Campbell Soup Company
Industry: Food Processing

Campbell Soup Company is a global manufacturer & marketer of high quality soup, sauces, beverages, biscuits, confectionery & prepared food products. The company owns a portfolio of more than 20 market-leading businesses each with more than $100 million in sales. They include "Campbell's" soups worldwide, "Erasco" soups in Germany and "Liebig" soups in France, "Pepperidge Farm" cookies & crackers, "V8" vegetable juices, "V8 Splash" juice beverages, "Pace" Mexican sauces, "Prego" Italian sauces, "Franco-American" canned pastas and gravies, "Swans on" broths, "Homepride" sauces in the United Kingdom, "Arnott's" biscuits in Australia and "Godiva" chocolates around the world. The company also owns dry soup & sauce businesses in Europe under the "Batchelors," "Oxo," "Lesieur," "Royco," "Liebig," "Heisse Tasse," "Bla Band" & "McDonnells" brands.

Business Summary
Campbell Soup Company (Campbell), together with its consolidated subsidiaries, is a global manufacturer and marketer of branded convenience food products. During the fiscal year ended July 31, 2005 (fiscal 2005), Campbell operated in four segments: U.S. Soup, Sauces and Beverages; Baking and Snacking; International Soup and Sauces, and Other. The Company's largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 14% of consolidated net sales in fiscal 2005. All of the Company's segments sold products to Wal-Mart Stores, Inc. or its affiliates in fiscal 2005.

Financial Summary
For the fiscal year ended 31 July 2005, Campbell Soup Company's net sales for the period increased 6% to $7.55B. Net income for the period increased 9% to $707M. Revenues reflect increased sales in both the U.S. and International Soup, Sauces and Beverages segments. Earnings also reflect increased gross profit margins and the absence of a $32M restructuring charge related to severance costs.