Campbell Soup Company Sees FY 2012 Adjusted EPS Decline of 6-4%

Campbell Soup Company CPB will outline a new strategic direction today at a meeting with investors led by Chief Operating Officer Denise Morrison, who will become the company's President and Chief Executive Officer on Aug. The company will update its previous guidance for the current fiscal year. In fiscal 2011, Campbell now expects net sales to be comparable to the prior year, a decline in adjusted earnings before interest and taxes of approximately 2 percent and an increase in adjusted earnings per share of approximately 1 percent from the fiscal 2010 adjusted base of $2.47. This fiscal 2011 guidance excludes the impact of the recently announced restructuring program. A detailed reconciliation of the fiscal 2010 adjusted financial information to the 2010 reported financial information is included at the end of this news release. Morrison and Owens will also announce Campbell's guidance for fiscal 2012. The company expects net sales growth of between 0 to 2 percent, a decline in adjusted EBIT of between 8 to 6 percent and a decline in adjusted EPS of between 6 to 4 percent from the fiscal 2011 adjusted base.