caret-down

Campbell Reports Second Quarter Results.

    Net Earnings Per Share Were $0.71.

  Excluding Items Impacting Comparability, Adjusted Net Earnings Per
                           Share Were $0.69.

                      Sales Increased 7 Percent.

CAMDEN, N.J.–(BUSINESS WIRE)–Feb. 15, 2008–Campbell Soup
Company (NYSE:CPB) today reported net earnings for the quarter ended
January 27, 2008 of $274 million or $0.71 per share compared to $285
million or $0.72 per share in the year-ago period.

Excluding items impacting comparability, adjusted net earnings
were $266 million compared to $270 million in the prior year’s quarter
and adjusted net earnings per share were $0.69 in the current quarter
compared to $0.68 in the year-ago period.

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

As a result of the previously announced pending sale of the Godiva
business to Yildiz Holding A.S., the results of the Godiva business
are now reported as discontinued operations for all periods.

Earnings from continuing operations for the quarter were $260
million compared to $257 million in the prior year. Earnings per share
from continuing operations for the current quarter were $0.67 compared
to earnings per share of $0.65 in the year-ago period.

The current quarter’s earnings from continuing operations included
a $13 million tax benefit, or $0.03 per share, from the favorable
resolution of a state tax matter. The prior period’s earnings included
a $14 million after-tax gain, or $0.04 per share, from the sale of an
idle Pepperidge Farm facility. Excluding these items in both years,
earnings from continuing operations in the second quarter were $247
million compared to $243 million in the year-ago period. Adjusted
earnings per share from continuing operations were $0.64 compared to
$0.62 in the prior-year period, an increase of 3 percent.

Earnings from discontinued operations for the quarter were $14
million compared to $28 million in the prior-year period. The current
quarter included $5 million, or $0.01 per share, of costs related to
the pending Godiva divestiture. The prior year’s quarter included a $1
million increase to the gain related to the sale of the company’s U.K.
and Ireland businesses.

The current quarter’s net earnings per share of $0.71 included a
$0.03 tax benefit from the resolution of the state tax matter and
$0.01 of costs related to the pending Godiva divestiture. The prior
period’s net earnings per share of $0.72 included a $0.04 gain from
the sale of the Pepperidge Farm facility. Excluding these items
impacting comparability, adjusted net earnings per share in the second
quarter were $0.69 compared to $0.68 a year ago.

For the second quarter, sales increased 7 percent to $2.218
billion. Sales growth for the quarter reflects the following factors:

    --  Volume and mix added 3 percent

    --  Price and sales allowances added 1 percent

    --  Currency added 3 percent

Net earnings for the first half of fiscal 2008 were $544 million
or $1.41 per share compared to $576 million or $1.44 per share in the
year-ago period. Excluding items impacting comparability, adjusted net
earnings were $536 million compared to $539 million in the year-ago
period. Adjusted net earnings per share were $1.39 in the current
period compared to $1.35 in the prior period, an increase of 3
percent.

For the first half of fiscal 2008, earnings from continuing
operations were $528 million versus $524 million a year earlier.
Earnings per share from continuing operations were $1.36 compared to
$1.31 a year ago.

The current year included the $13 million gain from the resolution
of the state tax matter, and the prior year included the $14 million
after-tax gain from the sale of the Pepperidge Farm facility.
Excluding these items in both years, earnings from continuing
operations for the first six months were $515 million compared to $510
million and earnings per share from continuing operations were $1.33
compared to $1.28 a year ago, an increase of 4 percent.

Earnings from discontinued operations for the six months were $16
million versus $52 million a year ago. The current year included $5
million after tax, or $0.01 per share, of costs related to the pending
Godiva divestiture. The prior year included a $23 million after-tax,
or $0.06 per share, gain from the sale of the company’s U.K. and
Ireland businesses.

The current year’s net earnings per share of $1.41 included a
$0.03 tax benefit from the resolution of the state tax matter and
$0.01 of costs related to the pending Godiva divestiture. The prior
period’s net earnings per share of $1.44 included a $0.04 gain from
the sale of the Pepperidge Farm facility and a $0.06 gain from the
sale of the U.K. and Ireland businesses. Excluding these items
impacting comparability, adjusted net earnings per share in the six
months were $1.39 compared to $1.35 a year ago, an increase of 3
percent.

For the first half of fiscal 2008, net sales were $4.403 billion,
an increase of 7 percent. Sales growth for the first half reflects the
following factors:

    --  Volume and mix added 4 percent

    --  Price and sales allowances added 1 percent

    --  Increased promotional spending subtracted 1 percent

    --  Currency added 3 percent

Douglas R. Conant, Campbell’s President and Chief Executive
Officer, said, “Through the first half of the year we have delivered
strong sales growth across many of our businesses. Despite the
difficult operating environment, we also have delivered solid earnings
performance from continuing operations, while maintaining marketing
support for our key brands.

“In the quarter, our U.S. soup business rebounded from a slow
start to the year, driven by the performance of ready-to-serve soups
and broths. Across our soup portfolio, lower sodium soups continued to
perform well. Our beverage business continued its outstanding
performance, with double-digit sales growth. Pepperidge Farm delivered
strong sales and earnings growth in spite of significant commodity
cost increases.”

Conant continued, “Like many companies in the food industry,
Campbell has faced unprecedented commodity and energy cost increases
this year. The significant increase in these costs negatively impacted
the company’s gross margin during the first six months of the year. We
are taking the necessary steps to restore margin through a combination
of price increases and ongoing productivity improvements.”

Conant concluded, “Once we complete the divestiture of the Godiva
business, Campbell will be an even more focused food company and be
better able to leverage our competitive advantages in our three
strategic growth areas of simple meals, anchored by soup; baked
snacks, anchored by biscuits; and healthful beverages, anchored by
vegetable-based beverages. With this sharpened focus, Campbell will be
well positioned for future growth.”

Consistent with its previous guidance, Campbell expects its fiscal
2008 adjusted net earnings per share to increase between 5 and 7
percent from the fiscal 2007 adjusted base of $1.95. Campbell will
provide further guidance following the completion of the Godiva
divestiture.

    Second Quarter Financial Details from Continuing Operations

    --  Gross margin decreased to 40.1 percent from 41.2 percent in
        the prior year. The decline was primarily due to cost
        inflation and higher promotional spending, which were only
        partially offset by productivity gains and higher selling
        prices.

    --  Marketing and selling expenses increased $19 million to $319
        million, primarily due to higher advertising expenses and
        currency.

    --  Administrative expense decreased $4 million to $141 million
        primarily due to lower incentive compensation costs.

    --  The tax rate was 27.4 percent compared to 28.8 percent a year
        ago. The current quarter's tax rate included a $13 million tax
        benefit from the resolution of the state tax matter. Excluding
        the impact of this tax benefit, the rate would have been 31.0
        percent. The prior year tax rate included $9 million in taxes
        from the $23 million gain on the sale of the Pepperidge Farm
        facility. Excluding this rate impact, the prior year tax rate
        would have been 28.1 percent.

    --  At the end of the quarter, total debt was $2.756 billion
        compared to $2.856 billion a year ago. Net debt, or total debt
        minus cash and cash equivalents, was $2.661 billion compared
        to $2.373 billion a year ago, an increase of $288 million.

    First Half Financial Details from Continuing Operations

    --  Gross margin decreased to 40.4 percent from 41.5 percent. The
        decline was primarily due to cost inflation and higher
        promotional spending, which were only partially offset by
        productivity gains and higher selling prices.

    --  Marketing and selling expenses increased $47 million to $615
        million, primarily due to higher advertising expenses and
        currency.

    --  Administrative expense increased $9 million to $282 million,
        primarily due to the impact of currency.

    --  Cash flow from operations for the first half of fiscal 2008
        was $442 million compared to $328 million in the prior period.
        The prior year included a payment of $83 million to settle
        foreign currency hedges related to the company's divested U.K.
        and Ireland businesses.

    --  During the first half, Campbell repurchased 5.7 million shares
        for $203 million under two programs: the three-year $600
        million share repurchase plan announced in November 2005 and
        Campbell's ongoing practice of buying back shares sufficient
        to offset shares issued under incentive compensation plans.

    Summary of Fiscal 2008 Second Quarter Results by Segment

    U.S. Soup, Sauces and Beverages

Sales for U.S. Soup, Sauces and Beverages were $1.093 billion, an
increase of 6 percent compared to a year ago. The change in sales
reflects the following factors:

    --  Volume and mix added 6 percent

    --  Price and sales allowances added 1 percent

    --  Increased promotional spending subtracted 1 percent

Total soup sales for the quarter increased 4 percent, driven by
the following:

    --  Sales of "Campbell's" condensed soups declined 1 percent,
        driven primarily by a decline in cooking varieties. The
        company recorded sales gains in "Campbell's Healthy Request"
        and lower sodium condensed soups.

    --  Sales of ready-to-serve soups increased 8 percent. Sales
        increases in "Campbell's Chunky" and "Campbell's Select"
        canned soups were partially offset by declines in convenience
        products, which include soups in microwavable bowls and cups.
        Sales of "Campbell's Chunky" canned soups benefited from the
        launch of "Campbell's Chunky" Fully Loaded soups, while sales
        of "Campbell's Select" soups increased due to higher
        advertising and promotions.

    --  U.S. soup sales benefited from "Campbell's" lower sodium
        soups, which continued to perform well.

    --  Sales of "Swanson" broth increased 18 percent due to strong
        holiday sales and the introduction in the first quarter of
        fiscal 2008 of additional sizes of aseptic varieties.

    Highlights of this segment's other businesses include:

    --  Beverage sales increased double digits due to growth in "V8
        V-Fusion" juice and "V8" vegetable juice. The introduction of
        new varieties helped drive "V8 V-Fusion" juice sales, and "V8"
        vegetable juice benefited from gains in low sodium varieties.
        Sales of "V8 Splash" juice drinks also increased in the
        quarter.

    --  "Prego" pasta sauce sales increased slightly, and sales of
        "Pace" Mexican sauces increased strongly primarily due to the
        introduction of a new line of specialty salsas.

Operating earnings were $286 million compared with $274 million in
the prior-year period, an increase of 4 percent. The increase in
operating earnings was primarily due to higher sales and productivity
gains, partially offset by cost inflation and higher advertising.

For the first half, U.S. Soup, Sauces and Beverages sales
increased 5 percent to $2.190 billion. A breakdown of the change in
sales follows:

    --  Volume and mix added 6 percent

    --  Price and sales allowances added 1 percent

    --  Promotional spending subtracted 2 percent

    For the first half, soup sales increased 2 percent.

    --  Sales of condensed soup declined 2 percent

    --  Sales of ready-to-serve soup increased 3 percent

    --  Broth sales increased 12 percent

Operating earnings were $595 million compared to $596 million in
the year-ago period. The decline in operating earnings was primarily
due to cost inflation and higher promotional spending, which were
mostly offset by higher volume and productivity gains.

Baking and Snacking

Sales for Baking and Snacking were $491 million, an increase of 8
percent from a year ago. A breakdown of the change in sales follows:

    --  Price and sales allowances added 4 percent

    --  Currency added 5 percent

    --  The divestiture of the company's Papua New Guinea operations
        subtracted 1 percent

    Further details of sales results include the following:

    --  Pepperidge Farm achieved sales volume growth across all
        businesses: cookies and crackers, bakery, and frozen.
     -- In the cookies and crackers business, sales gains continued to
      be driven primarily by the growth of "Goldfish" crackers and the
      growth of Distinctive and 100 calorie pack cookies.

     -- The bakery business also delivered solid sales gains behind
      whole-grain breads and sandwich rolls.
    --  Arnott's sales increased primarily due to the favorable impact
        of currency, which was partially offset by a decline in the
        snack foods business.

Operating earnings were $68 million compared with $77 million in
the prior-year period. Operating earnings in the prior period included
a $23 million gain from the sale of the Pepperidge Farm facility.
Excluding the gain from the sale, the increase in operating earnings
was driven by double-digit gains at Pepperidge Farm and the favorable
impact of currency. Within Arnott’s, gains in biscuits were offset by
a decline in the snack foods business.

For the first half, sales increased 9 percent to $1.023 billion. A
breakdown of the change in sales follows:

    --  Volume and mix added 1 percent

    --  Price and sales allowances added 4 percent

    --  Currency added 5 percent

    --  The divestiture of the company's Papua New Guinea operations
        subtracted 1 percent

Operating earnings were $140 million compared to $144 million in
the year-ago period. Operating earnings in the prior period included a
$23 million gain from the sale of the Pepperidge Farm facility.
Excluding the gain from the sale, the increase in operating earnings
was driven by gains in Pepperidge Farm, the favorable impact of
currency, and gains in Arnott’s.

International Soup, Sauces and Beverages

Sales for International Soup, Sauces and Beverages were $458
million, an increase of 13 percent compared to a year ago. The change
in sales reflects the following factors:

    --  Volume and mix added 3 percent

    --  Price and sales allowances subtracted 1 percent

    --  Increased promotional spending subtracted 1 percent

    --  Currency added 12 percent

    Further details of sales results include the following:

    --  Sales in Europe increased due to the favorable impact of
        currency and gains in Belgium and France, offset by a decline
        in Germany, where the company is discontinuing its private
        label soup business.

    --  Canada sales increased due to the favorable impact of currency
        and growth in beverages.

Operating earnings were $61 million compared to $58 million in the
year-ago period. The increase in operating earnings was driven by the
favorable impact of currency, which was partially offset by costs
associated with the launch of products in Russia and China.

For the first half, sales increased 13 percent to $848 million. A
breakdown of the change in sales follows:

    --  Volume and mix added 3 percent

    --  Currency added 10 percent

Operating earnings increased to $112 million from $107 million in
the year-ago period. The increase in operating earnings was driven by
the favorable impact of currency, which was partially offset by costs
associated with the launch of products in Russia and China.

North America Foodservice

Previously, the results of the Godiva Chocolatier business
worldwide and the Away From Home business in the U.S. and Canada were
reported as Other in the company’s segment analysis. As a result of
the pending sale of the Godiva business, the results of the Godiva
business are now reported as discontinued operations. The results of
the Away From Home business in the U.S. and Canada are now reported as
the North America Foodservice segment.

Sales were $176 million, flat with the prior period. A breakdown
of the change in sales follows:

    --  Volume and mix subtracted 1 percent

    --  Price and sales allowances added 1 percent

    --  Increased promotional spending subtracted 2 percent

    --  Currency added 2 percent

The favorable impact of currency was offset by declines in
refrigerated soup sales.

Operating earnings were $20 million compared to $25 million in the
prior period. The decline in operating earnings was driven by cost
inflation and higher promotional activity, which were partially offset
by productivity gains and higher selling prices.

For the first half, sales were $342 million, flat with the prior
period. A breakdown of the change in sales follows:

    --  Price and sales allowances added 1 percent

    --  Increased promotional spending subtracted 2 percent

    --  Currency added 1 percent.

Operating earnings decreased $4 million to $44 million. The
decline in operating earnings was driven by cost inflation and higher
promotional activity, which were partially offset by productivity
gains and higher selling prices.

Non-GAAP Financial Information

A reconciliation of the adjusted fiscal 2008 and 2007 financial
information to the reported financial information is attached to this
release and can also be found on the company’s website at
www.campbellsoupcompany.com in the “Investor Center” section.

Conference Call

The company will host a conference call to discuss these results
on February 15, 2008 at 10:00 a.m. Eastern Standard Time. U.S.
participants may access the call at 1-866-837-9789 and non-U.S.
participants at 1-703-639-1425. Participants should call at least five
minutes prior to the starting time. The passcode is “Campbell Soup”
and the conference leader is Len Griehs. The call will also be
broadcast live over the Internet at www.campbellsoupcompany.com and
can be accessed by clicking on the “Shareholder Event / Webcast”
banner. A recording of the call will be available approximately two
hours after it is completed through midnight February 22, 2008 at
1-888-266-2081 or 1-703-925-2533. The access code is 1195937.

Reporting Segments

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

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

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

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

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

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality foods and simple meals, including soup, baked snacks,
vegetable-based beverages, and premium chocolate products. 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.campbellsoup.com.

Forward-Looking Statements

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


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


                                                 THREE MONTHS ENDED
                                              ------------------------
                                              January 27,  January 28,
                                                 2008         2007
                                              -----------  -----------

Net sales                                     $    2,218   $    2,064
                                              -----------  -----------

Costs and expenses
   Cost of products sold                           1,329        1,213
   Marketing and selling expenses                    319          300
   Administrative expenses                           141          145
   Research and development expenses                  25           25
   Other expenses / (income)                           4          (18)
                                              -----------  -----------
Total costs and expenses                           1,818        1,665
                                              -----------  -----------

Earnings before interest and taxes                   400          399
Interest, net                                         42           38
                                              -----------  -----------
Earnings before taxes                                358          361

Taxes on earnings                                     98          104
                                              -----------  -----------

Earnings from continuing operations                  260          257
Earnings from discontinued operations                 14           28
                                              -----------  -----------
Net earnings                                  $      274   $      285
                                              ===========  ===========

Per share - basic
   Earnings from continuing operations        $      .69   $      .67
   Earnings from discontinued operations             .04          .07
                                              -----------  -----------
   Net earnings                               $      .73   $      .74
                                              ===========  ===========

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

Weighted average shares outstanding - basic          377          384
                                              ===========  ===========


Per share - assuming dilution
   Earnings from continuing operations        $      .67   $      .65
   Earnings from discontinued operations             .04          .07
                                              -----------  -----------
   Net earnings                               $      .71   $      .72
                                              ===========  ===========

Weighted average shares outstanding -
 assuming dilution                                   386          395
                                              ===========  ===========

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


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


                                                  SIX MONTHS ENDED
                                              ------------------------
                                              January 27,  January 28,
                                                 2008         2007
                                              -----------  -----------

Net sales                                     $    4,403   $    4,115
                                              -----------  -----------

Costs and expenses
   Cost of products sold                           2,622        2,406
   Marketing and selling expenses                    615          568
   Administrative expenses                           282          273
   Research and development expenses                  52           50
   Other expenses / (income)                           4          (16)
                                              -----------  -----------
Total costs and expenses                           3,575        3,281
                                              -----------  -----------

Earnings before interest and taxes                   828          834
Interest, net                                         84           79
                                              -----------  -----------
Earnings before taxes                                744          755

Taxes on earnings                                    216          231
                                              -----------  -----------

Earnings from continuing operations                  528          524
Earnings from discontinued operations                 16           52
                                              -----------  -----------
Net earnings                                  $      544   $      576
                                              ===========  ===========

Per share - basic
   Earnings from continuing operations        $     1.40   $     1.35
   Earnings from discontinued operations             .04          .13
                                              -----------  -----------
   Net earnings                               $     1.44   $     1.48
                                              ===========  ===========

   Dividends                                  $      .44   $      .40
                                              ===========  ===========

Weighted average shares outstanding - basic          378          389
                                              ===========  ===========


Per share - assuming dilution
   Earnings from continuing operations        $     1.36   $     1.31
   Earnings from discontinued operations             .04          .13
                                              -----------  -----------
   Net earnings                               $     1.41   $     1.44
                                              ===========  ===========

Weighted average shares outstanding -
 assuming dilution                                   387          400
                                              ===========  ===========

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

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 (unaudited)
                 (millions, except per share amounts)



                                        THREE MONTHS ENDED
                                     ------------------------
                                     January 27,  January 28,  Percent
Sales                                   2008         2007      Change
--------                             -----------  -----------  -------
Contributions:
   U.S. Soup, Sauces and Beverages   $    1,093   $    1,030       6%
   Baking and Snacking                      491          454       8%
   International Soup, Sauces and
    Beverages                               458          404      13%
   North America Foodservice                176          176       0%
                                     -----------  -----------
Total sales                          $    2,218   $    2,064       7%
                                     ===========  ===========





Earnings
--------
Contributions:
   U.S. Soup, Sauces and Beverages   $      286   $      274       4%
   Baking and Snacking                       68           77     (12%)
   International Soup, Sauces and
    Beverages                                61           58       5%
   North America Foodservice                 20           25     (20%)
                                     -----------  -----------
Total operating earnings                    435          434       0%
Unallocated corporate expenses              (35)         (35)
                                     -----------  -----------

Earnings before interest and taxes          400          399       0%
Interest, net                               (42)         (38)
Taxes on earnings                           (98)        (104)
                                     -----------  -----------

Earnings from continuing operations         260          257       1%
Earnings from discontinued
 operations                                  14           28
                                     -----------  -----------
Net earnings                         $      274   $      285      (4%)
                                     ===========  ===========

Per share - assuming dilution
   Earnings from continuing
    operations                       $      .67   $      .65       3%
   Earnings from discontinued
    operations                              .04          .07
                                     -----------  -----------
Net earnings                         $      .71   $      .72      (1%)
                                     ===========  ===========

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

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


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



                                         SIX MONTHS ENDED
                                     ------------------------
                                     January 27,  January 28,  Percent
Sales                                   2008         2007      Change
--------                             -----------  -----------  -------
Contributions:
   U.S. Soup, Sauces and Beverages   $    2,190   $    2,084       5%
   Baking and Snacking                    1,023          938       9%
   International Soup, Sauces and
    Beverages                               848          751      13%
   North America Foodservice                342          342       0%
                                     -----------  -----------
Total sales                          $    4,403   $    4,115       7%
                                     ===========  ===========





Earnings
--------
Contributions:
   U.S. Soup, Sauces and Beverages   $      595   $      596       0%
   Baking and Snacking                      140          144      (3%)
   International Soup, Sauces and
    Beverages                               112          107       5%
   North America Foodservice                 44           48      (8%)
                                     -----------  -----------
Total operating earnings                    891          895       0%
Unallocated corporate expenses              (63)         (61)
                                     -----------  -----------

Earnings before interest and taxes          828          834      (1%)
Interest, net                               (84)         (79)
Taxes on earnings                          (216)        (231)
                                     -----------  -----------

Earnings from continuing operations         528          524       1%
Earnings from discontinued
 operations                                  16           52
                                     -----------  -----------
Net earnings                         $      544   $      576      (6%)
                                     ===========  ===========

Per share - assuming dilution
   Earnings from continuing
    operations                       $     1.36   $     1.31       4%
   Earnings from discontinued
    operations                              .04          .13
                                     -----------  -----------
Net earnings                         $     1.41   $     1.44      (2%)
                                     ===========  ===========

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

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

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


                  CAMPBELL SOUP COMPANY CONSOLIDATED
                      BALANCE SHEETS (unaudited)
                              (millions)



                                              January 27,  January 28,
                                                 2008         2007
                                              -----------  -----------

Current assets                                $    1,755   $    2,150

Current assets of discontinued operations            123            -

Plant assets, net                                  1,930        1,943

Intangible assets, net                             2,566        2,372

Other assets                                         384          496

Non-current assets of discontinued operations        118            -

                                              -----------  -----------
   Total assets                               $    6,876   $    6,961
                                              ===========  ===========


Current liabilities                           $    2,289   $    2,418

Current liabilities of discontinued
 operations                                           71            -

Long-term debt                                     1,780        2,111

Other liabilities                                  1,129          977

Non-current liabilities of discontinued
 operations                                           12            -

Shareowners' equity                                1,595        1,455

                                              -----------  -----------
   Total liabilities and shareowners' equity  $    6,876   $    6,961
                                              ===========  ===========


Total debt                                    $    2,756   $    2,856
                                              ===========  ===========

Cash and cash equivalents                     $       95   $      483
                                              ===========  ===========

Net debt                                      $    2,661   $    2,373
                                              ===========  ===========


Certain reclassifications were made to prior year financial
 statements.


        Reconciliation of GAAP and Non-GAAP Financial Measures
                Second Quarter Ended January 27, 2008

Campbell Soup Company uses certain non-GAAP financial measures as
 defined by the Securities and Exchange Commission in certain
 communications. These non-GAAP financial measures are measures of
 performance not defined by accounting principles generally accepted
 in the United States and should be considered in addition to, not in
 lieu of, GAAP reported measures.

Net Debt
--------

The company believes that net debt is a non-GAAP measure that provides
 additional meaningful comparisons between the company's financial
 position at January 27, 2008 and January 28, 2007, and also a useful
 perspective on the financial condition of the business. Interest
 income earned on cash and cash equivalents partially offsets interest
 expense on debt. Cash and cash equivalents are available to repay
 outstanding debt upon maturity.

The table below summarizes information on total debt and cash and cash
 equivalents:
            (millions)              January 27, 2008  January 28, 2007
                                    ----------------  ----------------

    Current notes payable           $           976   $           745
    Long-term debt                            1,780             2,111
                                    ----------------  ----------------
    Total debt                      $         2,756   $         2,856

    Less: Cash and cash equivalents             (95)             (483)
                                    ----------------  ----------------
    Net debt                        $         2,661   $         2,373
                                    ================  ================


Items Impacting Net Earnings
----------------------------

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

The following items impacted net earnings:
    (1) In the second quarter of fiscal 2008, the company recorded a
         non-cash tax benefit of $13 million ($0.03 per share) in
         earnings from continuing operations from the favorable
         resolution of a state tax contingency in the United States.

    (2) In the second quarter of fiscal 2008, the company entered into
         a Stock Purchase Agreement to sell its Godiva Chocolatier
         business to Yildiz Holding A.S. for approximately $850
         million, subject to closing conditions. Costs of $9 million
         ($5 million after tax or $0.01 per share) associated with the
         pending sale were recognized in discontinued operations in
         the second quarter of fiscal 2008.

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

    (4) 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 $0.06
         per share.

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

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

The tables below reconcile financial information, presented in
 accordance with GAAP, to financial information excluding certain
 transactions:
 (millions, except per share
            amounts)                   Second Quarter
                                ----------------------------
                                Jan. 27, 2008  Jan. 28, 2007  % Change
                                ----------------------------  --------

Earnings before interest and
 taxes, as reported             $        400   $        399
Deduct: Gain on sale of an idle
 manufacturing facility (5)                -            (23)
                                -------------  -------------
Adjusted Earnings before
 interest and taxes             $        400   $        376         6%
                                -------------  -------------

Interest, net, as reported      $         42   $         38

                                -------------  -------------
Adjusted Earnings before taxes  $        358   $        338
                                -------------  -------------

Taxes on earnings, as reported  $         98   $        104
Add: Tax benefit from
 resolution of a state tax
 contingency (1)                          13              -
Deduct: Tax impact of gain on
 sale of an idle manufacturing
 facility (5)                              -             (9)
                                -------------  -------------
Adjusted Taxes on earnings      $        111   $         95
                                -------------  -------------
Adjusted effective income tax
 rate                                   31.0%          28.1%

Earnings from continuing
 operations, as reported        $        260   $        257
Deduct: Benefit from resolution
 of a state tax contingency (1)          (13)             -
Deduct: Gain on sale of an idle
 manufacturing facility (5)                -            (14)
                                -------------  -------------
Adjusted Earnings from
 continuing operations          $        247   $        243
                                -------------  -------------

Earnings from discontinued
 operations, as reported        $         14   $         28
Deduct: Gain on sale of
 UK/Ireland businesses (6)                 -             (1)
Add: Costs associated with the
 pending sale of Godiva (2)                5              -
                                -------------  -------------
Adjusted Earnings from
 discontinued operations        $         19   $         27
                                -------------  -------------

Diluted earnings per share -
 continuing operations, as
 reported                       $       0.67   $       0.65
Deduct: Benefit from resolution
 of a state tax contingency (1)        (0.03)             -
Deduct: Gain on sale of an idle
 manufacturing facility (5)                -          (0.04)
                                -------------  -------------
Adjusted Diluted earnings per
 share - continuing operations* $       0.64   $       0.62         3%
                                -------------  -------------

Diluted net earnings per share,
 as reported                    $       0.71   $       0.72
Deduct: Benefit from resolution
 of a state tax contingency (1)        (0.03)             -
Add: Costs associated with the
 pending sale of Godiva (2)             0.01              -
Deduct: Gain on sale of an idle
 manufacturing facility (5)                -          (0.04)
Deduct: Gain on sale of
 UK/Ireland businesses (6)                 -              -
                                -------------  -------------
Adjusted Diluted net earnings
 per share                      $       0.69   $       0.68         1%
                                =============  =============

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

 (millions, except per share
            amounts)                    Year-to-Date
                                ----------------------------
                                Jan. 27, 2008  Jan. 28, 2007  % Change
                                ----------------------------  --------

Earnings before interest and
 taxes, as reported             $        828   $        834
Deduct: Gain on sale of an idle
 manufacturing facility (5)                -            (23)
                                -------------  -------------
Adjusted Earnings before
 interest and taxes             $        828   $        811         2%
                                -------------  -------------

Interest, net, as reported      $         84   $         79

                                -------------  -------------
Adjusted Earnings before taxes  $        744   $        732
                                -------------  -------------

Taxes on earnings, as reported  $        216   $        231
Add: Tax benefit from
 resolution of a state tax
 contingency (1)                          13              -
Deduct: Tax impact of gain on
 sale of an idle manufacturing
 facility (5)                              -             (9)
                                -------------  -------------
Adjusted Taxes on earnings      $        229   $        222
                                -------------  -------------
Adjusted effective income tax
 rate                                   30.8%          30.3%

Earnings from continuing
 operations, as reported        $        528   $        524
Deduct: Benefit from resolution
 of a state tax contingency (1)          (13)             -
Deduct: Gain on sale of an idle
 manufacturing facility (5)                -            (14)
                                -------------  -------------
Adjusted Earnings from
 continuing operations          $        515   $        510
                                -------------  -------------

Earnings from discontinued
 operations, as reported        $         16   $         52
Deduct: Gain on sale of
 UK/Ireland businesses (6)                 -            (23)
Add: Costs associated with the
 pending sale of Godiva (2)                5              -
                                -------------  -------------
Adjusted Earnings from
 discontinued operations        $         21   $         29
                                -------------  -------------

Diluted earnings per share -
 continuing operations, as
 reported                       $       1.36   $       1.31
Deduct: Benefit from resolution
 of a state tax contingency (1)        (0.03)             -
Deduct: Gain on sale of an idle
 manufacturing facility (5)                -          (0.04)
                                -------------  -------------
Adjusted Diluted earnings per
 share - continuing operations* $       1.33   $       1.28         4%
                                -------------  -------------

Diluted net earnings per share,
 as reported                    $       1.41   $       1.44
Deduct: Benefit from resolution
 of a state tax contingency (1)        (0.03)             -
Add: Costs associated with the
 pending sale of Godiva (2)             0.01              -
Deduct: Gain on sale of an idle
 manufacturing facility (5)                -          (0.04)
Deduct: Gain on sale of
 UK/Ireland businesses (6)                 -          (0.06)
                                -------------  -------------
Adjusted Diluted net earnings
 per share*                     $       1.39   $       1.35         3%
                                =============  =============

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

        (millions, except per share amounts)
                                                         Year-to-Date
                                                         -------------
                                                         July 29, 2007
                                                         -------------

Earnings before interest and taxes, as reported          $      1,243
Deduct: Reversal of legal reserves (3)                            (20)
Deduct: Gain on sale of an idle manufacturing
 facility (5)                                                     (23)
                                                         -------------
Adjusted Earnings before interest and taxes              $      1,200
                                                         -------------

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

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

Taxes on earnings, as reported                           $        306
Deduct: Tax impact of reversal of legal reserves (3)               (7)
Deduct: Tax impact of reduction of interest expense
 related to settlement of the APA (4)                              (1)
Add: Tax benefit from settlement of the APA (4)                    22
Deduct: Tax impact of gain on sale of an idle
 manufacturing facility (5)                                        (9)
                                                         -------------
Adjusted Taxes on earnings                               $        311
                                                         -------------

Adjusted effective income tax rate                               29.6%

Earnings from continuing operations, as reported         $        793
Deduct: Net adjustment related to reversal of legal
 reserves (3)                                                     (13)
Deduct: Net benefit from settlement of the APA (4)                (25)
Deduct: Gain on sale of an idle manufacturing
 facility (5)                                                     (14)
                                                         -------------
Adjusted Earnings from continuing operations             $        741
                                                         =============

Earnings from discontinued operations, as reported       $         61
Deduct: Gain on sale of UK/Ireland businesses and
 resolution of tax audits (6)                                     (31)
                                                         -------------
Adjusted Earnings from discontinued operations           $         30
                                                         =============

Diluted net earnings per share, as reported              $       2.16
Deduct: Net adjustment related to reversal of legal
 reserves (3)                                                   (0.03)
Deduct: Net benefit from settlement of the APA (4)              (0.06)
Deduct: Gain on sale of an idle manufacturing
 facility (5)                                                   (0.04)
Deduct: Gain on sale of UK/Ireland businesses and
 resolution of tax audits (6)                                   (0.08)
                                                         -------------
Adjusted Diluted earnings per share                      $       1.95
                                                         =============

Reconciliation has been prepared reflecting the results of the Godiva
 Chocolatier business as discontinued operations.


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

    SOURCE: Campbell Soup Company