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CAMPBELL SOUP REPORTS RECORD FIRST QUARTER RESULTS

 CAMDEN, N.J., Nov. 18 /PRNewswire/ -- Campbell Soup Company (NYSE: CPB) today reported record sales and earnings for the first quarter ended Oct. 31, 1993.
 Net sales were $1.76 billion, up 4 percent over last year, 7 percent excluding currency fluctuations. Earnings per share increased 10 percent to $.66, up from $.60 last year, before one-time charges for accounting changes made last year. Net earnings were $166 million, up 10 percent from $152 million last year.
 David W. Johnson, Campbell president and chief executive officer said: "The boost in earnings from our worldwide Biscuit & Bakery and International businesses gets the year off to a good start. The sales and earnings comparisons for our U.S. businesses are difficult due to the exceptionally strong first quarter we had last year when soup volume rose 8 percent.
 "U.S. results also reflect persistent low consumer confidence and sluggish grocery store sales. In this environment we have launched a series of major marketing initiatives, such as aggressive new soup advertising to increase per-capita consumption," Johnson said.
 U.S.A.
 U.S. sales for the quarter were $1.07 billion versus $1.10 billion for the comparable period last year, a 3 percent decrease. Soup volume declined 6 percent from last year's historic high. Operating earnings were $223 million, down 4 percent from last year's $232 million. The new soup advertising campaign, themed "Never Underestimate the Power of Soup," started airing on national television late in the quarter.
 Strong sales gains were achieved by "Swanson" traditional frozen dinners, "Great Starts" breakfasts, "Swanson" pot pies, "Prego" spaghetti sauce, "Franco American" and "Pepperidge Farm" gravies. Food service sales grew at a rapid pace highlighted by the introduction of new products for fast-service restaurants.
 Biscuit & Bakery
 Biscuit & Bakery sales increased 48 percent to $330 million from $222 million reported in the 1992 first quarter, primarily as a result of Campbell's acquiring majority ownership in Arnotts in Australia.
 Operating earnings increased 96 percent to $39 million from $20 million last year with Arnotts the major contributor to the improvement.
 Campbell's European biscuit sales were up substantially on the strength of new distribution for Delacre's "Biscuit Maison." Pepperidge Farm new products such as frozen garlic bread and "Goldfish" cookies also achieved strong sales growth.
 International
 Campbell's International group consists of soups, grocery, confectionery and specialty foods in Canada, Mexico, Argentina, Europe and Asia. In total, this group reported a sales decrease of 1 percent, but a 9 percent increase before currency fluctuations.
 International operating earnings increased 44 percent to $29 million from $20 million for the comparable period last year. The United


Kingdom turned in a particularly strong performance due to the acquisition last April of the "Fray Bentos" meat product business and continued margin improvements in frozen foods. Operations in Canada and Argentina and the worldwide "Godiva" chocolate business also delivered very positive results.
 NOTE: Results have been restated to conform with new operating groups.
 CAMPBELL SOUP COMPANY
 CONSOLIDATED STATEMENTS OF EARNINGS
 (unaudited - millions except per share amounts)
 Three Months ended Oct. 31, 1993 Nov. 1, 1992
 Net sales $1,763 $1,695
 Costs and expenses
 Cost of products sold 1,058 1,054
 Selling, general and
 administrative expenses 425 382
 Total 1,483 1,436
 Earnings before interest and taxes 280 259
 Interest, net 19 19
 Earnings before taxes 261 240
 Taxes on earnings 95 88
 Earnings before cumulative
 effect of accounting changes 166 152
 Cumulative effect of accounting changes --- (249)
 Net earnings $ 166 $ (97)
 Per share
 Earnings before cumulative
 effect of accounting changes $ .66 $ .60
 Cumulative effect of accounting changes --- (.99)
 Net earnings $ .66 $ (.39)
 Dividends $ .25 $ .195
 Average shares outstanding (weighted) 251 251
 CAMPBELL SOUP COMPANY
 CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS
 (unaudited - million dollars except per share amounts)
 Three months ended Oct. 31, 1993 Nov. 1, 1992 Percent
 Change
 Sales:
 Contributions:
 Campbell U.S.A. $1,071.2 $1,103.5 -3
 Campbell Biscuit and Bakery 329.6 222.3 +48
 Campbell International 381.4 386.8 -1
 Interdivision (19.2) (17.1)
 Total sales $1,763.0 $1,695.5 +4
 Earnings
 Contributions:
 Campbell U.S.A. $ 222.5 $ 232.2 -4
 Campbell Biscuit and Bakery 38.5 19.6 +96
 Campbell International 28.9 20.1 +44
 Total operating earnings 289.9 271.9 +7
 Unallocated corporate
 expenses (10.2) (12.4)
 Earnings before interest
 and taxes 279.7 259.5 +8
 Interest, net (18.6) (19.5)
 Taxes on earnings (94.7) (88.2)
 Earning before cumulative
 effect of accounting changes 166.4 151.8 +10
 Cumulative effect of accounting
 changes --- (249.0)
 Net earnings $ 166.4 $ (97.2)
 Per share
 Earnings before cumulative
 effect of accounting changes $ .66 .60 +10
 Cumulative effect of accounting
 changes --- (.99)
 Net earnings $ .66 $ (.39)
 Cumulative effect of accounting changes represents charges for adopting FAS 106, "Accounting for Postretirement Benefits Other Than Pensions;" FAS 109, "Accounting for Income Taxes;" and FAS 112, "Accounting for Postemployment Benefits."
 In February 1993, Campbell increased its ownership in Arnotts Limited from a minority interest to 58 percent. Accordingly, beginning with the third quarter of fiscal 1993, Arnotts' results have been consolidated. Prior to this time, Campbell's investment in Arnotts was accounted for by the equity method.
 CAMPBELL SOUP COMPANY
 CONSOLIDATED BALANCE SHEETS
 (unaudited - in millions)
 Oct. 31, 1993 Nov. 1, 1992
 Current assets $1,953 $1,814
 Plant assets, net 2,272 1,930
 Intangible assets, net 596 425
 Other assets 341 445
 Total $5,162 $4,614
 Current liabilities $1,926 $1,491
 Long-term debt 561 681
 Nonpension postretirement
 benefits 382 346
 Other liabilities 534 252
 Shareowners' equity 1,759 1,844
 Total $5,162 $4,614
 /delval/
 -0- 11/18/93
 /CONTACT: Leonard F. Griehs, 609-342-6428, or James H. Moran 609-342-6426, both of Campbell Soup/
 (CPB)


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

JM -- PH002 -- 5860 11/18/93 08:29 EST
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Date:Nov 18, 1993
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