I will be involved in identifying and selecting my
successor.L.

For the first half of fiscal 2005, sales increased 5 percent to
$2. Pepperidge Farm continued to successfully expand
distribution of its lines of bagels and English muffins.
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.57
Add: Restructuring related costs (1) 0.

creatives voortman

A.

Business Editors/Food/Beverage Writers

CAMDEN , N. Soup profit margins, our recently announced price
increase, effective at the end of February , will help to improve the
profitability of U. In January, "Campbell's Chunky" chili introduced
two varieties in microwaveable bowls. Strong promotional
activity and new product introductions also contributed to
growth.

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.

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. U.campbellsoupcompany .315
============ ============

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

Per share - assuming dilution
Net earnings $ 1.

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

voortman hellema

I will continue to work
closely with Dave until his departure date and am confident that his successor
will be in place within a short period of time. Bere began his career in 1978 with The Quaker Oats Company, where he
held various marketing positions until 1990 when he served as President of
Golden Grain (Rice-A-Roni, Noodle-Roni, Ghirardelli Chocolates ). (political science) degrees from Indiana
University.----Campbell Soup
Company (NYSE:CPB) today reported diluted earnings per share for the
second quarter ended January 30, 2005 of $.57, even with the year-ago
quarter.

crackers raisin

In 1992, he
moved on to President of the Breakfast Division until 1995.

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.

For the first half of fiscal 2005, sales increased 8 percent to
$882 million.com

Conference Call

The company will host a conference call to discuss these results
on February 18 at 10:00 a. Eastern Standard Time.S.S.57 $ .58
================

(1) The costs relate to the worldwide cost savings initiatives and
Australian distribution and logistics realignment announced on
June 24, 2004.

touche creatives

Bere
received both his M.

For the first half of fiscal 2005, sales increased 9 percent to
$918 million. Consequently, the company
believes that investors may be able to better understand earnings if
these transactions are excluded from the results.

dough gladder

"
Dave Bere commented, "I have enjoyed my career at Bakery Chef and Ralcorp."
Kevin Hunt, President and Co-Chief Executive Officer of the Company, said,
"Dave Bere has been an important member of the Ralcorp management team.
Douglas R.

-- Sales of "Pace" Mexican sauces increased in the quarter .1575
============ ============

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

Per share - assuming dilution
Net earnings $ . 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.

bakers biscuits

Bere, Corporate Vice President of
the Company and President and Chief Executive Officer of Bakery Chef, L. Our U.

-- Increased marketing for three new varieties of "Pepperidge
Farm" premium pot pies drove outstanding sales growth in the
frozen segment.

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. 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.

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.57
============ ============

Dividends $ .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.S.

creatives dough

Ralcorp's diversified product mix includes: ready-to-eat
and hot cereals; crackers and cookies; snack nuts; chocolate candy; salad
dressings; mayonnaise; peanut butter; jams and jellies; syrups; sauces;
griddle products including frozen pancakes, waffles, and French toast; and
biscuits and other frozen pre-baked products such as breads and muffins. Soup business increased
sales 6 percent for the first half of fiscal 2005, with condensed,
ready-to-serve, and broth all experiencing growth ."
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. "Goldfish " snack cracker sales also increased.com and can be accessed
by clicking on the "Webcast" banner.

retail, "Arnott's" biscuits in Australia and Asia Pacific, and
"Arnott's" salty snacks in Australia .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 $ .08
============ ============

Dividends $ . 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.

scoop biscuits

LOUIS, Ralcorp Holdings, Inc. Bere and other private investors who had acquired Bakery Chef in 1998
from The Quaker Oats Company. Along with the
Company's Board of Directors, we are very grateful for Dave's many
contributions to Ralcorp and Bakery Chef, and we wish him the very best in his
future endeavors.58.S. Operating earnings increased 11 percent to $93 million,
driven by pricing and higher volume, partially offset by higher
materials costs. 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.

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 .13 $ 1.

brownie toffee

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.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 ."
Conant continued, "The balance of our portfolio has delivered
excellent performance for the first half.S.S.

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. participants at
1-210-234-0002 .campbellsoupcompany.

raisin touche

Ralcorp Holdings Announces the Resignation of David L. Bere

Soup. 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.S.

touche pizzelles

Bakery Chef's current management group is talented and dedicated to the
Company's success. For the past
seven years, Bakery Chef has been my focus and I now look forward to pursuing
other outside interests. We are
sorry he is leaving , but we understand his desire to explore other interests
after many years of building the Bakery Chef business.B.13, up 5 percent versus $1.S.

-- "V8" vegetable juice and "Campbell's" tomato juice sales
increased in the quarter, while sales of "V8 Splash" juice
beverage declined.
Operating earnings increased 8 percent to $70 million, primarily due
to the favorable impact of currency.K .S.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.

oatmeal touche

C.
will resign effective June 17, 2005.
Diluted earnings per share for the first half of fiscal 2005 were
$1.
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.
While the cost of these investments and materials inflation has
impacted our U.

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.

Reporting Segments

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

U.

Baking and Snacking, which includes the following businesses:
"Pepperidge Farm" cookies, crackers, breads and frozen products in
U.S.05
Deduct: Gain on litigation settlement (2) (0.02)
----------------

Earnings per share, excluding restructuring
related costs and one-time items $ 1.

wafers cookies

ST.L.
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. The call will also be broadcast live
over the Internet at www . For more information on the company, visit Campbell's website
on the Internet at www. 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.

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.

crackers pizzelles

Bere was named
Vice President; and Chief Executive Officer of Bakery Chef, L. Condensed cooking soup sales grew behind strong
holiday promotion performance and the introduction of three
new Southwestern-style cooking soups.0 billion.

-- Sales of fresh bread and bakery products were up double
digits. The Company is 135 years old, with over $7
billion in annual sales and a portfolio of more than 20 market-leading
brands.

raisin macadamia

"
Mr. Mr . "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.

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 grew 12 percent to $332 million compared with the same
period a year ago . Operating earnings increased 11 percent to $94 million,
consistent with strong sales growth.campbellsoupcompany . Participants should call at least five minutes prior
to the starting time.S.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.

puff florentines

(NYSE: RAH) today announced that David L.

Summary of Fiscal 2005 Second Quarter Results By Segment

U. The passcode is "Campbell Soup" and the
conference leader is Len Griehs.02)
Gain on sale of property (3) (0.

(3) The gain relates to the sale of an idle facility in California.

scoop florentines

He was President
and Chief Executive Officer of McCain Foods USA from 1996 to 1998. and B.

08 a year ago.S. Operating earnings of $72 million were up 14
percent versus the prior year, primarily due to the strong sales
growth. Actual results could vary materially from those
anticipated or expressed in any forward-looking statement made by the
company.57 $ .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.

biscotti dough

Our
continuing investment in product quality , new products and packaging,
improved marketing, and retail execution is driving this performance . Particularly noteworthy have
been the outstanding top and bottom line performances of Pepperidge
Farm and Away From Home in the U.

-- "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.

Baking and Snacking

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

-- "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. In
addition, businesses in the U.

-- Sales in Asia Pacific were also up, driven by significant
volume growth in the region.

-- Away From Home sales grew significantly due to the strong
performance of refrigerated soups. Please refer to the company's most recent Form 10-K and
subsequent filings for a further discussion of these risks and
uncertainties.

dough pizzelles

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. Top performers included "Pepperidge Farm" wheat and
grain breads , as well as "Pepperidge Farm" Carb Style breads
and rolls.

-- In Canada, sales increased due to the favorable impact of
currency.S.13 $ 1. 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 $ . 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.

denson macadamia

In December 2003, the Company completed the acquisition of Bakery Chef
from Mr. Bere and the other investors grew the Bakery
Chef business and expanded its lines with a number of acquisitions,
transforming the business into a success. In
addition, Ralcorp holds an interest of approximately 21 percent in Vail
Resorts, Inc.S. Soup, Sauces and Beverages were $956 million, a 1
percent increase compared with a year ago. 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. For the first half,
sales of ready-to-serve soups have increased 3 percent.

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

m.

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

voortman scoop

The Company said, "Mr.
Ralcorp produces a variety of store brand foods that are sold under the
individual labels of various grocery, mass merchandise and drug store
retailers, and frozen bakery products that are sold to restaurant and food
service customers.

, the premier mountain resort operator in North America.

Further details of sales results include the following:

-- Both condensed eating and cooking soup sales rose in the
quarter. 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 . participants
may access the call at 1-877-601-3546 and non-U.17 $ .34 $ .

pizzelles toffee

Mr. I am confident that Bakery Chef is in good hands. Upon the
completion of the Bakery Chef acquisition by the Company, Mr.

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

-- 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.

-- Arnott's sales rose , driven by currency, as well as volume and
pricing gains in biscuits and salty snacks. Operating earnings increased 6 percent to $125 million,
primarily due to the favorable impact of currency.

These forward-looking statements rely on a number of assumptions and
estimates which could be inaccurate and which are subject to risks and
uncertainties.14 $ 1.

macadamia crackers

C.A.J. Soup, Sauces and Beverages

Sales for U.

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., France and Belgium delivered
growth from volume and mix improvement . and
Canada. 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.

puff raisin

Bere was a key member of Ralcorp's senior
management team, and in the short time that he has been with the Company, he
served with distinction as the head of the Bakery Chef unit.
For the second quarter, net sales rose 6 percent to $2. Conant, Campbell's President and Chief Executive
Officer, said, "At the halfway mark in the year, we are pleased with
our overall company performance.

-- 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. 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 .

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.

Other

The balance of the portfolio includes the Godiva Chocolatier
business worldwide and the Away From Home business in the U.

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

As reported earnings per share $ 1.