caret-down

Campbell Reports Results for Fourth Quarter and Fiscal 2007.

    Full Year EPS from Continuing Operations Up 13 Percent, Excluding
                    Items Impacting Comparability.

      Fourth Quarter Sales Up 10 Percent, 7 Percent for the Year.

    Fourth Quarter Reported EPS from Continuing Operations of $.14
                   Versus $.20 in the Prior Period.

CAMDEN, N.J.–(BUSINESS WIRE)–Sept. 6, 2007–Campbell Soup
Company (NYSE:CPB) today reported earnings from continuing operations
for the fourth quarter ended July 29, 2007 of $53 million, or $.14 per
share, compared to $84 million, or $.20 per share, in the year-ago
quarter. Earnings per share from continuing operations were $.14
compared to an adjusted $.19 a year ago, which excludes items
impacting comparability, a decrease of 26 percent. For the year,
excluding items impacting comparability, earnings per share from
continuing operations were $1.95 compared to $1.73 in fiscal 2006, an
increase of 13 percent.

Douglas R. Conant, Campbell’s President and Chief Executive
Officer, said, “We finished fiscal 2007 with strong sales performance
in the fourth quarter across all of our reporting segments, despite
flat U.S. soup sales. We delivered earnings consistent with our
guidance at the end of the third quarter while making increased
investments in marketing and our supply chain.

“For the year, our overall results were outstanding. Our
performance in fiscal 2007 demonstrated the strength of our businesses
within the simple meals, baked snacks, and vegetable-based beverages
categories. Our sales growth from continuing operations of 7 percent
was above our target range, and our earnings per share growth from
continuing operations of 13 percent, on an adjusted basis, also
exceeded our long-term target. By continuing to leverage our
competitive advantages in our key categories, Campbell is well
positioned for quality sales and earnings growth.

Conant continued, “We achieved our outstanding fiscal 2007 results
while making key investments in our businesses and systems. In our
international business, we expanded our global focus by preparing for
major product introductions in Russia and China, the world’s two
largest soup consumption markets with the highest growth potential. In
our core U.S. soup business, we continued to drive improvements in
quality, convenience, and wellness. We expanded our distribution
capabilities and addressed the increased volume requirements of our
growing beverage business. And finally, we continued our successful
SAP installation in the U.S. All of these investments are designed to
ensure Campbell’s performance is sustainable over the long term.”

Conant concluded, “For fiscal 2008, we expect our continuing
operations to deliver sales growth in excess of our long-term target
range of between 3 and 4 percent, due in part to a 53rd week of sales
in the fiscal year. We also expect to deliver EBIT growth between 7
and 9 percent from the fiscal 2007 adjusted base of $1.250 billion and
earnings per share growth between 5 and 7 percent from the fiscal 2007
adjusted base of $1.95, consistent with our long-term EPS growth
target. Our EPS outlook reflects a significantly higher tax rate for
fiscal 2008, which we noted previously, somewhat offset by the 53rd
week of sales.”

For the quarter, Campbell reported earnings from continuing
operations of $53 million, or $.14 per share, compared to $74 million,
or $.19 per share, in the year-ago quarter, which excludes items
impacting comparability. The items in fiscal 2006 that impacted
comparability are summarized below:


                                                       Fourth Quarter
                                                      ----------------
                                                            2006
                                                      ----------------
(millions, except per share amounts)                  Earnings   EPS
----------------------------------------------------- -------- -------

Earnings from continuing operations                   $    84  $ 0.20
                                                      ======== =======

Incremental tax expense associated with the
 repatriation of earnings under the AJCA*             $     4  $ 0.01

Adjustment to tax expense related to the anticipated
 use of foreign tax credits                               (14)  (0.03)

Pro forma use of $620 million of U.K./Ireland sale          -    0.01
 proceeds to repurchase 17 million shares

                                                      -------- -------
Adjusted earnings from continuing operations          $    74  $ 0.19
                                                      ======== =======

* American Jobs Creation Act

For the fourth quarter, net sales rose 10 percent to $1.594
billion, reflecting the following factors:

    --  Volume and mix added 6 percent

    --  Price and sales allowances added 1 percent

    --  Currency added 3 percent

    Other Fourth Quarter Highlights

    --  Gross margin for the quarter decreased to 40.1 percent from
        41.9 percent a year ago. While pricing and savings from the
        company's ongoing productivity program offset cost inflation,
        gross margin in the quarter was adversely impacted by one-time
        costs associated with streamlining the company's supply chain
        organization in Australia and Indonesia and from higher costs
        of meeting the increased volume needs of the U.S. beverage
        business.

    --  Marketing and selling expenses were $309 million, an increase
        of $41 million, or 15 percent, mainly due to increased
        advertising and promotional expenses in the U.S. to support
        soup, beverages, and "Pepperidge Farm" products.

    --  Other Income was $13 million compared to a $4 million expense
        in the prior period. During the quarter, Campbell recognized a
        $10 million gain on a settlement in lieu of condemnation on
        its StockPot refrigerated soup facility in Woodinville,
        Washington, which was mainly offset by costs incurred
        throughout the year related to the relocation and start-up
        costs of the new StockPot refrigerated soup facility in
        Everett, Washington. Additionally, the company recorded a $3
        million gain on the sale of its Papua New Guinea operations.

    --  Earnings before interest and taxes were $129 million compared
        to $139 million in the fourth quarter of fiscal 2006, a
        decrease of 7 percent. The decrease is primarily due to higher
        marketing costs and the expenses that negatively impacted
        gross margin, which were partially offset by higher sales
        volume and the gain recognized in the quarter associated with
        the relocation of the StockPot facility.

For fiscal 2007, earnings from continuing operations were $823
million versus $755 million a year earlier. Earnings per share from
continuing operations were $2.08 compared to $1.82 recorded in the
year-ago period. The items impacting comparability are summarized
below:


                                                Fiscal Year
                                     ---------------------------------
                                           2007             2006
                                     ---------------- ----------------
(millions, except per share amounts) Earnings   EPS   Earnings   EPS
------------------------------------ -------- ------- -------- -------

Earnings from continuing operations  $   823  $ 2.08  $   755  $ 1.82
                                     ======== ======= ======== =======

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

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

Gain on the sale of an idle              (14)  (0.04)       -       -
 Pepperidge Farm facility

Change in inventory accounting             -       -       (8)  (0.02)
 method from LIFO to average cost

Favorable resolution of a U.S. tax         -       -      (60)  (0.14)
 contingency related to transactions
 in government securities in prior
 periods

Incremental tax expense associated         -       -       13    0.03
 with the repatriation of earnings
 under the AJCA

Adjustment to tax expense related to       -       -      (14)  (0.03)
 the anticipated use of foreign tax
 credits

Pro forma use of $620 million of           -       -        -    0.07
 U.K./Ireland sale proceeds to
 repurchase 17 million shares

                                     -------- ------- -------- -------
Adjusted earnings from continuing
 operations                          $   771  $ 1.95  $   686  $ 1.73
                                     ======== ======= ======== =======

Excluding items impacting comparability, earnings from continuing
operations were $771 million in fiscal 2007 compared to $686 million
in fiscal 2006, an increase of 12 percent. Adjusted earnings per share
from continuing operations for fiscal 2007 were $1.95 compared to an
adjusted result of $1.73 in fiscal 2006, an increase of 13 percent.

A detailed reconciliation of the adjusted fiscal 2007 and 2006
financial information to the reported information is attached to this
release.

For fiscal 2007, net sales were $7.867 billion, an increase of 7
percent compared with the year-ago period, reflecting the following
factors:

    --  Volume and mix added 3 percent

    --  Price and sales allowances added 2 percent

    --  Currency added 2 percent

    Other Full Year Fiscal 2007 Highlights

    --  Gross margin increased to 41.9 percent from 41.8 percent. The
        prior year's percentage includes a $13 million benefit, or 0.2
        percentage points, from a change in the method of accounting
        for inventory. The increase in gross margin is primarily due
        to productivity gains and higher selling prices, partially
        offset by cost inflation.

    --  Marketing and selling expenses were $1.322 billion, an
        increase of 8 percent, primarily due to increased advertising
        in the U.S. soup, Pepperidge Farm, and Beverages businesses,
        as well as currency and higher selling expenses at Godiva.

    --  The tax rate was 28.4 percent compared to 24.6 percent a year
        ago. The current year's rate benefited from the APA
        settlement. The prior year's rate includes a $14 million
        benefit related to the anticipated use of foreign tax credits,
        a $39 million benefit related to the resolution of a U.S. tax
        contingency, and an expense of $13 million related to the
        AJCA. Adjusting for these items, along with the rate impact of
        the reversal of legal reserves in 2007, the gain on the sale
        of the Pepperidge Farm facility in 2007, and the change in
        accounting for inventory in 2006, the fiscal 2007 tax rate was
        30 percent compared to 29.1 percent in the prior year.

    --  Cash flow from operations was $674 million compared to $1.226
        billion a year ago. The reduction is primarily due to an
        increase in working capital compared to a decline in working
        capital in fiscal 2006, and payments of $186 million primarily
        to settle foreign currency hedging transactions.

    --  The company repurchased 30 million shares for $1.140 billion
        under three programs: the program utilizing $620 million of
        the proceeds from the divestiture of the U.K. and Ireland
        businesses; the three-year $600 million strategic share
        repurchase program announced in November 2005; and purchases
        to offset the impact of dilution from shares issued under
        stock compensation plans.

    Summary of Fourth Quarter and Fiscal 2007 Results by Segment

    U.S. Soup, Sauces and Beverages

Sales for U.S. Soup, Sauces and Beverages were $599 million in the
quarter, an 8 percent increase compared to a year ago. A breakdown of
the change in sales follows:

    --  Volume and mix added 8 percent

    --  Price and sales allowances added 1 percent

    --  Increased promotional spending subtracted 1 percent

For the quarter, operating earnings were $84 million compared to
$114 million in the year-ago period. The decrease in operating
earnings was primarily due to increased marketing expenses and higher
supply chain costs, partially offset by higher sales.

U.S. soup sales for the quarter were flat compared to a year ago.
Condensed soup sales increased 1 percent and broth sales climbed 8
percent, while ready-to-serve soup sales declined 4 percent. Further
details of sales results for the quarter include the following:

    --  Sales of condensed soup increased driven by gains in lower
        sodium varieties of eating soups. Sales of condensed cooking
        soups declined.

    --  Sales of "Campbell's" ready-to-serve soups declined, as higher
        sales of the company's convenience platform, which includes
        soups in microwavable bowls and cups, were more than offset by
        lower sales of "Campbell's Chunky" soups.

    --  Sales of "Swanson" broth were up, driven by ongoing consumer
        demand for aseptically-packaged broth.

    Highlights of this segment's other businesses include:

    --  The beverage business posted significant volume-driven
        double-digit sales growth driven by ongoing consumer demand
        for healthy beverages and higher levels of more effective
        advertising. Sales of "V8" vegetable juice, "V8 V-Fusion"
        juice, and "V8 Splash" juice drinks all increased.

    --  Sales of "Prego" pasta sauces increased by double digits,
        driven by more effective advertising.

For fiscal 2007, sales increased 7 percent to $3.486 billion. A
breakdown of the change in sales follows:

    --  Volume and mix added 5 percent

    --  Price and sales allowances added 2 percent

For the year, operating earnings were $862 million compared to
$815 million in the year-ago period. The prior year period included an
$8 million benefit from a change in the method of accounting for
inventory. The increase in operating earnings was driven by higher
sales and productivity gains, partially offset by cost inflation and
higher advertising expenses.

For the year, total U.S. soup sales increased 5 percent, with
condensed soup sales up 3 percent, ready-to-serve soup sales up 5
percent, and broth sales up 12 percent.

Further details of sales results for the year include the
following:

    --  Sales of both condensed eating and cooking soup varieties
        increased, benefiting from the growth of gravity-feed shelving
        systems. At the end of fiscal 2007, Campbell had more than
        17,400 shelving systems installed at retail locations compared
        to approximately 16,000 locations at the end of fiscal 2006.

    --  Sales of ready-to-serve soups increased in both "Campbell's
        Chunky" soups and "Campbell's Select" varieties due to higher
        levels of advertising. Sales of the convenience platform
        increased by double digits. Sales of ready-to-serve soups
        benefited from the gravity-feed shelving systems installed for
        cans and microwavable soups, which are now in more than 2,600
        and 3,400 stores, respectively.

    --  "Campbell's" lower sodium soup sales continued to exceed the
        company's expectations and contributed to growth in both
        condensed and ready-to-serve formats.

    --  "Swanson" broth delivered double-digit sales growth, driven by
        increased advertising and the ongoing consumer preference for
        aseptically-packaged broth.

    Highlights of this segment's other businesses include:

    --  Beverage sales increased double digits with growth across the
        portfolio, driven by higher levels of more effective
        advertising and ongoing consumer demand for healthy beverages.

    --  Both "Prego" pasta sauce and "Pace" Mexican sauce businesses
        delivered sales growth.

    Baking and Snacking

Sales for Baking and Snacking were $471 million in the quarter, up
8 percent compared with the year-ago period.

A breakdown of the change in sales follows:

— Volume and mix added 2 percent

— Price and sales allowances added 2 percent

— Increased promotional spending subtracted 1 percent

— Currency added 6 percent

— The divesture of the company’s Papua New Guinea operations

subtracted 1 percent

For the quarter, operating earnings were $49 million compared to
$62 million in the year-ago period, driven by declines in Asia Pacific
and lower earnings at Pepperidge Farm. Operating earnings in the Asia
Pacific region declined due to one-time costs associated with
streamlining the company’s supply chain organization in Australia and
Indonesia, as well as declines in the Australian snack foods business,
partially offset by currency. Earnings at Pepperidge Farm declined due
to higher marketing and manufacturing expenses, partially offset by
higher sales.

    Further details of sales results include the following:

    --  Pepperidge Farm sales climbed as growth in bakery and frozen
        products was partially offset by declines in cookies and
        crackers.

    --  Solid bakery sales were driven by ongoing consumer demand for
        whole grain breads and the continued growth of sandwich rolls.

    --  In cookies and crackers, sales increases of "Goldfish" snack
        crackers were more than offset by declines in cookies.

For fiscal 2007, Baking and Snacking sales increased 6 percent to
$1.850 billion. A breakdown in the change in sales follows:

    --  Volume and mix added 2 percent

    --  Price and sales allowances added 2 percent

    --  Increased promotional spending subtracted 1 percent

    --  Currency added 3 percent

For the year, operating earnings increased to $240 million from
$187 million a year ago. Earnings for fiscal 2006 included a $5
million benefit from a change in the method of accounting for
inventory, while earnings for fiscal 2007 included a $23 million gain
from the sale of an idle Pepperidge Farm facility. Operating earnings
growth is primarily due to higher earnings at Pepperidge Farm and the
favorable impact of currency. Within Arnott’s, excluding the impact of
currency, increases in biscuit earnings were offset by declines in the
snack foods business.

Further details of fiscal 2007 sales results include the
following:

    --  Solid sales of bakery products were mainly driven by ongoing
        consumer demand for whole grain breads and the continued
        growth of sandwich rolls.

    --  Cookie and cracker sales were driven by double-digit increases
        in "Goldfish" crackers, partially offset by declines in
        cookies.

    --  Arnott's sales increased primarily due to currency. Solid
        growth in biscuits was driven by the strong performance of
        "Tim Tam" chocolate biscuits, offset by declines in snack
        foods.

    International Soup and Sauces

Sales for International Soup and Sauces were $309 million in the
quarter, a 19 percent increase compared to a year ago.

    A breakdown of the change in sales follows:

    --  Volume and mix added 9 percent

    --  Price and sales allowances added 2 percent

    --  Reduced promotional spending added 1 percent

    --  Currency added 7 percent

For the quarter, operating earnings were $19 million compared to
$5 million in the year-ago period. The earnings increase was due to
growth in Europe and Canada, partially offset by expenses to establish
Campbell’s businesses in Russia and China.

Sales increased due to currency, growth in Canada driven by the
performance of soup and beverages businesses, and gains in soup in
Germany and France.

For fiscal 2007, International Soup and Sauces sales increased 11
percent to $1.399 billion. A breakdown of the change in sales follows:

    --  Volume and mix added 5 percent

    --  Price and sales allowances added 1 percent

    --  Currency added 5 percent

For the year, operating earnings were $169 million compared to
$144 million in the prior-year period. Operating earnings were driven
by increases in European and Canadian businesses, in part due to
currency, partially offset by expenses to establish Campbell’s
businesses in Russia and China.

    Further details of sales results include the following:

    --  Sales in Europe increased due to currency and strong gains in
        soup in France, Germany, and Belgium.

    --  Sales in Canada climbed due to strong growth of soup.

    Other

The balance of the portfolio includes the Godiva Chocolatier
business worldwide and the Away From Home business in the U.S. and
Canada.

Sales were $215 million in the quarter, an increase of 8 percent
compared to the same period a year ago.

    A breakdown of the change in sales follows:

    --  Volume and mix added 3 percent

    --  Price and sales allowances added 3 percent

    --  Reduced promotional spending added 1 percent

    --  Currency added 1 percent

For the quarter, operating earnings were $5 million compared with
an operating loss of $12 million in the same period a year ago.
Operating earnings performance was due to a $10 million gain
recognized from a settlement in lieu of condemnation related to the
former StockPot refrigerated soup facility in Woodinville, Washington
and improved operating performance in the Away From Home business.

    Further details of sales results include the following:

    --  Godiva sales increased by double digits due to strong growth
        in Asia and growth in North American same-store retail sales.

    --  Away From Home sales increased due to growth of frozen soups
        and beverages.

For fiscal 2007, sales increased 4 percent to $1.132 billion
compared to the same period a year ago. A breakdown of the change in
sales follows:

    --  Volume and mix added 2 percent

    --  Price and sales allowances added 3 percent

    --  Increased promotional spending subtracted 1 percent

For the year, operating earnings were $124 million compared to
$110 million in the prior-year period. Operating earnings growth was
driven by improved operating performance in Away From Home and the
gain from the settlement related to the former refrigerated soup
facility, partially offset by costs associated with the relocation and
start up of the new refrigerated soup facility.

    Further details include the following:

    --  The Away From Home businesses in the U.S. and Canada delivered
        solid sales growth in frozen soup and beverages.

    --  The company began production at its new refrigerated soup
        facility in Everett, Washington, which replaced its former
        facility in Woodinville, Washington.

    --  Sales of Godiva increased driven by growth in Asia and North
        America.

    Non-GAAP Financial Information

A reconciliation of the adjusted fiscal 2007 and 2006 financial
information to the reported information is attached to this release
and can also be found on the company’s website at
www.campbellsoupcompany.com in the “Investor Center” section.

Conference Call

The company will host a conference call to discuss these results
on September 6, 2007 at 11:00 a.m. Eastern Time. U.S. participants may
access the call at 1-866-802-4322 and non-U.S. participants at
1-703-639-1319. Participants should call at least five minutes prior
to the starting time. The passcode is “Campbell Soup” and the
conference leader is Len Griehs. The call will also be broadcast live
over the Internet at www.campbellsoupcompany.com and can be accessed
by clicking on the “Webcast” banner. A recording of the call will be
available approximately two hours after it is completed through
midnight September 14, 2007 at 1-888-266-2081 or 1-703-925-2533. The
access code is 602828.

Forward-Looking Statements

This release contains “forward-looking statements” which reflect
the company’s current expectations about its future plans and
performance, including statements concerning the impact of marketing
investments and strategies, pricing, share repurchase, new product
introductions and innovation, cost-saving initiatives, quality
improvements, and portfolio strategies, including divestitures, on
sales, earnings, and margins. These forward-looking statements rely on
a number of assumptions and estimates which could be inaccurate and
which are subject to risks and uncertainties. Actual results could
vary materially from those anticipated or expressed in any
forward-looking statement made by the company. Please refer to the
company’s most recent Form 10-K and subsequent filings for a further
discussion of these risks and uncertainties. The company disclaims any
obligation or intent to update the forward-looking statements in order
to reflect events or circumstances after the date of this release.

Reporting Segments

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

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

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

International Soup and Sauces includes the soup, sauce and
beverage businesses outside of the United States, including Canada,
Europe, Mexico, Latin America, and the Asia Pacific region.

Other includes the Godiva Chocolatier business worldwide and 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,
vegetable-based beverages, and premium chocolate products, with annual
revenues of nearly $7.9 billion. Founded in 1869, the company has a
portfolio of market-leading brands, including “Campbell’s,”
“Pepperidge Farm,” “Arnott’s,” “V8,” and “Godiva.” For more
information on the company, visit Campbell’s website at
www.campbellsoupcompany.com.


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


                                                  THREE MONTHS ENDED
                                                 ---------------------
                                                  July 29,   July 30,
                                                    2007       2006
                                                 ---------- ----------

Net sales                                        $   1,594  $   1,454
                                                 ---------- ----------

Costs and expenses
   Cost of products sold                               955        845
   Marketing and selling expenses                      309        268
   Administrative expenses                             179        168
   Research and development expenses                    35         30
   Other expenses / (income)                           (13)         4
                                                 ---------- ----------
Total costs and expenses                             1,465      1,315
                                                 ---------- ----------

Earnings before interest and taxes                     129        139
Interest, net                                           37         41
                                                 ---------- ----------
Earnings before taxes                                   92         98

Taxes on earnings                                       39         14
                                                 ---------- ----------

Earnings from continuing operations                     53         84
Earnings (loss) from discontinued operations             8        (40)
                                                 ---------- ----------
Net earnings                                     $      61  $      44
                                                 ========== ==========

Per share - basic
   Earnings from continuing operations           $     .14  $     .21
   Earnings (loss) from discontinued operations        .02       (.10)
                                                 ---------- ----------
   Net earnings                                  $     .16  $     .11
                                                 ========== ==========

   Dividends                                     $     .20  $     .18
                                                 ========== ==========

Weighted average shares outstanding - basic            382        406
                                                 ========== ==========


Per share - assuming dilution
   Earnings from continuing operations           $     .14  $     .20
   Earnings (loss) from discontinued operations        .02       (.10)
                                                 ---------- ----------
   Net earnings                                  $     .16  $     .11
                                                 ========== ==========

Weighted average shares outstanding - assuming
 dilution                                              392        416
                                                 ========== ==========

In the fourth quarter of fiscal 2006, an incremental tax expense
of $4 (or $.01 per share) was recorded related to earnings repatriated
from non-U.S. subsidiaries under the provision of the American Jobs
Creation Act.

In the fourth quarter of fiscal 2006, a non-cash tax benefit of
$14 (or $.03 per share) was recorded from the anticipated use of
higher levels of foreign tax credits, which could be utilized as a
result of the sale of the company’s United Kingdom and Ireland
businesses.

In fiscal 2006, earnings from discontinued operations included $56
of deferred tax expense due to book/tax basis differences and $5
after-tax costs associated with the sale of the United Kingdom and
Ireland businesses.

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

Certain reclassifications were made to prior year financial
statements.


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


                                                  TWELVE MONTHS ENDED
                                                 ---------------------
                                                  July 29,   July 30,
                                                    2007       2006
                                                 ---------- ----------

Net sales                                        $   7,867  $   7,343
                                                 ---------- ----------

Costs and expenses
   Cost of products sold                             4,571      4,273
   Marketing and selling expenses                    1,322      1,227
   Administrative expenses                             604        583
   Research and development expenses                   112        104
   Other expenses / (income)                           (35)         5
                                                 ---------- ----------
Total costs and expenses                             6,574      6,192
                                                 ---------- ----------

Earnings before interest and taxes                   1,293      1,151
Interest, net                                          144        150
                                                 ---------- ----------
Earnings before taxes                                1,149      1,001

Taxes on earnings                                      326        246
                                                 ---------- ----------

Earnings from continuing operations                    823        755
Earnings from discontinued operations                   31         11
                                                 ---------- ----------
Net earnings                                     $     854  $     766
                                                 ========== ==========

Per share - basic
   Earnings from continuing operations           $    2.13  $    1.86
   Earnings from discontinued operations               .08        .03
                                                 ---------- ----------
   Net earnings                                  $    2.21  $    1.88
                                                 ========== ==========

   Dividends                                     $     .80  $     .72
                                                 ========== ==========

Weighted average shares outstanding - basic            386        407
                                                 ========== ==========


Per share - assuming dilution
   Earnings from continuing operations           $    2.08  $    1.82
   Earnings from discontinued operations               .08        .03
                                                 ---------- ----------
   Net earnings                                  $    2.16  $    1.85
                                                 ========== ==========

Weighted average shares outstanding - assuming
 dilution                                              396        414
                                                 ========== ==========

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

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

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

In the first quarter of fiscal 2006, the company changed the
method of accounting for certain U.S. inventories from the LIFO method
to the average cost method. The impact of the change was reflected as
a one-time non-cash pre-tax benefit of $13 ($8 after tax or $.02 per
share).

In the first quarter of fiscal 2006, the company recorded a
non-cash tax benefit of $47 resulting from the favorable resolution of
a U.S. tax contingency related to a prior period. In addition, the
company reduced interest expense and accrued interest payable by $21
and adjusted deferred tax expense by $8 ($13 after tax). The aggregate
non-cash impact of the settlement on earnings from continuing
operations was $60, or $.14 per share.

In fiscal 2006, incremental tax expense of $13 (or $.03 per share)
was recorded related to earnings repatriated from non-U.S.
subsidiaries under the provision of the American Jobs Creation Act.

In the fourth quarter of fiscal 2006, a non-cash tax benefit of
$14 (or $.03 per share) was recorded from the anticipated use of
higher levels of foreign tax credits, which could be utilized as a
result of the sale of the company’s United Kingdom and Ireland
businesses.

In fiscal 2006, earnings from discontinued operations included $56
of deferred tax expense due to book/tax basis differences and $5
after-tax costs associated with the sale of the United Kingdom and
Ireland businesses.

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

Certain reclassifications were made to prior year financial
statements.


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



                                        THREE MONTHS ENDED
                                       ---------------------
                                        July 29,   July 30,   Percent
Sales                                     2007       2006     Change
-------------------------------------- ---------- ---------- ---------
Contributions:
   U.S. Soup, Sauces and Beverages     $     599  $     556        8%
   Baking and Snacking                       471        438        8%
   International Soup and Sauces             309        260       19%
   Other                                     215        200        8%
                                       ---------- ----------
Total sales                            $   1,594  $   1,454       10%
                                       ========== ==========





Earnings
--------------------------------------
Contributions:
   U.S. Soup, Sauces and Beverages     $      84  $     114      (26%)
   Baking and Snacking                        49         62      (21%)
   International Soup and Sauces              19          5      280%
   Other                                       5        (12)     142%
                                       ---------- ----------
Total operating earnings                     157        169       (7%)
Unallocated corporate expenses               (28)       (30)
                                       ---------- ----------

Earnings before interest and taxes           129        139       (7%)
Interest, net                                (37)       (41)
Taxes on earnings                            (39)       (14)
                                       ---------- ----------

Earnings from continuing operations           53         84      (37%)
Earnings (loss) from discontinued
 operations                                    8        (40)
                                       ---------- ----------
Net earnings                           $      61  $      44       39%
                                       ========== ==========

Per share - assuming dilution
   Earnings from continuing operations $     .14  $     .20      (30%)
   Earnings (loss) from discontinued
    operations                               .02       (.10)
                                       ---------- ----------
Net earnings                           $     .16  $     .11
                                       ========== ==========

In the fourth quarter of fiscal 2006, an incremental tax expense
of $4 (or $.01 per share) was recorded related to earnings repatriated
from non-U.S. subsidiaries under the provision of the American Jobs
Creation Act.

In the fourth quarter of fiscal 2006, a non-cash tax benefit of
$14 (or $.03 per share) was recorded from the anticipated use of
higher levels of foreign tax credits, which could be utilized as a
result of the sale of the company’s United Kingdom and Ireland
businesses.

In fiscal 2006, earnings from discontinued operations included $56
of deferred tax expense due to book/tax basis differences and $5
after-tax costs associated with the sale of the United Kingdom and
Ireland businesses.

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


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



                                        TWELVE MONTHS ENDED
                                       ---------------------
                                        July 29,   July 30,   Percent
Sales                                     2007       2006     Change
-------------------------------------- ---------- ---------- ---------
Contributions:
   U.S. Soup, Sauces and Beverages     $   3,486  $   3,257         7%
   Baking and Snacking                     1,850      1,747         6%
   International Soup and Sauces           1,399      1,255        11%
   Other                                   1,132      1,084         4%
                                       ---------- ----------
Total sales                            $   7,867  $   7,343         7%
                                       ========== ==========





Earnings
--------------------------------------
Contributions:
   U.S. Soup, Sauces and Beverages     $     862  $     815         6%
   Baking and Snacking                       240        187        28%
   International Soup and Sauces             169        144        17%
   Other                                     124        110        13%
                                       ---------- ----------
Total operating earnings                   1,395      1,256        11%
Unallocated corporate expenses              (102)      (105)
                                       ---------- ----------

Earnings before interest and taxes         1,293      1,151        12%
Interest, net                               (144)      (150)
Taxes on earnings                           (326)      (246)
                                       ---------- ----------

Earnings from continuing operations          823        755         9%
Earnings from discontinued operations         31         11
                                       ---------- ----------
Net earnings                           $     854  $     766        11%
                                       ========== ==========

Per share - assuming dilution
   Earnings from continuing operations $    2.08  $    1.82        14%
   Earnings from discontinued
    operations                               .08        .03
                                       ---------- ----------
Net earnings                           $    2.16  $    1.85
                                       ========== ==========

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

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

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

In the first quarter of fiscal 2006, the company changed the
method of accounting for certain U.S. inventories from the LIFO method
to the average cost method. The impact of the change was reflected as
a one-time non-cash pre-tax benefit of $13 ($8 after tax or $.02 per
share). The pre-tax benefit is reflected as follows: U.S. Soup, Sauces
and Beverages – $8 and Baking and Snacking – $5.

In the first quarter of fiscal 2006, the company recorded a
non-cash tax benefit of $47 resulting from the favorable resolution of
a U.S. tax contingency related to a prior period. In addition, the
company reduced interest expense and accrued interest payable by $21
and adjusted deferred tax expense by $8 ($13 after tax). The aggregate
non-cash impact of the settlement on earnings from continuing
operations was $60, or $.14 per share.

In fiscal 2006, incremental tax expense of $13 (or $.03 per share)
was recorded related to earnings repatriated from non-U.S.
subsidiaries under the provision of the American Jobs Creation Act.

In the fourth quarter of fiscal 2006, a non-cash tax benefit of
$14 (or $.03 per share) was recorded from the anticipated use of
higher levels of foreign tax credits, which could be utilized as a
result of the sale of the company’s United Kingdom and Ireland
businesses.

In fiscal 2006, earnings from discontinued operations included $56
of deferred tax expense due to book/tax basis differences and $5
after-tax costs associated with the sale of the United Kingdom and
Ireland businesses.


                  CAMPBELL SOUP COMPANY CONSOLIDATED
                            BALANCE SHEETS
                              (millions)



                                                  July 29,   July 30,
                                                    2007       2006
                                                 ---------- ----------

Current assets                                   $   1,578  $   2,012

Current assets of discontinued operations                -        100

Plant assets, net                                    2,042      1,954

Intangible assets, net                               2,487      2,361

Other assets                                           338        480

Non-current assets of discontinued operations            -        838

                                                 ---------- ----------
   Total assets                                  $   6,445  $   7,745
                                                 ========== ==========


Current liabilities                              $   2,030  $   2,803

Current liabilities of discontinued operations           -         78

Long-term debt                                       2,074      2,116

Other liabilities                                    1,046        955

Non-current liabilities of discontinued
 operations                                              -         25

Shareowners' equity                                  1,295      1,768

                                                 ---------- ----------
   Total liabilities and shareowners' equity     $   6,445  $   7,745
                                                 ========== ==========


Total debt                                       $   2,669  $   3,213
                                                 ========== ==========

Cash and cash equivalents                        $      71  $     657
                                                 ========== ==========

Net debt                                         $   2,598  $   2,556
                                                 ========== ==========

Certain reclassifications were made to prior year financial
statements.

        Reconciliation of GAAP and Non-GAAP Financial Measures
                   Fiscal Year Ended July 29, 2007

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 July 29, 2007 and July 30, 2006, 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)                 July 29, 2007 July 30, 2006
                                           ------------- -------------

Current notes payable                      $        595  $      1,097
Long-term debt                                    2,074         2,116
                                           ------------- -------------
Total debt                                 $      2,669  $      3,213

Less: Cash and cash equivalents                     (71)         (657)
                                           ------------- -------------
Net debt                                   $      2,598  $      2,556
                                           ============= =============

Items Impacting Earnings From Continuing Operations

The company believes that financial information excluding a change
in accounting method and other transactions not considered to be part
of the ongoing business improves the comparability of year-to-year
results. Consequently, the company believes that investors may be able
to better understand its earnings results if these transactions are
excluded from the results.

The following change in accounting method, certain tax matters and
other transactions impacted earnings from continuing operations:

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

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

(3) In the second quarter of fiscal 2007, the company recorded a pre-
     tax gain of $23 million ($14 million after tax or $.04 per share)
     associated with the sale of an idle manufacturing facility.

(4) In fiscal 2006, the company recorded incremental tax expense of
     $13 million ($.03 per share) associated with the repatriation of
     earnings under the American Jobs Creation Act ("AJCA"). The
     company recorded $4 million ($.01 per share) incremental tax
     expense in the fourth quarter of fiscal 2006.

(5) In the first quarter of fiscal 2006, the company changed the
     method of determining the cost of certain U.S. inventories from
     the LIFO method to the average cost method. As a result, the
     company recorded a $13 million pre-tax ($8 million after tax or
     $.02 per share) benefit from the change in accounting method.

(6) In the first quarter of fiscal 2006, the company recorded a non-
     cash tax benefit of $47 million resulting from the favorable
     resolution of a U.S. tax contingency related to a prior period.
     In addition, the company reduced interest expense and accrued
     interest payable by $21 million and adjusted deferred tax expense
     by $8 million ($13 million after tax). The aggregate non-cash
     impact of the settlement on earnings from continuing operations
     was $60 million, or $.14 per share.

(7) In the fourth quarter of fiscal 2006, the company recorded a non-
     cash tax benefit of $14 million ($.03 per share) from the
     anticipated use of higher levels of foreign tax credits, which
     could be utilized as a result of the sale of the company's United
     Kingdom and Ireland businesses.

The tables below reconcile financial information, presented in
accordance with GAAP, to financial information excluding the impact of
a change in accounting method, certain tax matters and other
transactions:


  (millions, except per share
             amounts)                   Fourth Quarter
                                  ---------------------------
                                  July 29, 2007 July 30, 2006 % Change
                                  --------------------------- --------

Earnings before interest and
 taxes, as reported               $        129  $        139      (7)%
                                  ------------- -------------

Interest, net, as reported        $         37  $         41
                                  ------------- -------------

Earnings before taxes             $         92  $         98      (6)%
                                  ------------- -------------

Taxes on earnings, as reported    $         39  $         14
Deduct: Incremental tax expense
 associated with the repatriation
 of earnings under the AJCA (4)              -            (4)
Add: Adjustment to tax expense
 related to the use of foreign
 tax credits (7)                             -            14
                                  ------------- -------------
Adjusted Taxes on earnings        $         39  $         24
                                  ------------- -------------

Adjusted effective income tax
 rate                                     42.4%         24.5%

Earnings from continuing
 operations, as reported          $         53  $         84
Add: Incremental tax expense
 associated with the repatriation
 of earnings under the AJCA (4)              -             4
Deduct: Adjustment to tax expense
 related to the use of foreign
 tax credits (7)                             -           (14)
                                  ------------- -------------
Adjusted Earnings from continuing
 operations                       $         53  $         74     (28)%
                                  ============= =============

Diluted earnings per share -
 continuing operations, as
 reported                         $       0.14  $       0.20
Add: Incremental tax expense
 associated with the repatriation
 of earnings under the AJCA (4)              -          0.01
Deduct: Adjustment to tax expense
 related to the use of foreign
 tax credits (7)                             -         (0.03)
                                  ------------- -------------
Adjusted Diluted earnings per
 share - continuing operations    $       0.14  $       0.18     (22)%
                                  ============= =============


  (millions, except per share
             amounts)                    Year-to-Date
                                  ---------------------------
                                  July 29, 2007 July 30, 2006 % Change
                                  --------------------------- --------

Earnings before interest and
 taxes, as reported               $      1,293  $      1,151
Deduct: Reversal of legal
 reserves (1)                              (20)            -
Deduct: Gain on sale of an idle
 manufacturing facility (3)                (23)            -
Deduct: Impact of change in
 inventory accounting method (5)             -           (13)
                                  ------------- -------------
Adjusted Earnings before interest
 and taxes                        $      1,250  $      1,138       10%
                                  ------------- -------------

Interest, net, as reported        $        144  $        150
Add: Reduction in interest
 expense related to the
 settlement of the APA (2)                   4             -
Add: Reduction in interest expense
 related to the favorable
 resolution of tax contingency (6)           -            21
                                  ------------- -------------
Adjusted Interest, net            $        148  $        171
                                  ------------- -------------

Adjusted Earnings before taxes    $      1,102  $        967       14%
                                  ------------- -------------

Taxes on earnings, as reported    $        326  $        246
Deduct: Tax impact of reversal of
 legal reserves (1)                         (7)            -
Deduct: Tax impact of reduction
 of interest expense related to
 settlement of the APA (2)                  (1)            -
Add: Tax benefit from settlement
 of the APA (2)                             22             -
Deduct: Tax impact of gain on
 sale of an idle manufacturing
 facility (3)                               (9)            -
Deduct: Tax impact of change in
 inventory accounting method (5)             -            (5)
Add: Adjustment to tax expense
 related to the favorable
 resolution of tax contingency (6)           -            39
Deduct: Incremental tax expense
 associated with the repatriation
 of earnings under the AJCA (4)              -           (13)
Add: Adjustment to tax expense
 related to the use of foreign
 tax credits (7)                             -            14
                                  ------------- -------------
Adjusted Taxes on earnings        $        331  $        281
                                  ------------- -------------

Adjusted effective income tax
 rate                                     30.0%         29.1%

Earnings from continuing
 operations, as reported          $        823  $        755
Deduct: Net adjustment related to
 reversal of legal reserves (1)            (13)            -
Deduct: Net benefit from
 settlement of the APA (2)                 (25)            -
Deduct: Gain on sale of an idle
 manufacturing facility (3)                (14)            -
Deduct: Impact of change in
 inventory accounting method (5)             -            (8)
Deduct: Net adjustment to taxes
 and interest expense related to
 the favorable resolution of tax
 contingency (6)                             -           (60)
Add: Incremental tax expense
 associated with the repatriation
 of earnings under the AJCA (4)              -            13
Deduct: Adjustment to tax expense
 related to the use of foreign
 tax credits (7)                             -           (14)
                                  ------------- -------------
Adjusted Earnings from continuing
 operations                       $        771  $        686       12%
                                  ============= =============

Diluted earnings per share -
 continuing operations, as
 reported                         $       2.08  $       1.82
Deduct: Net adjustment related to
 reversal of legal reserves (1)          (0.03)            -
Deduct: Net benefit from
 settlement of the APA (2)               (0.06)            -
Deduct: Gain on sale of an idle
 manufacturing facility (3)              (0.04)            -
Deduct: Impact of change in
 inventory accounting method (5)             -         (0.02)
Deduct: Net adjustment to taxes
 and interest expense related to
 the favorable resolution of tax
 contingency (6)                             -         (0.14)
Add: Incremental tax expense
 associated with the repatriation
 of earnings under the AJCA (4)              -          0.03
Deduct: Adjustment to tax expense
 related to the use of foreign
 tax credits (7)                             -         (0.03)
                                  ------------- -------------
Adjusted Diluted earnings per
 share - continuing operations    $       1.95  $       1.66       17%
                                  ============= =============

Pro Forma Impact of Use of Proceeds from Sale of Businesses

In August 2006, the company completed the sale of its businesses
in the United Kingdom and Ireland for GBP 460 million or approximately
$870 million and announced that approximately $620 million of the net
proceeds would be used to repurchase shares. To improve the
comparability of results, the following table illustrates the pro
forma impact had 17 million shares been repurchased and eliminated
from shares outstanding in the prior year:


  (millions, except per share
             amounts)                   Fourth Quarter
                                  ---------------------------
                                  July 29, 2007 July 30, 2006 % Change
                                  --------------------------- --------

Adjusted Earnings from continuing
 operations                       $         53  $         74     (28)%
                                  ============= =============

Adjusted Diluted earnings per
 share - continuing operations    $       0.14  $       0.18     (22)%
                                  ============= =============

Weighted average shares
 outstanding - assuming dilution,
 as reported                               392           416
Deduct: Pro forma impact of
 shares repurchased                          -           (17)
                                  ------------  -------------
Pro forma weighted average shares
 outstanding - assuming dilution           392           399
                                  ============= =============


Adjusted Pro forma Diluted
 earnings per share - continuing
 operations                       $       0.14  $       0.19     (26)%
                                  ============= =============


  (millions, except per share
             amounts)                    Year-to-Date
                                  ---------------------------
                                  July 29, 2007 July 30, 2006 % Change
                                  --------------------------- --------

Adjusted Earnings from continuing
 operations                       $        771  $        686       12%
                                  ============= =============

Adjusted Diluted earnings per
 share - continuing operations    $       1.95  $       1.66       17%
                                  ============= =============

Weighted average shares
 outstanding - assuming dilution,
 as reported                               396           414
Deduct: Pro forma impact of
 shares repurchased                          -           (17)
                                  ------------- -------------
Pro forma weighted average shares
 outstanding - assuming dilution           396           397
                                  ============= =============


Adjusted Pro forma Diluted
 earnings per share - continuing
 operations                       $       1.95  $       1.73       13%
                                  ============= =============


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

    SOURCE: Campbell Soup Company