
Current liabilities		$	2,989		$	3,168
Current liabilities of discontinued operations held for sale		—			114
Long-term debt		2,244			2,544
Other liabilities		1,277			1,265
Non-current liabilities of discontinued operations held for sale		—			22
Total equity		1,603			1,210
Total liabilities and equity		$	8,113		$	8,323
Total debt		$	4,015		$	4,453
Cash and cash equivalents		$	232		$	333

On October 28, 2013, the company completed the sale of its simple meals business in Europe. The assets and liabilities of the business were reported as assets and liabilities held for sale as of July 28, 2013.

Reconciliation of GAAP to Non-GAAP Financial Measures

Fiscal Year Ended August 3, 2014

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.

Organic Net Sales

Organic net sales exclude the impact of acquisitions, currency, presenting revenue on a net basis in connection with a new business model in Mexico in fiscal 2014, and the additional week in fiscal 2014. The company believes that organic net sales improves the comparability of year-to-year results. A reconciliation of net sales as reported to organic net sales follows.

Three Months Ended
		August 3, 2014																								July 28, 2013				% Change
(millions)		Net Sales, as reported				Impact of Currency				Impact of Acquisitions				Impact of Net Accounting				Estimated Impact of 53rd Week				Organic Net Sales				Net Sales, as Reported				Net Sales, as Reported		Organic Net Sales
U.S. Simple Meals		$	518			$	—			$	(15	)		$	—			$	(36	)		$	467			$	493			5%		(5)%
Global Baking and Snacking		628				4				(32		)		—				(42		)		558				570				10%		(2)%
International Simple Meals and Beverages		188				6				—				8				(15		)		187				187				1%		—%
U.S. Beverages		184				—				—				—				(12		)		172				173				6%		(1)%
Bolthouse and Foodservice		334				2				—				—				(24		)		312				300				11%		4%
Total Net Sales		$	1,852			$	12			$	(47	)		$	8			$	(129	)		$	1,696			$	1,723			7%		(2)%
Year Ended
		August 3, 2014																								July 28, 2013				% Change
(millions)		Net Sales, as reported				Impact of Currency				Impact of Acquisitions				Impact of Net Accounting				Estimated Impact of 53rd Week				Organic Net Sales				Net Sales, as Reported				Net Sales, as Reported		Organic Net Sales
U.S. Simple Meals		$	2,944			$	—			$	(71	)		$	—			$	(36	)		$	2,837			$	2,849			3%		—%
Global Baking and Snacking		2,440				65				(193		)		—				(42		)		2,270				2,273				7%		—%
International Simple Meals and Beverages		780				51				—				25				(15		)		841				869				(10)%		(3)%
U.S. Beverages		723				—				—				—				(12		)		711				742				(3)%		(4)%
Bolthouse and Foodservice		1,381				4				(14		)		—				(24		)		1,347				1,319				5%		2%
Total Net Sales		$	8,268			$	120			$	(278	)		$	25			$	(129	)		$	8,006			$	8,052			3%		(1)%

Items Impacting Gross Margin and Earnings
The company believes that financial information excluding certain transactions that are 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 excluding these transactions.
The following items impacted gross margin and/or earnings:
		(1)		In fiscal 2014, the company implemented initiatives to streamline its salaried workforce in North America and its workforce in the Asia Pacific region; restructure manufacturing and streamline operations for its soup and broth business in China; improve supply chain efficiency in Australia; and reduce overhead across the organization. In the fourth quarter of fiscal 2014, the company recorded pre-tax restructuring charges of $20 million ($14 million after tax or $.04 per share in earnings from continuing operations). In fiscal 2014, the company recorded pre-tax restructuring charges of $54 million ($33 million after tax or $.10 per share in earnings from continuing operations attributable to Campbell Soup Company).
				In fiscal 2013, the company implemented initiatives to improve its U.S. supply chain cost structure and increase asset utilization across its U.S. thermal plant network; expand access to manufacturing and distribution capabilities in Mexico; improve its Pepperidge Farm bakery supply chain cost structure; and reduce overhead in North America. In the fourth quarter of fiscal 2014, the company recorded restructuring-related costs of $1 million in Cost of products sold ($1 million after tax in earnings from continuing operations). In fiscal 2014, the company recorded pre-tax restructuring charges of $1 million and restructuring-related costs of $3 million in Cost of products sold (aggregate impact of $3 million after tax or $.01 per share on earnings from continuing operations). In the fourth quarter of fiscal 2013, the company recorded pre-tax restructuring charges of $20 million and restructuring-related costs of $10 million in Cost of products sold (aggregate impact of $19 million after tax or $.06 per share on earnings from continuing operations). In fiscal 2013, the company recorded pre-tax restructuring charges of $51 million and restructuring-related costs of $91 million in Cost of products sold (aggregate impact of $90 million after tax or $.28 per share on earnings from continuing operations).
		(2)		In fiscal 2014, the company recognized pension settlement charges associated with a U.S. pension plan. The settlements resulted from the level of lump sum distributions from the plan’s assets in 2014, primarily due to the closure of the facility in Sacramento, California. In the fourth quarter of fiscal 2014, the company recognized a pre-tax pension settlement charge in Cost of products sold of $4 million ($3 million after tax or $.01 per share in earnings from continuing operations). In fiscal 2014, the company recognized pre-tax pension settlement charges in Cost of products sold of $22 million ($14 million after tax or $.04 per share in earnings from continuing operations).
		(3)		On October 28, 2013, the company completed the sale of its simple meals business in Europe. The results of the business are reported as discontinued operations. In fiscal 2014, the company recorded a loss of $9 million ($6 million after tax or $.02 per share) on foreign exchange forward contracts used to hedge the proceeds from the sale of the European simple meals business. The loss was included in earnings from continuing operations. In addition, the company recorded tax expense of $7 million ($.02 per share) in earnings from continuing operations associated with the sale. In fiscal 2014, the company recognized a pre-tax gain of $141 million ($72 million after tax or $.23 per share) in earnings from discontinued operations. In the fourth quarter of fiscal 2013, the company recorded an impairment charge on the intangible assets of this business of $396 million ($263 million after tax or $.83 per share) in earnings from discontinued operations. In addition, the company recorded $18 million in tax charges ($.06 per share) in earnings from discontinued operations representing taxes on the difference between the book value and tax basis of the business.
		(4)		In the first quarter of fiscal 2013, the company incurred transaction costs of $10 million ($7 million after tax or $.02 per share) associated with the acquisition of Bolthouse Farms, which closed on August 6, 2012. These costs were included in earnings from continuing operations.

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

		Three Months Ended
(millions, except per share amounts)		August 3, 2014				July 28, 2013				Percent Change
Gross margin, as reported		$	631			$	623
Add: Restructuring-related costs (1)		1				10
Add: Pension settlement charge (2)		4				—
Adjusted Gross margin		$	636			$	633			—%
Adjusted Gross margin percentage		34.3		%		36.7		%
Earnings before interest and taxes, as reported		$	234			$	178
Add: Restructuring charges and related costs (1)		21				30
Add: Pension settlement charge (2)		4				—
Adjusted Earnings before interest and taxes		$	259			$	208			25%
Interest, net, as reported		$	30			$	30
Adjusted Earnings before taxes		$	229			$	178
Taxes on earnings, as reported		$	69			$	33
Add: Tax benefit from restructuring charges and related costs (1)		6				11
Add: Tax benefit from pension settlement charge (2)		1				—
Adjusted Taxes on earnings		$	76			$	44
Adjusted effective income tax rate		33.2		%		24.7		%
Earnings from continuing operations, as reported		$	135			$	115
Deduct: Net loss from noncontrolling interests		(2		)		(2		)
Earnings from continuing operations attributable to Campbell Soup Company, as reported		$	137			$	117
Add: Net adjustment from restructuring charges and related costs (1)		15				19
Add: Net adjustment from pension settlement charge (2)		3				—
Adjusted Earnings from continuing operations attributable to Campbell Soup Company		$	155			$	136			14%
Earnings (loss) from discontinued operations, as reported		$	—			$	(275	)
Add: Net impairment on European business (3)		—				263
Add: Tax expense on book and tax differences (3)		—				18
Adjusted Earnings from discontinued operations		$	—			$	6
Adjusted Net earnings attributable to Campbell Soup Company		$	155			$	142			9%
Diluted earnings per share – continuing operations attributable to Campbell Soup Company, as reported		$	.43			$	.37
Add: Net adjustment from restructuring charges and related costs (1)		.05				.06
Add: Net adjustment from pension settlement charge (2)		.01				—
Adjusted Diluted earnings per share – continuing operations attributable to Campbell Soup Company		$	.49			$	.43			14%
Diluted earnings (loss) per share – discontinued operations, as reported		$	—			$	(.87	)
Add: Net impairment on European business (3)		—				.83
Add: Tax expense on book and tax differences (3)		—				.06
Adjusted Diluted earnings per share – discontinued operations		$	—			$	.02
Diluted net earnings (loss) per share attributable to Campbell Soup Company, as reported		$	.43			$	(.50	)
Add: Net adjustment from restructuring charges and related costs (1)		.05				.06
Add: Net adjustment from pension settlement charge (2)		.01				—
Add: Net impairment on European business (3)		—				.83
Add: Tax expense on book and tax differences (3)		—				.06
Adjusted Diluted net earnings per share attributable to Campbell Soup Company		$	.49			$	.45			9%

		Year Ended
(millions, except per share amounts)		August 3, 2014				July 28, 2013					Percent Change
Gross margin, as reported		$	2,898				$	2,912
Add: Restructuring-related costs (1)		3					91
Add: Pension settlement charges (2)		22					—
Adjusted Gross margin		$	2,923				$	3,003			(3)%
Adjusted Gross margin percentage		35.4		%			37.3		%
Earnings before interest and taxes, as reported		$	1,192				$	1,080
Add: Restructuring charges and related costs (1)		58					142
Add: Pension settlement charges (2)		22					—
Add: Loss on foreign exchange forward contracts (3)		9					—
Add: Acquisition transaction costs (4)		—					10
Adjusted Earnings before interest and taxes		$	1,281				$	1,232			4%
Interest, net, as reported		$	119				$	125
Adjusted Earnings before taxes		$	1,162				$	1,107
Taxes on earnings, as reported		$	347				$	275
Add: Tax benefit from restructuring charges and related costs (1)		17					52
Add: Tax benefit from pension settlement charges (2)		8					—
Add: Tax benefit from loss on foreign exchange forward contracts (3)		3					—
Deduct: Tax expense associated with sale of European business (3)		(7		)			—
Add: Tax benefit from acquisition transaction costs (4)		—					3
Adjusted Taxes on earnings		$	368				$	330
Adjusted effective income tax rate		31.7		%			29.8		%
Earnings from continuing operations, as reported		$	726				$	680
Deduct: Net loss from noncontrolling interests		(11		)			(9		)
Earnings from continuing operations attributable to Campbell Soup Company, as reported		$	737				$	689
Add: Net adjustment from restructuring charges and related costs (1)		41					90
Deduct: Restructuring charges attributable to noncontrolling interest (1)		(5		)			—
Add: Net adjustment from pension settlement charges (2)		14					—
Add: Net adjustment from loss on foreign exchange forward contracts (3)		6					—
Add: Tax expense associated with sale of European business (3)		7					—
Add: Net adjustment from acquisition transaction costs (4)		—					7
Adjusted Earnings from continuing operations attributable to Campbell Soup Company		$	800				$	786			2%
Earnings (loss) from discontinued operations, as reported		$	81				$	(231	)
Deduct: Gain on sale of European business (3)		(72		)			—
Add: Net impairment on European business (3)		—					263
Add: Tax expense on book and tax differences (3)		—					18
Adjusted Earnings from discontinued operations		$	9				$	50
Adjusted Net earnings attributable to Campbell Soup Company		$	809				$	836			(3)%
Diluted earnings per share – continuing operations attributable to Campbell Soup Company, as reported		$	2.33				$	2.17
Add: Net adjustment from restructuring charges and related costs attributable to Campbell Soup Company (1)		.11					.28
Add: Net adjustment from pension settlement charges (2)		.04					—
Add: Net adjustment from loss on foreign exchange forward contracts (3)		.02					—
Add: Tax expense associated with sale of European business (3)		.02					—
Add: Net adjustment from acquisition transaction costs (4)		—					.02
Adjusted Diluted earnings per share – continuing operations attributable to Campbell Soup Company*		$	2.53				$	2.48			2%
Diluted earnings (loss) per share – discontinued operations, as reported		$	.26				$	(.73	)
Deduct: Gain on sale of European business (3)		(.23		)			—
Add: Net impairment on European business (3)		—					.83
Add: Tax expense on book and tax differences (3)		—					.06
Adjusted Diluted earnings per share – discontinued operations		$	.03				$	.16
Diluted net earnings per share attributable to Campbell Soup Company, as reported		$	2.59				$	1.44
Add: Net adjustment from restructuring charges and related costs attributable to Campbell Soup Company (1)		.11					.28
Add: Net adjustment from pension settlement charges (2)		.04					—
Add: Net adjustment from loss on foreign exchange forward contracts (3)		.02					—
Add: Tax expense associated with sale of European business (3)		.02					—
Deduct: Gain on sale of European business (3)		(.23		)			—
Add: Net impairment on European business (3)		—					.83
Add: Tax expense on book and tax differences (3)		—					.06
Add: Net adjustment from acquisition transaction costs (4)		—					.02
Adjusted Diluted net earnings per share attributable to Campbell Soup Company*		$	2.56				$	2.64			(3)%
*The sum of the individual per share amounts may not add due to rounding.

Adjusted Base for Fiscal 2015 Guidance

The company believes that financial information excluding certain transactions that are not considered to be part of the ongoing business improves the comparability of year-to-year results. The previous tables reconcile financial information, presented in accordance with GAAP, to financial information excluding certain items. Fiscal 2014 includes 53 weeks. Consequently, the company believes that investors may be able to better understand its fiscal 2015 performance excluding certain transactions and the estimated impact of the 53rd week. In establishing guidance for fiscal 2015, the adjusted fiscal 2014 results are revised to exclude the estimated impact of the 53rd week below:

		Year Ended
(millions, except per share amounts)		August 3, 2014
Net sales, as reported		$	8,268
Deduct: Impact of 53rd week		(129		)
Adjusted Net sales base		$	8,139
Adjusted Earnings before interest and taxes		$	1,281
Deduct: Impact of 53rd week		(37		)
Adjusted Earnings before interest and taxes base		$	1,244
Adjusted Earnings from continuing operations attributable to Campbell Soup Company		$	800
Deduct: Impact of 53rd week		(25		)
Adjusted Earnings from continuing operations attributable to Campbell Soup Company base		$	775
Adjusted Diluted earnings per share – continuing operations attributable to Campbell Soup Company		$	2.53
Deduct: Impact of 53rd week		(.08		)
Adjusted Diluted earnings per share – continuing operations attributable to Campbell Soup Company base		$	2.45

Source: Campbell Soup Company

Campbell Soup Company
Carla Burigatto (Media)
856-342-3737
[email protected]
or
Jennifer
Driscoll (Analysts/Investors)
856-342-6081
[email protected]