"Campbell's" condensed
cooking and eating soups continue to benefit from the
installation of gravity -feed shelving systems, which are now
in more than 11,000 stores.

Highlights of this segment 's other businesses include:

-- After a successful introduction in the first quarter,
"Campbell 's Chunky" chili continues to perform well in the
marketplace. Pepperidge Farm continued to successfully expand
distribution of its lines of bagels and English muffins.14 $ 1.

(2) The gain relates to the settlement of a class-action lawsuit
involving ingredient suppliers.

Free Booklet Shows How Eating Soup Can Help You to Feel Satisfied and
Lose Weight

MINNEAPOLIS, With the release of the new 2005
Dietary Guidelines , the government is encouraging Americans to, among other
things, be more mindful of their caloric intake, eat more fruits, vegetables
and whole grains, and exercise regularly.
Flexible menu plans for breakfast, lunch, and dinner start at 1,200-calories,
but can be customized to meet individual caloric or lifestyle needs.campbellwellness.campbellsoup.

fat confections

Douglas R. Soup business increased
sales 6 percent for the first half of fiscal 2005, with condensed,
ready-to-serve, and broth all experiencing growth.58.S. Condensed cooking soup sales grew behind strong
holiday promotion performance and the introduction of three
new Southwestern-style cooking soups. Soup, Sauces and Beverages, which 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.S.

The company believes that earnings per share excluding certain
restructuring related costs and certain other transactions not
considered to be part of the ongoing business are a better indicator
of the true performance of the business. The 40-page,
full-color Soup for Life Plan also features 17 recipes created by the culinary
experts in Campbell's Kitchen.

frozen cooking

13, up 5 percent versus $1.
While the cost of these investments and materials inflation has
impacted our U.S.
Same-store sales were up double digits in North America, as
the implementation of stronger merchandising, increased
advertising and promotional activity, and new product
introductions drove increased traffic to Godiva stores .S.

Other, which includes the Godiva Chocolatier business worldwide
and the Away From Home business in the U.02)
----------------

Earnings per share, excluding restructuring
related costs and one-time items $ 1.58
================

(1) The costs relate to the worldwide cost savings initiatives and
Australian distribution and logistics realignment announced on
June 24, 2004. Consequently, the company
believes that investors may be able to better understand earnings if
these transactions are excluded from the results. Campbell's Soup for
Life Plan features a choice of more than 100 varieties of soup, from classic
favorites like Campbell's (R) Tomato soup, to more contemporary varieties like
Campbell's(R) Select Herbed Chicken with Roasted Vegetables.campbellwellness.

About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of high
quality soup, sauce, beverage, biscuit, confectionery and prepared food
products.

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0 billion.
"We created the Campbell's Soup for Life Plan to help people manage their
weight with an easy diet solution that allows them to control calories while
still enjoying their favorite foods," says Dr. Broth-based soups contain water, and often have a variety
of vegetables, fiber and lean protein -- all of which help to trigger the
body's satiety cues. Meal options range from warm and hearty winter
recipes like Tri-Color Vegetable Risotto or Fish + Vegetable Skillet to
"ready-to-go" menu suggestions that are easy to prepare in minutes.

baking frozen

Net sales were $4. We are especially
pleased with the strong sales growth in condensed soup, which is up 7
percent for the first half, the best performance in many years.

-- Sales of ready-to -serve soups were adversely impacted in part
by a shift between first and second quarter promotional
spending and marketing programs, as well as the comparison to
a very strong sales quarter a year ago. In January, "Campbell's Chunky" chili introduced
two varieties in microwaveable bowls. In
addition , businesses in the U. Operating earnings of $72 million were up 14
percent versus the prior year , primarily due to the strong sales
growth.

A breakdown of the change in sales follows:

-- Volume and mix added 7 percent

-- Price and sales allowances added 4 percent

-- Currency added 1 percent

Further details include the following:

-- Godiva Chocolatier sales rose on strong performance in all
channels in North America -- retail, wholesale, and direct . The call will also be broadcast live
over the Internet at www. and Canada.1575
============ ============

Weighted average shares outstanding - basic 409 411
============ ============

Per share - assuming dilution
Net earnings $ .

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A breakdown of the change in sales follows:

-- Volume and mix added 5 percent

-- Price and sales allowances added 4 percent

-- Increased promotional spending subtracted 1 percent

-- Currency added 1 percent

Further details of sales results include the following:

-- Pepperidge Farm experienced strong sales across all three of
its business segments: bakery , cookies and crackers, and
frozen.

-- Sales in Asia Pacific were also up, driven by significant
volume growth in the region. The passcode is "Campbell Soup" and the
conference leader is Len Griehs.

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, new product introductions , cost-saving
initiatives and quality improvement on sales, earnings and margins. Actual results could vary materially from those
anticipated or expressed in any forward-looking statement made by the
company.

Baking and Snacking, which includes the following businesses:
"Pepperidge Farm " cookies, crackers, breads and frozen products in
U.57 0%
======== ========

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

SIX MONTHS ENDED
-----------------
January February Percent
Sales 30, 2005 1, 2004 Change
----- -------- -------- -------
Contributions:
U ."

Soup as a Weight Control Strategy
In their report, the Dietary Guidelines committee recognized the benefits
of eating soup as a way to control calories and lose weight.com for more information on the
Center.

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S. From an overall financial
perspective, we continue to strengthen our balance sheet with the
reduction of our debt, leveraging our strong cash flow generation.

-- While the "Prego" pour-over business continued to achieve
increased volume as category trends improve, overall sales
declined in the quarter due to lower sales of "Prego" pasta
bake products .com

Conference Call

The company will host a conference call to discuss these results
on February 18 at 10:00 a. Participants should call at least five minutes prior
to the starting time .34 $ .S.com .

icelandic cooking

"
The company confirmed its fiscal 2005 guidance for earnings per
share to increase between 5 and 7 percent, excluding restructuring
charges, from the adjusted fiscal year 2004 base of $1.

Summary of Fiscal 2005 Second Quarter Results By Segment

U.

- - In Canada, sales increased due to the favorable impact of
currency. A recording of the call will be
available approximately two hours after it is completed through
midnight February 25, 2005 at 1-866-393-0852 or 1-203-369-0428.S.57
Add: Restructuring related costs (1) 0. All
menus and recipes are controlled for calories, saturated fat, cholesterol and
sodium .

iced vegetables

Business Editors/Food/Beverage Writers

CAMDEN, N.----Campbell Soup
Company (NYSE:CPB) today reported diluted earnings per share for the
second quarter ended January 30, 2005 of $.S.

-- Sales of "Pace" Mexican sauces increased in the quarter.

For the first half of fiscal 2005, sales increased 9 percent to
$918 million. Operating earnings increased 6 percent to $125 million,
primarily due to the favorable impact of currency. Soup, Sauces and
Beverages $ 1,950 $ 1,850 5%
Baking and Snacking 882 813 8%
International Soup and Sauces 918 843 9%
Other 564 503 12%
-------- --------
Total sales $ 4,314 $ 4,009 8%
======== ========

Earnings
--------
Contributions:
U. The "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.
There are also reduced and low sodium options available.

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For the first half of fiscal 2005, sales increased 8 percent to
$882 million .K. The Company is 135 years old, with over $7
billion in annual sales and a portfolio of more than 20 market-leading
brands. In fact, more
than 20 years of scientific research on satiety shows that eating broth-based
soups can help a person to feel full and satisfied and to consume fewer
calories at a meal.com by accessing a complete, 30-day menu plan and
interactive, 7-day meal-planning guide .

cream iced

Operating earnings of $216
million were down 12 percent compared with the year-ago quarter, due
to increased trade promotion and advertising and higher materials
costs, partially offset by productivity savings and lower
administrative expenses. Eating soup achieved solid sales growth in part due
to the combination of successful merchandising and kids
promotional marketing programs, as well as increased
advertising. Strong promotional
activity and new product introductions also contributed to
growth .57 $ .08 5%
======== ========

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

January February
30, 2005 1, 2004
---------- ----------

Current assets $ 1,674 $ 1,541

Plant assets, net 1,917 1,871

Intangible assets, net 3,156 3,081

Other assets 327 303
---------- ----------
Total assets $ 7,074 $ 6,796
========== ==========

Current liabilities $ 2,219 $ 2,502

Long-term debt 2,552 2,566

Nonpension postretirement benefits 292 301

Other liabilities 672 559

Shareowners' equity 1,339 868
---------- ----------

Total liabilities and shareowners ' equity $ 7,074 $ 6,796
========== ==========

Total debt $ 3,128 $ 3,474
========== ==========

Cash and cash equivalents $ 51 $ 41
========== ==========

Reconciliation of GAAP and Non-GAAP Financial Measures

Campbell Soup Company uses certain "non-GAAP" financial measures
as defined by the Securities and Exchange Commission in certain
communications .

italian vegetables

A breakdown of the change in sales follows:

-- Volume and mix added 3 percent

-- Increased promotional spending subtracted 2 percent

Soup sales for the quarter declined 1 percent, with condensed soup
sales up 4 percent, ready-to-serve soup sales down 9 percent, and
broth sales up 15 percent.

-- "Campbell's SpaghettiOs" pasta sales increased significantly
as the business continues to benefit from the conversion to
the "Campbell's" brand supported by increased advertising .

For the first half of fiscal 2005, sales increased 12 percent to
$564 million.S.

(3) The gain relates to the sale of an idle facility in California. The Web site and free Soup for Life
booklet also offer techniques on portion control, simple exercise tips and
suggestions for ways to lead more active lifestyles and a way for people to
assess their Body Mass Index (BMI). The
mission of the Center is to provide reliable, science-based information about
nutrition and wellness and the role of Campbell brands in healthful
lifestyles. Campbell's Center for Nutrition + Wellness: Taste + Live the Best of
Life(TM).

italian soups

08 a year ago. Operating earnings decreased 4 percent to $491 million ,
as the benefit of higher sales and productivity gains were more than
offset by increased trade promotion and advertising, and higher
materials costs.

-- Sales of fresh bread and bakery products were up double
digits.

-- Arnott's sales rose, driven by currency, as well as volume and
pricing gains in biscuits and salty snacks.

International Soup and Sauces, which includes the soup, sauce and
beverage businesses outside of the United States, including Canada,
Europe , Mexico, Latin America, and the Asia Pacific region.17 $ .13 $ 1.
Advised by world-class scientific researchers renowned in their fields of
study, the Center serves as a nutrition communications resource for outreach
to consumers, retailers, the health professional community and the media.

irish insects

Conant , Campbell's President and Chief Executive
Officer, said, "At the halfway mark in the year, we are pleased with
our overall company performance. Top performers included "Pepperidge Farm" wheat and
grain breads, as well as "Pepperidge Farm" Carb Style breads
and rolls.
Operating earnings increased 8 percent to $70 million, primarily due
to the favorable impact of currency.315
============ ============

Weighted average shares outstanding - basic 409 411
============ ============

Per share - assuming dilution
Net earnings $ 1.05
Deduct: Gain on litigation settlement (2) (0.
Visitors can customize their own meal plans on
http://www.

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Our U. Particularly noteworthy have
been the outstanding top and bottom line performances of Pepperidge
Farm and Away From Home in the U. Soup, Sauces and Beverages were $956 million, a 1
percent increase compared with a year ago.

Baking and Snacking

Sales for Baking and Snacking were $433 million, a 9 percent
increase compared with a year ago.

-- Increased marketing for three new varieties of "Pepperidge
Farm" premium pot pies drove outstanding sales growth in the
frozen segment.campbellsoupcompany. The items include the following:

-- Earnings per share (EPS), excluding restructuring related
costs and one-time items

The table below reconciles earnings per share, presented in
accordance with GAAP, to earnings per share excluding restructuring
related costs and other one-time items. A plan
recently created by the experts at Campbell's Center for Nutrition + Wellness
may help. I've found that this helps to prevent my clients from overeating.

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Further details of sales results include the following:

- - Both condensed eating and cooking soup sales rose in the
quarter. For the first half,
sales of ready-to-serve soups have increased 3 percent. "Goldfish" snack cracker sales also increased. Operating earnings increased 11 percent to $93 million,
driven by pricing and higher volume, partially offset by higher
materials costs.S. participants
may access the call at 1-877-601-3546 and non-U.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality soup, sauce, beverage, baking, biscuit, confectionery and
prepared food products .

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S.

A breakdown of the change in sales follows:

-- Volume and mix added 4 percent

-- Increased promotional spending subtracted 1 percent

-- Currency added 7 percent

Further details of sales results include the following:

-- Sales were up in Europe, primarily due to currency. Operating earnings increased 11 percent to $94 million,
consistent with strong sales growth .
These forward-looking statements rely on a number of assumptions and
estimates which could be inaccurate and which are subject to risks and
uncertainties. retail, "Arnott's" biscuits in Australia and Asia Pacific, and
"Arnott's" salty snacks in Australia. Soup, Sauces and
Beverages $ 216 $ 246 -12%
Baking and Snacking 47 42 12%
International Soup and Sauces 70 65 8 %
Other 72 63 14%
-------- --------
Total operating earnings 405 416 -3%
Unallocated corporate expenses (16) (27)
-------- --------

Earnings before interest and
taxes 389 389 0%
Interest, net (45) (42)
Taxes on earnings (109) (112)
-------- --------
Net earnings $ 235 $ 235 0%
======== ========

Net earnings per share -
assuming dilution $ .13 $ 1. "Our plan helps people to meet
the new dietary guidelines by pairing physical activity with nutritionally
balanced menus including foods that help to reduce calorie intake, like soups,
fruits, vegetables, and whole grain breads.

beverages frozen

3 billion for the first half of fiscal 2005, an
increase of 8 percent compared with the year -ago period, reflecting
the following factors:

-- Volume and mix added 6 percent

- - Price and sales allowances added 1 percent

-- Increased promotional spending subtracted 1 percent

-- Currency added 2 percent

For the first half of fiscal 2005, the company reported net
earnings of $465 million versus $446 million a year earlier, an
increase of 4 percent.
Performance of the convenience soup platform in the quarter
was flat compared with a year earlier, with sales gains in
ready-to-serve microwaveable bowls offset by a decline in
"Campbell's Soup at Hand" sippable soup sales.

For the first half of fiscal 2005, sales increased 5 percent to
$2.
Sales grew 12 percent to $332 million compared with the same
period a year ago.

-- Away From Home sales grew significantly due to the strong
performance of refrigerated soups. Eastern Standard Time.S.

Campbell's Soup for Life Plan closely follows the new dietary
guidelines and also shows people how they can control calories by adding soup
to their menu while controlling their sodium intake.
Campbell's Soup for Life Plan is based on the National Institutes of
Health guidelines for safe and healthy weight loss. Chor San Khoo, Director of
Campbell's Center for Nutrition + Wellness.

About Campbell's Center for Nutrition + Wellness
Campbell's Center for Nutrition + Wellness (CCNW) is a global, cross-
functional initiative comprised of professionals in research, dietetics , food
and agricultural science, technology, culinary arts and communications.

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-- "Pepperidge Farm" cookie sales rose on the strength of a
successful holiday season, and the introduction of a new line
of sugar-free cookies and four new varieties of soft-baked
cookies.com and can be accessed
by clicking on the "Webcast" banner. 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. For more information on the company, visit Campbell's website
on the Internet at www.08
============ ============

Weighted average shares outstanding
- assuming dilution 413 412
============ ============

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

THREE MONTHS ENDED
------------------
January February Percent
Sales 30 , 2005 1, 2004 Change
----- -------- -------- -------
Contributions:
U. The free booklet also
shows people how they can manage their weight without having to give up their
favorite foods. "Soup can be part of an effective weight loss strategy
because these qualities make it lower in calorie density, which means people
can enjoy larger portions of food for fewer calories," says Felicia Busch,
Minneapolis-area registered dietitian. Visit http://www .

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2 billion,
reflecting the following factors:

Volume and mix added 4 percent

Price and sales allowances added 1 percent

Increased promotional spending subtracted 1 percent

Currency added 2 percent

Net earnings for the second quarter of fiscal 2005 were $235
million, even with a year earlier.
Diluted earnings per share for the first half of fiscal 2005 were
$1. Operating earnings increased 12
percent to $47 million compared with the year-ago quarter, as the
impact of pricing and higher volume was partially offset by increased
marketing and commodity cost inflation .

Non-GAAP Financial Information

A reconciliation of the adjusted fiscal year 2004 earnings per
share to the reported earnings per share is attached to this release
and can also be found on the company's website at
www. U.57
============ ============

Dividends $ . The plan echoes the new
2005 dietary guidelines -- featuring foods from all of the food groups and
increased consumption of fruits, vegetables, whole grains and low-fat dairy. The company is 135 years old, with nearly $7 billion in annual sales
and a portfolio of more than 20 market-leading brands.

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Campbell Reports Second Quarter Earnings Per Share of $.57 Even With Year Ago Net Sales Increase 6 Percent; U.S. Condensed Soup Sales Rise 4 Percent

For the second quarter, net sales rose 6 percent to $2.

-- "V8" vegetable juice and "Campbell's" tomato juice sales
increased in the quarter, while sales of "V8 Splash" juice
beverage declined. participants at
1-210-234-0002.S. Soup, Sauces and
Beverages $ 956 $ 950 1%
Baking and Snacking 433 397 9%
International Soup and Sauces 502 457 10%
Other 332 296 12%
-------- --------
Total sales $ 2,223 $ 2,100 6%
======== ========

Earnings
--------
Contributions:
U. For more information on
the company, visit Campbell's website on the Internet at
http://www.

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Our
continuing investment in product quality, new products and packaging,
improved marketing, and retail execution is driving this performance. Soup."
Conant continued, "The balance of our portfolio has delivered
excellent performance for the first half.

Soup, Sauces and Beverages

Sales for U.

Other

The balance of the portfolio includes the Godiva Chocolatier
business worldwide and the Away From Home business in the U.m.campbellsoupcompany . Please refer to the company's most recent Form 10-K and
subsequent filings for a further discussion of these risks and
uncertainties.

Fiscal Year Ended
-----------------
August
1, 2004
-----------------

As reported earnings per share $ 1.

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Soup profit margins, our recently announced price
increase, effective at the end of February, will help to improve the
profitability of U., France and Belgium delivered
growth from volume and mix improvement. and
Canada. Last year's operating earnings included a gain of $4 million
from an insurance settlement to cover the loss of two Godiva stores
destroyed during the events of September 11, 2001.campbellsoupcompany.57 $ .57
============ ============

Weighted average shares outstanding
- assuming dilution 414 412
============ ============

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

SIX MONTHS ENDED
--------------------------
January February
30, 2005 1, 2004
------------ ------------

Net sales $ 4,314 $ 4,009
------------ ------- -----

Costs and expenses
Cost of products sold 2,566 2 ,320
Marketing and selling expenses 676 633
Administrative expenses 258 259
Research and development expenses 44 42
Other expenses - 12
------------ ------------
Total costs and expenses 3,544 3,266
------------ ---- --------

Earnings before interest and taxes 770 743
Interest, net 89 85
------------ ------------
Earnings before taxes 681 658

Taxes on earnings 216 212
------------ ------------
Net earnings $ 465 $ 446
============ ============

Per share - basic
Net earnings $ 1.08
============ ============

Dividends $ .57 $ ."

Variety Brings Satisfaction
Many popularly available soups are low in fat, are under 100 calories per
serving and also contain a full serving of vegetables in every 8 ounce bowl.

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J.

International Soup and Sauces

Sales for International Soup and Sauces were $502 million, a 10
percent increase compared with the second quarter of fiscal 2004.

Plan From Campbell's Can Help Americans to Achieve Dietary Guidelines

For many, this can be daunting , as
it will mean a significant change in lifestyle and eating habits.

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57, even with the year-ago
quarter .

Reporting Segments

Beginning in fiscal year 2005, Campbell Soup Company earnings
results are reported for the following segments:

U.com

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

THREE MONTHS ENDED
--------------------------
January February
30, 2005 1, 2004
------------ ------------

Net sales $ 2,223 $ 2,100
------------ ------------

Costs and expenses
Cost of products sold 1,321 1,212
Marketing and selling expenses 362 340
Administrative expenses 129 136
Research and development expenses 24 21
Other (income) / expenses (2) 2
------------ -------- ----
Total costs and expenses 1,834 1,711
------------ ------------

Earnings before interest and taxes 389 389
Interest, net 45 42
------------ ------------
Earnings before taxes 344 347

Taxes on earnings 109 112
------------ ------------
Net earnings $ 235 $ 235
============ ============

Per share - basic
Net earnings $ .S.S. Soup, Sauces and
Beverages $ 491 $ 511 -4%
Baking and Snacking 93 84 11%
International Soup and Sauces 125 118 6%
Other 94 85 11%
-------- --------
Total operating earnings 803 798 1%
Unallocated corporate expenses (33) (55)
-------- --------

Earnings before interest and
taxes 770 743 4%
Interest, net (89) (85)
Taxes on earnings (216) (212)
-------- ---- ----
Net earnings $ 465 $ 446 4%
======== ========

Net earnings per share
- assuming dilution $ 1.02)
Gain on sale of property (3) (0. "A bowl of soup is warm and
satisfying, and it is eaten more slowly so fullness cues are recognized
sooner .