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CAMPBELL REPORTS RECORD FIRST QUARTER; SALES UP 10 PERCENT; EARNINGS PER SHARE UP 22 PERCENT

 CAMDEN, N.J., Nov. 19 ~PRNewswire~ -- Campbell Soup Company (NYSE: CPB) today reported record sales and earnings for its first quarter ended Nov. 1, 1992.
 Net sales increased 10 percent to $1.7 billion from $1.55 billion last year. Earnings per share grew 22 percent, reaching 62 cents vs. 51 cents last year. Net earnings climbed 21 percent to $156.6 million, from $129.2 million.
 David W. Johnson, Campbell president and chief executive officer said, "I am delighted with our strong sales and earnings results. This performance is in line with our stated goal to leverage brand power in our core businesses through increased marketing spending, launch of new products and entry into new geographic areas."
 "We increased advertising spending 24 percent and introduced more than 70 new products to drive volume in nearly every category and country where we compete," Johnson said.
 CAMPBELL NORTH AND SOUTH AMERICA
 Sales in the Campbell North and South America division increased 9 percent to $1.22 billion vs. $1.13 billion last year. The division reported a 15 percent increase in operating earnings to $252.8 million, up from $220.1 million.
 Soup unit volume rose 8 percent, on successful marketing activities and new product introductions including condensed "Double Noodle," Golden Corn and Italian Tomato soups. "Campbell's Healthy Request" soups also turned in a solid performance. New gravies packed in glass under the "Pepperidge Farm" label received good consumer acceptance.
 Strong sales gains also were achieved by "Swanson" traditional frozen dinners, "Vlasic" pickles, "V8" vegetable juice, Campbell's food service operations and Campbell Canada.
 CAMPBELL BISCUIT AND BAKERY
 Sales in the global Biscuit and Bakery division were up 8 percent to $222 million from last year's $206 million on favorable exchange rates at Delacre biscuits and strong growth of Pepperidge Farm frozen products. Sales of Pepperidge Farm premium cookies continued to be soft because of the recession; however, this was offset partially by the introduction of "Family Request" cookies in the United States and Delacre's "Biscuit Maison" line in Europe.
 Earnings for the division decreased 11 percent to $21.0 million from last year's $23.7 million due to introductory marketing expenditures and start-up costs for new Pepperidge Farm and Delacre products.
 During the quarter, Campbell announced that it intends to make an offer for control of Arnotts Limited, the leading manufacturer of biscuits in Australia, in which Campbell currently has a 33 percent interest.
 CAMPBELL EUROPE~ASIA
 Sales in the Campbell Europe~Asia division increased 16 percent to $249 million from $214 million last year, due to favorable exchange rates and strong volume growth in soup in the United Kingdom and Asia. Good gains were also achieved by "Godiva" chocolates in the U.S. and Europe, and by frozen foods in the United Kingdom. "Campbell's" soups were introduced into mainland China and Poland during this quarter following business expansion in Hong Kong, Singapore and Taiwan.
 Operating earnings increased 28 percent to $5.5 million from $4.3 million a year ago on improved earnings in the United Kingdom and Germany, which more than offset heavy start-up costs at a new Lamy-Lutti confectionery plant in France.
 NOTE TO EDITORS: Prior year amounts have been reclassified to conform to the newly configured divisions.
 CAMPBELL SOUP COMPANY
 Consolidated Statements of Earnings
 (Unaudited; millions except per-share amounts)
 THREE MONTHS ENDED 11~1~92 10~27~91 Pct. Change
 Net sales $1,695.5 $1,547.2 10
 Costs and expenses
 Cost of products sold 1,047.1 993.5 ---
 Selling, general and
 administrative expenses 381.9 317.4 ---
 Total 1,429.0 1,310.9 9
 Operating earnings 266.5 236.3 13
 Interest, net 19.5 21.9 ---
 Earnings before taxes 247.0 214.4 15
 Taxes on earnings 90.4 85.2 ---
 Net earnings $156.6 $129.2 21
 Per share
 Net earnings $.62 $.51 22
 Dividends $.195 $.145 ---
 Average shares outstanding 251.3 252.7 ---
 (weighted)
 CAMPBELL SOUP COMPANY
 Consolidated Supplemental Schedule of Sales and Earnings
 (Unaudited; million dollars except per-share amounts)
 THREE MONTHS ENDED 11~1~92 10~27~91 Pct. Change
 Sales
 Contributions:
 Campbell North & South America $1,224.6 $1,127.2 9
 Campbell Biscuit and Bakery 222.3 206.4 8
 Campbell Europe~Asia 249.3 214.5 16
 Interdivision (.7) (.9) ---
 Total sales $1,695.5 $1,547.2 10
 Earnings
 Contributions:
 Campbell North & South America $252.8 $220.1 15
 Campbell Biscuit and Bakery 21.0 23.7 (11)
 Campbell Europe~Asia 5.5 4.3 28
 Total operating earnings 279.3 248.1 13
 Unallocated corporate expenses (12.8) (11.8) ---
 Earnings before interest and taxes 266.5 236.3 13
 Interest, net (19.5) (21.9) ---
 Taxes on earnings (90.4) (85.2) ---
 Net earnings $156.6 $129.2 21
 Net earnings per share $.62 $.51 22
 CAMPBELL SOUP COMPANY
 Consolidated Balance Sheets
 (Unaudited; million dollars)
 Nov. 1, 1992 Oct. 27, 1991
 Current assets $1,771.7 $1,735.1
 Plant assets, net 1,930.6 1,800.2
 Intangible assets, net 424.9 439.9
 Other assets 445.2 399.0
 Total $4,572.4 $4,374.2
 Current liabilities $1,454.7 $1,482.4
 Long-term debt 681.6 784.1
 Other liabilities, principally
 deferred income taxes 338.5 311.0
 Shareowners' equity 2,097.6 1,796.7
 Total $4,572.4 $4,374.2
 ~delval~
 -0- 11~19~92
 ~CONTACT: Leonard F. Griehs, 609-342-6428, or Kevin G. Lowery, 609-342-8533, both of Campbell Soup~
 (CPB)


CO: Campbell Soup Company ST: New Jersey IN: FOD SU: ERN

LD-CC -- PH042 -- 2680 11~19~92 08:31 EST
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Date:Nov 19, 1992
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