Campbell Lowers 2011 Guidance

Campbell Soup Company CPB today announced that it is lowering its full-year guidance due to first quarter results that were weaker than originally planned and the company's current outlook for the remainder of the year. Campbell attributes its change in guidance to increased promotional spending that resulted in lower-than-planned purchases of its soup by U.S. consumers, amid weak economic conditions and intense competitive pricing activity. For the first quarter, Campbell estimates a decline in net sales of 1 percent, and declines in earnings before interest and taxes (EBIT) and earnings per share (EPS) of 7 percent and 6 percent, respectively. As previously announced, Campbell will report first-quarter results on Tuesday, Nov. 23, 2010 and will discuss its results on a conference call at 10:00 a.m. Eastern Time that day. For the full year, including an estimated 1-point favorable impact from currency, Campbell now anticipates net sales growth of 1 to 3 percent, EBIT comparable to the prior year and EPS growth of 2 to 4 percent from the fiscal 2010 adjusted base of $2.47. 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.