<\/p>\n
Campbell Reports Fourth-Quarter Fiscal 2023 Results; Provides Full-Year Fiscal 2024 Guidance<\/b><\/p>\n
For the fourth quarter:<\/b><\/p>\n For the full year:<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n($ in millions, except per share)<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n July 31, 2022<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n July 31, 2022<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n Net Sales<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAs Reported (GAAP)<\/p>\n<\/td>\n $2,068<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1,987<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $9,357<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$8,562<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9%<\/p>\n<\/td>\n<\/tr>\n \nOrganic<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10%<\/p>\n<\/td>\n<\/tr>\n Earnings Before Interest and Taxes (EBIT)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAs Reported (GAAP)<\/p>\n<\/td>\n $272<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$170<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n60%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $1,312<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1,163<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13%<\/p>\n<\/td>\n<\/tr>\n \nAdjusted<\/p>\n<\/td>\n $242<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$269<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $1,367<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1,297<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n<\/tr>\n Diluted Earnings Per Share<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAs Reported (GAAP)<\/p>\n<\/td>\n $0.57<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $2.85<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.51<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14%<\/p>\n<\/td>\n<\/tr>\n \nAdjusted<\/p>\n<\/td>\n $0.50<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.56<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $3.00<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.85<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNote: A detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information is included at the end of this news release.<\/p>\n Items Impacting Comparability<\/b><\/p>\n \nThe table below presents a summary of items impacting comparability in each period. A detailed reconciliation of the reported (GAAP) financial information to the adjusted information is included at the end of this news release.<\/p>\n \n\u00a0<\/p>\n<\/td>\n Diluted Earnings Per Share<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n July 31, 2022<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n July 31, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \nAs Reported (GAAP)<\/p>\n<\/td>\n $0.57<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $2.85<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.51<\/p>\n<\/td>\n<\/tr>\n \nRestructuring charges, implementation costs and other related costs associated with cost savings initiatives<\/p>\n<\/td>\n $0.04<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.04<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $0.17<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.08<\/p>\n<\/td>\n<\/tr>\n \nPension and postretirement actuarial losses (gains)<\/p>\n<\/td>\n $(0.10<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.08<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $(0.04<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.11<\/p>\n<\/td>\n<\/tr>\n \nCommodity mark-to-market adjustments<\/p>\n<\/td>\n $(0.08<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.13<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $(0.05<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.15<\/p>\n<\/td>\n<\/tr>\n \nAccelerated amortization<\/p>\n<\/td>\n $0.02<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $0.02<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$\u2014<\/p>\n<\/td>\n<\/tr>\n \nCharges associated with divestiture<\/p>\n<\/td>\n $0.04<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $0.04<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$\u2014<\/p>\n<\/td>\n<\/tr>\n \nTransaction costs<\/p>\n<\/td>\n $0.01<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $0.01<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$\u2014<\/p>\n<\/td>\n<\/tr>\n \nLoss on debt extinguishment<\/p>\n<\/td>\n $\u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $\u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.01<\/p>\n<\/td>\n<\/tr>\n \nAdjusted*<\/p>\n<\/td>\n $0.50<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.56<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $3.00<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.85<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n*Numbers may not add due to rounding.<\/p>\n Fourth-Quarter Results<\/b><\/p>\n \nNet sales in the quarter increased 4%. Organic net sales increased 5% to $2.1 billion. The impact of inflation-driven net price realization of 10% was partially offset by some unfavorable volume \/ mix of 5%.<\/p>\n \nGross profit increased to $656 million from $571 million. Gross profit margin was 31.7% compared to 28.7%. Excluding items impacting comparability, adjusted gross profit increased to $632 million from $622 million. Adjusted gross profit margin decreased 70 basis points, as expected, to 30.6% primarily driven by unfavorable volume \/ mix, with net price realization and supply chain productivity improvements more than offsetting higher cost inflation and other supply chain costs.<\/p>\n \nMarketing and selling expenses increased 11% to $199 million and represented approximately 10% of net sales. Excluding items impacting comparability, adjusted marketing and selling expenses increased 9% to $194 million and represented approximately 9% of net sales in line with our objectives. The increase was driven by higher advertising and consumer promotion expense (A&C), which increased 23%, and higher selling expenses, partially offset by increased benefits from cost savings initiatives.<\/p>\n \nAdministrative expenses increased 2% to $167 million. Excluding items impacting comparability, adjusted administrative expenses increased 7% to $164 million primarily due to higher general administrative costs and inflation, partially offset by increased benefits from cost savings initiatives.<\/p>\n \nOther income was $9 million compared to other expenses of $31 million. Excluding items impacting comparability, adjusted other expenses were $7 million compared to adjusted other income of $1 million primarily due to lower pension and postretirement benefit income this year.<\/p>\n \nAs reported EBIT increased to $272 million from $170 million. Excluding items impacting comparability, adjusted EBIT decreased 10% to $242 million primarily due to higher adjusted strategic marketing and selling expenses, higher adjusted administrative expenses, and higher adjusted other expenses related to lower pension and postretirement benefit income this year, partially offset by higher adjusted gross profit.<\/p>\n \nNet interest expense was $47 million compared to $45 million. The effective tax rate was 24.9% compared to 23.2%. Excluding items impacting comparability, the adjusted effective tax rate decreased to 23.1% compared to 24.1%.<\/p>\n \nAs reported EPS increased to $0.57 per share compared to $0.32 per share. Excluding items impacting comparability, adjusted EPS decreased $0.06, or 11%, to $0.50 per share compared to $0.56 per share primarily reflecting the decrease in adjusted EBIT and slightly higher interest expense, partially offset by a lower adjusted effective tax rate and a reduction in the weighted average diluted shares outstanding. Lower pension and postretirement benefit income in the fourth quarter drove an approximate $0.02 impact to adjusted EPS as compared to the prior-year period.<\/p>\n Full-Year Results<\/b><\/p>\n \nNet sales increased 9% and organic net sales increased 10% to $9.4 billion with the benefit of inflation-driven net price realization more than offsetting unfavorable volume \/ mix.<\/p>\n \nAs reported EBIT increased 13% to $1.31 billion. Excluding items impacting comparability, adjusted EBIT increased 5% to $1.37 billion primarily due to higher adjusted gross profit, partially offset by higher adjusted marketing and selling expenses, higher adjusted other expenses, and higher adjusted administrative expenses. Lower pension and postretirement benefit income this year drove an approximate $44 million impact to adjusted EBIT.<\/p>\n \nNet interest expense was $184 million compared to $188 million. Excluding items impacting comparability in the prior year, adjusted net interest expense was $184 million. The effective tax rate was 23.9% compared to 22.4%. Excluding items impacting comparability, the adjusted effective tax rate increased to 23.7% compared to 22.6% primarily due to the impact of state tax law changes in the prior year.<\/p>\n \nAs reported EPS increased to $2.85 per share compared to $2.51 per share. Excluding items impacting comparability, adjusted EPS increased $0.15, or 5%, to $3.00, which was consistent with the company’s latest fiscal 2023 guidance and included an approximate $0.11 impact from lower pension and postretirement benefit income. Fiscal 2023 adjusted EPS increased from $2.85 per share in the prior year primarily reflecting the increase in adjusted EBIT and a reduction in the weighted average diluted shares outstanding, partially offset by a higher adjusted effective tax rate.<\/p>\n \nCash flow from operations was $1.1 billion compared to $1.2 billion primarily due to changes in working capital, partially offset by higher cash earnings. Capital expenditures were $370 million compared to $242 million. In line with Campbell\u2019s commitment to return value to its shareholders, the company paid $447 million of cash dividends and repurchased common stock of approximately $142 million. At the end of the fourth quarter, the company had approximately $301 million remaining under the current $500 million strategic share repurchase program and approximately $104 million remaining under its $250 million anti-dilutive share repurchase program. As of fiscal year end, the company had approximately $189 million in cash and cash equivalents and $1.85 billion available under its revolving credit facility.<\/p>\n Cost Savings Program from Continuing Operations<\/b><\/p>\n \nThrough the fourth quarter, Campbell has achieved $890 million of total savings under its multi-year cost savings program, inclusive of Snyder\u2019s-Lance synergies. The company remains on track to deliver savings of $1 billion by the end of fiscal 2025.<\/p>\n Full-Year Fiscal 2024 Guidance:<\/b><\/p>\n \nFollowing a strong fiscal 2023, Campbell’s full-year fiscal 2024 guidance reflects continued momentum against its strategic plan. The pending acquisition of Sovos Brands is currently expected to close by the end of December 2023 and is not included in Campbell’s current fiscal 2024 outlook. After the transaction closes, the company expects to update guidance expectations for the combined business.<\/p>\n \nGuidance reflects the following underlying assumptions:<\/p>\n \nThe full-year fiscal 2024 guidance is set forth in the table below:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n FY2023 \n\u00a0<\/p>\n<\/td>\n FY2024 \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n($ in millions, except per share)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet Sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$9,357<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.5)% to +1.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOrganic Net Sales1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0% to +2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBIT2<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1,367*<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n+3% to +5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EPS2<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$3.00*<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n+3% to +5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$3.09 to $3.15<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n* Adjusted – refer to the detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information at the end of this news release.<\/p>\n<\/td>\n<\/tr>\n 1<\/sup> Growth rate adjusted for the Emerald nuts business, which was divested on May 30, 2023.<\/p>\n<\/td>\n<\/tr>\n 2<\/sup> Adjusted EBIT in fiscal 2023 included approximately $14 million and adjusted EPS included approximately $0.04 of litigation expenses related to the Plum baby food and snacks business, which was divested on May 3, 2021. We will exclude these costs from our fiscal 2024 adjusted EBIT and adjusted EPS and thereafter as we do not believe that these expenses reflect our underlying operating performance.<\/p>\n<\/td>\n<\/tr>\n \nNote: A non-GAAP reconciliation is not provided for fiscal 2024 guidance as the company is unable to reasonably estimate the full-year financial impact of items such as actuarial gains or losses on pension and postretirement plans because these impacts are dependent on future changes in market conditions. The inability to predict the amount and timing of these future items makes a detailed reconciliation of these forward-looking financial measures impracticable.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Segment Operating Review<\/b><\/p>\n \nAn analysis of net sales and operating earnings by reportable segment follows:<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended July 30, 2023<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n($ in millions)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Meals & Beverages*<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Snacks*<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Total<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet Sales, as Reported<\/p>\n<\/td>\n \n$936<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1,132<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2,068<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nVolume\/Mix<\/p>\n<\/td>\n \n(5)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5)%<\/p>\n<\/td>\n<\/tr>\n \nNet Price Realization<\/p>\n<\/td>\n \n6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10%<\/p>\n<\/td>\n<\/tr>\n \nOrganic Net Sales<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n<\/tr>\n \nCurrency<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n \nDivestiture1<\/sup><\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n<\/tr>\n \n% Change vs. Prior Year<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSegment Operating Earnings<\/p>\n<\/td>\n \n$132<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$158<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n% Change vs. Prior Year<\/p>\n<\/td>\n \n(18)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n*Numbers do not add due to rounding.<\/p>\n<\/td>\n<\/tr>\n 1<\/sup> Reflects the loss of net sales associated with the divestiture of the Emerald nuts business, which was completed on May 30, 2023.<\/p>\n<\/td>\n<\/tr>\n \nNote: A detailed reconciliation of the reported (GAAP) net sales to organic net sales is included at the end of this news release.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n<\/td>\n Twelve Months Ended July 30, 2023<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n($ in millions)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Meals & Beverages*<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Snacks<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Total*<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet Sales, as Reported<\/p>\n<\/td>\n \n$4,907<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$4,450<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$9,357<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nVolume\/Mix<\/p>\n<\/td>\n \n(5)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4)%<\/p>\n<\/td>\n<\/tr>\n \nNet Price Realization<\/p>\n<\/td>\n \n12%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13%<\/p>\n<\/td>\n<\/tr>\n \nOrganic Net Sales<\/p>\n<\/td>\n \n7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10%<\/p>\n<\/td>\n<\/tr>\n \nCurrency<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n \nDivestiture1<\/sup><\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n \n% Change vs. Prior Year<\/p>\n<\/td>\n \n7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSegment Operating Earnings<\/p>\n<\/td>\n \n$894<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$640<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n% Change vs. Prior Year<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n*Numbers do not add due to rounding.<\/p>\n<\/td>\n<\/tr>\n 1<\/sup> Reflects the loss of net sales associated with the divestiture of the Emerald nuts business, which was completed on May 30, 2023.<\/p>\n<\/td>\n<\/tr>\n \nNote: A detailed reconciliation of the reported (GAAP) net sales to organic net sales is included at the end of this news release.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Meals & Beverages<\/b><\/p>\n \nNet sales in the quarter were flat. Organic net sales increased 1% as increases in foodservice and Prego<\/i> pasta sauces were partially offset by declines in beverages, U.S. soup and Canada. Net price realization of 6% was partially offset by modestly unfavorable volume \/ mix of 5%. Sales of U.S. soup decreased 2% primarily due to declines in ready-to-serve soups, partially offset by strong increases in broth and modest increases in condensed.<\/p>\n \nOperating earnings in the quarter decreased 18% primarily due to lower gross profit. Gross profit margin decreased due to higher cost inflation and other supply chain costs, as well as modestly unfavorable volume \/ mix, partially offset by net price realization and supply chain productivity improvements.<\/p>\n Snacks<\/b><\/p>\n \nNet sales in the quarter increased 8% and organic net sales increased 9% driven by sales of its 8 power brands, which were up 13%. Sales growth was driven by increases in cookies and crackers, primarily Goldfish<\/i> crackers and Lance<\/i> sandwich crackers, and in salty snacks, primarily Kettle Brand<\/i> and Cape Cod<\/i> potato chips. Sales benefited from net price realization of 13%, partially offset by modestly unfavorable volume \/ mix of 5%.<\/p>\n \nOperating earnings in the quarter increased 12% primarily due to higher gross profit, partially offset by higher marketing and selling expenses as well as higher administrative expenses. Gross profit margin increased due to the impact of net price realization and supply chain productivity improvements more than offsetting higher cost inflation and other supply chain costs as well as unfavorable volume \/ mix.<\/p>\n Corporate<\/b><\/p>\n \nCorporate expense was $17 million in the fourth quarter of fiscal 2023 compared to $127 million in the prior year.<\/p>\n \nCorporate expense in the current quarter included the following:<\/p>\n \nCorporate expense in the fourth quarter of fiscal 2022 included:<\/p>\n \nAfter factoring in these items, the remaining increase in Corporate expense was primarily due to lower pension and postretirement benefit income and higher administrative expenses.<\/p>\n Conference Call and Webcast<\/b><\/p>\n \nCampbell will host a conference call to discuss these results today at 8:00 a.m. Eastern Time. Participants calling from the U.S. may dial in using the toll-free phone number (888) 210-3346. Participants calling from outside the U.S. may dial in using phone number +1 (646) 960-0253. The conference access code is 2518868. In addition to dial-in, access to a live listen-only audio webcast and accompanying slide presentation, as well as a replay of the webcast, will be available at investor.campbellsoupcompany.com\/events-and-presentations.<\/p>\n Reportable Segments<\/b><\/p>\n \nCampbell Soup Company earnings results are reported as follows:<\/p>\n Meals & Beverages<\/b>, which consists of our soup, simple meals and beverage products in retail and foodservice in U.S. and Canada. The segment includes the following products: Campbell\u2019s<\/i> condensed and ready-to-serve soups; Swanson<\/i> broth and stocks; Pacific Foods<\/i> broth, soups and non-dairy beverages; Prego<\/i> pasta sauces; Pace<\/i> Mexican sauces; Campbell\u2019s<\/i> gravies, pasta, beans and dinner sauces; Swanson<\/i> canned poultry; V8<\/i> juices and beverages; and Campbell\u2019s<\/i> tomato juice. The segment also includes snacking products in foodservice and Canada.<\/p>\n Snacks<\/b>, which consists of Pepperidge Farm cookies*, crackers, fresh bakery and frozen products, including Goldfish<\/i> crackers*, Snyder\u2019s of Hanover<\/i> pretzels*, Lance<\/i> sandwich crackers*, Cape Cod<\/i> potato chips*, Kettle Brand<\/i> potato chips*, Late July<\/i> snacks*, Snack Factory<\/i> pretzel crisps*, Pop Secret<\/i> popcorn, and other snacking products in retail in the U.S. We refer to the * brands as our “power brands.” The segment also includes the retail business in Latin America. The segment included the results of our Emerald nuts business, which was sold on May 30, 2023.<\/p>\n About Campbell<\/b><\/p>\n \nFor more than 150 years, Campbell (NYSE:CPB) has been connecting people through food they love. Generations of consumers have trusted us to provide delicious and affordable food and beverages. Headquartered in Camden, N.J. since 1869, the company generated fiscal 2023 net sales of $9.4 billion. Our portfolio includes iconic brands such as Campbell\u2019s<\/i>, Cape Cod<\/i>, Goldfish<\/i>, Kettle Brand<\/i>, Lance<\/i>, Late July<\/i>, Milano<\/i>, Pace<\/i>, Pacific Foods<\/i>, Pepperidge Farm<\/i>, Prego<\/i>, Snyder\u2019s of Hanover<\/i>, Swanson<\/i> and V8<\/i>. Campbell has a heritage of giving back and acting as a good steward of the environment. The company is a member of the Standard & Poor’s 500 as well as the FTSE4Good and Bloomberg Gender-Equality Indices. For more information, visit www.campbellsoupcompany.com<\/a>.<\/b><\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis release contains \u201cforward-looking statements\u201d that reflect the company\u2019s current expectations about the impact of its future plans and performance on the company\u2019s business or financial results. These forward-looking statements, including any statements made regarding sales, EBIT and EPS guidance, rely on a number of assumptions and estimates that could be inaccurate and which are subject to risks and uncertainties. The factors that could cause the company\u2019s actual results to vary materially from those anticipated or expressed in any forward-looking statement include: the conditions to the completion of the Sovos Brands, Inc. (\u201cSovos Brands\u201d) transaction, including obtaining Sovos Brands shareholder approval, may not be satisfied, or the regulatory approvals required for the transaction may not be obtained on the terms expected, on the anticipated schedule, or at all; long-term financing for the Sovos Brands transaction may not be obtained on favorable terms, or at all; closing of the Sovos Brands transaction may not occur or be delayed, either as a result of litigation related to the transaction or otherwise or result in significant costs of defense, indemnification and liability; the risk that the cost savings and any other synergies from the Sovos Brands transaction may not be fully realized or may take longer or cost more to be realized than expected, including that the Sovos Brands transaction may not be accretive within the expected timeframe or the extent anticipated; completing the Sovos Brands transaction may distract our management from other important matters; the risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation; the company\u2019s ability to execute on and realize the expected benefits from its strategy, including growing sales in snacks and growing\/maintaining its market share position in soup; the impact of strong competitive responses to the company\u2019s efforts to leverage its brand power with product innovation, promotional programs and new advertising; the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies; the ability to realize projected cost savings and benefits from cost savings initiatives and the integration of recent acquisitions; disruptions in or inefficiencies to the company\u2019s supply chain and\/or operations, including reliance on key supplier relationships; the risks related to the effectiveness of the company’s hedging activities and the company’s ability to respond to volatility in commodity prices; the impacts of, and associated responses to, the COVID-19 pandemic on our business, suppliers, customers, consumers and employees; the company\u2019s ability to manage changes to its organizational structure and\/or business processes, including selling, distribution, manufacturing and information management systems or processes; changes in consumer demand for the company\u2019s products and favorable perception of the company\u2019s brands; changing inventory management practices by certain of the company\u2019s key customers; a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of the company\u2019s key customers maintain significance to the company\u2019s business; product quality and safety issues, including recalls and product liabilities; the possible disruption to the independent contractor distribution models used by certain of the company\u2019s businesses, including as a result of litigation or regulatory actions affecting their independent contractor classification; the uncertainties of litigation and regulatory actions against the company; the costs, disruption and diversion of management\u2019s attention associated with activist investors; a disruption, failure or security breach of the company\u2019s or the company’s vendors’ information technology systems, including ransomware attacks; impairment to goodwill or other intangible assets; the company\u2019s ability to protect its intellectual property rights; increased liabilities and costs related to the company\u2019s defined benefit pension plans; the company\u2019s ability to attract and retain key talent; goals and initiatives related to, and the impacts of, climate change, including weather-related events; negative changes and volatility in financial and credit markets, deteriorating economic conditions and other external factors, including changes in laws and regulations; unforeseen business disruptions or other impacts due to political instability, civil disobedience, terrorism, armed hostilities (including the ongoing conflict between Russia and Ukraine), extreme weather conditions, natural disasters, other pandemics or other calamities; and other factors described in the company\u2019s most recent Form 10-K and subsequent Securities and Exchange Commission filings. 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.<\/p>\n \nCAMPBELL SOUP COMPANY<\/p>\n \nCONSOLIDATED STATEMENTS OF EARNINGS (unaudited)<\/p>\n \n(millions, except per share amounts)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nJuly 31, 2022<\/p>\n<\/td>\n<\/tr>\n \nNet sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,068<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,987<\/p>\n<\/td>\n<\/tr>\n \nCosts and expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCost of products sold<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,412<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,416<\/p>\n<\/td>\n<\/tr>\n \nMarketing and selling expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 199<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n179<\/p>\n<\/td>\n<\/tr>\n \nAdministrative expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 167<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n163<\/p>\n<\/td>\n<\/tr>\n \nResearch and development expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 26<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23<\/p>\n<\/td>\n<\/tr>\n \nOther expenses \/ (income)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (9<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31<\/p>\n<\/td>\n<\/tr>\n \nRestructuring charges<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n<\/tr>\n \nTotal costs and expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,796<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,817<\/p>\n<\/td>\n<\/tr>\n \nEarnings before interest and taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 272<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n170<\/p>\n<\/td>\n<\/tr>\n \nInterest, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 47<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45<\/p>\n<\/td>\n<\/tr>\n \nEarnings before taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 225<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n125<\/p>\n<\/td>\n<\/tr>\n \nTaxes on earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 56<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 169<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n96<\/p>\n<\/td>\n<\/tr>\n \nNet loss attributable to noncontrolling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Campbell Soup Company<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 169<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n96<\/p>\n<\/td>\n<\/tr>\n \nPer share – basic<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Campbell Soup Company<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n .57<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n.32<\/p>\n<\/td>\n<\/tr>\n \nWeighted average shares outstanding – basic<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 298<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n300<\/p>\n<\/td>\n<\/tr>\n \nPer share – assuming dilution<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Campbell Soup Company<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n .57<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n.32<\/p>\n<\/td>\n<\/tr>\n \nWeighted average shares outstanding – assuming dilution<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 299<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n302<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nCAMPBELL SOUP COMPANY<\/p>\n \nCONSOLIDATED STATEMENTS OF EARNINGS<\/p>\n \n(millions, except per share amounts)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nJuly 31, 2022<\/p>\n<\/td>\n<\/tr>\n \nNet sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 9,357<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8,562<\/p>\n<\/td>\n<\/tr>\n \nCosts and expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCost of products sold<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 6,440<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,935<\/p>\n<\/td>\n<\/tr>\n \nMarketing and selling expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 811<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n734<\/p>\n<\/td>\n<\/tr>\n \nAdministrative expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 654<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n617<\/p>\n<\/td>\n<\/tr>\n \nResearch and development expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 92<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n87<\/p>\n<\/td>\n<\/tr>\n \nOther expenses \/ (income)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 32<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21<\/p>\n<\/td>\n<\/tr>\n \nRestructuring charges<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 16<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n<\/tr>\n \nTotal costs and expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 8,045<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,399<\/p>\n<\/td>\n<\/tr>\n \nEarnings before interest and taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,312<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,163<\/p>\n<\/td>\n<\/tr>\n \nInterest, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 184<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n188<\/p>\n<\/td>\n<\/tr>\n \nEarnings before taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,128<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n975<\/p>\n<\/td>\n<\/tr>\n \nTaxes on earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 270<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n218<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 858<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n757<\/p>\n<\/td>\n<\/tr>\n \nNet loss attributable to noncontrolling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Campbell Soup Company<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 858<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n757<\/p>\n<\/td>\n<\/tr>\n \nPer share – basic<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Campbell Soup Company<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2.87<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2.51<\/p>\n<\/td>\n<\/tr>\n \nWeighted average shares outstanding – basic<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 299<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n301<\/p>\n<\/td>\n<\/tr>\n \nPer share – assuming dilution<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Campbell Soup Company<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2.85<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2.51<\/p>\n<\/td>\n<\/tr>\n \nWeighted average shares outstanding – assuming dilution<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 301<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n302<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nCAMPBELL SOUP COMPANY<\/p>\n \nCONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)<\/p>\n \n(millions, except per share amounts)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nJuly 31, 2022<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nPercent Sales<\/span><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nContributions:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nMeals & Beverages<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 936<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n935<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nSnacks<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,132<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,052<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nTotal sales<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,068<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,987<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Earnings<\/span><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nContributions:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nMeals & Beverages<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 132<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n161<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(18<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n \nSnacks<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 158<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n141<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nTotal operating earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 290<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n302<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n \nCorporate income (expense)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (17<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(127<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRestructuring charges<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEarnings before interest and taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 272<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n170<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n60<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nInterest, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 47<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTaxes on earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 56<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 169<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n96<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n76<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nNet loss attributable to noncontrolling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Campbell Soup Company<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 169<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n96<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n76<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nPer share – assuming dilution<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Campbell Soup Company<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n .57<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n.32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nCAMPBELL SOUP COMPANY<\/p>\n \nCONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS<\/p>\n \n(millions, except per share amounts)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nJuly 31, 2022<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nPercent Sales<\/span><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nContributions:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nMeals & Beverages<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4,907<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,607<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nSnacks<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4,450<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,955<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nTotal sales<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 9,357<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8,562<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Earnings<\/span><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nContributions:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nMeals & Beverages<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 894<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n874<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nSnacks<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 640<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n517<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nTotal operating earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,534<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,391<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nCorporate income (expense)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (206<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(223<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRestructuring charges<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (16<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEarnings before interest and taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,312<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,163<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nInterest, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 184<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n188<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTaxes on earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 270<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n218<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 858<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n757<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nNet loss attributable to noncontrolling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Campbell Soup Company<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 858<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n757<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nPer share – assuming dilution<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Campbell Soup Company<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2.85<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2.51<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nCAMPBELL SOUP COMPANY<\/p>\n \nCONDENSED CONSOLIDATED BALANCE SHEETS<\/p>\n \n(millions)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nJuly 31, 2022<\/p>\n<\/td>\n<\/tr>\n \nCurrent assets<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,061<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,963<\/p>\n<\/td>\n<\/tr>\n \nPlant assets, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,398<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,343<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 7,107<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,177<\/p>\n<\/td>\n<\/tr>\n \nOther assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 492<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n409<\/p>\n<\/td>\n<\/tr>\n \nTotal assets<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 12,058<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n11,892<\/p>\n<\/td>\n<\/tr>\n \nCurrent liabilities<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,222<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,886<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4,498<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,996<\/p>\n<\/td>\n<\/tr>\n \nOther liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,675<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,677<\/p>\n<\/td>\n<\/tr>\n \nTotal equity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3,663<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,333<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and equity<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 12,058<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n11,892<\/p>\n<\/td>\n<\/tr>\n \nTotal debt<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4,689<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,810<\/p>\n<\/td>\n<\/tr>\n \nTotal cash and cash equivalents<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 189<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n109<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nCAMPBELL SOUP COMPANY<\/p>\n \nCONSOLIDATED STATEMENTS OF CASH FLOWS<\/p>\n \n(millions)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nJuly 31, 2022<\/p>\n<\/td>\n<\/tr>\n \nCash flows from operating activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 858<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n757<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjustments to reconcile net earnings to operating cash flow<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRestructuring charges<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 16<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 63<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n59<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPension and postretirement benefit income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (22<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 387<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n337<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (5<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet loss on sale of business<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 13<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLoss on extinguishment of debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nChanges in working capital, net of divestiture<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n48<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInventories<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (64<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(314<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 13<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable and accrued liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (164<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n200<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (51<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(42<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by operating activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,143<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,181<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash flows from investing activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPurchases of plant assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (370<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(242<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nPurchases of route businesses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (13<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nSales of route businesses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSale of business<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 41<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash used in investing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (340<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(230<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nCash flows from financing activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShort-term borrowings, including commercial paper<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3,677<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,173<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShort-term repayments, including commercial paper<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (3,749<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(997<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLong-term borrowings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 500<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLong-term repayments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (566<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDividends paid<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (447<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(451<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTreasury stock purchases<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (142<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(167<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTreasury stock issuances<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 22<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPayments related to tax withholding for stock-based compensation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (19<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(18<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nPayments related to extinguishment of debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(453<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash used in financing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (723<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(910<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nEffect of exchange rate changes on cash<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet change in cash and cash equivalents<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 80<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents \u2014 beginning of period<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 109<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n69<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents \u2014 end of period<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 189<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n109<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Reconciliation of GAAP to Non-GAAP Financial Measures \nCampbell Soup Company (the “company”) uses certain non-GAAP financial measures as defined by the Securities and Exchange Commission in certain communications. These 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. Management believes that also presenting certain non-GAAP financial measures provides additional information to facilitate comparison of the company’s historical operating results and trends in its underlying operating results, and provides transparency on how the company evaluates its business. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the company’s performance. Management considers quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of the company\u2019s performance and trends in its underlying operating results. The adjustments on earnings may include but are not limited to items such as: unusual or non-recurring gains or charges; restructuring charges and related costs; actuarial gains or losses on pension and postretirement plans; unrealized mark-to-market gains and losses on outstanding undesignated commodity hedges; gains or losses on the extinguishment of debt; gains or losses on divestitures; transaction costs; impairment charges or accelerated amortization. Depending upon facts or circumstances, management may change these adjustments. When these adjustments change, the company will provide updated definitions of its non-GAAP financial measures. When items no longer impact the company\u2019s current or future presentation of non-GAAP operating results, the company will remove these items from its non-GAAP definitions.<\/p>\n Organic Net Sales<\/span><\/b><\/p>\n \nOrganic net sales are net sales excluding the impact of currency, acquisitions and divestitures. Management believes that excluding these items, which are not part of the ongoing business, improves the comparability of year-to-year results. A reconciliation of net sales as reported to organic net sales follows.<\/p>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n July 31, 2022<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n (millions)<\/b><\/p>\n<\/td>\n Net Sales, Impact of Organic \n\u00a0<\/p>\n<\/td>\n Net Sales, Impact of Organic \n\u00a0<\/p>\n<\/td>\n Net Sales, Organic Meals & Beverages<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 936<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 940<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n935<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n935<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Snacks<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,132<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,131<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,052<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,039<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Total Net Sales<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,068<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,071<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,987<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(13<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,974<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n July 31, 2022<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n (millions)<\/b><\/p>\n<\/td>\n Net Sales, Impact of Organic \n\u00a0<\/p>\n<\/td>\n Net Sales, Impact of Organic \n\u00a0<\/p>\n<\/td>\n Net Sales, Organic Meals & Beverages<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4,907<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 27<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4,934<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,607<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,607<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Snacks<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4,450<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (2<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4,448<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,955<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,942<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n13<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Total Net Sales<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 9,357<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 25<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 9,382<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8,562<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(13<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8,549<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n10<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n (millions)<\/b><\/p>\n<\/td>\n Net Sales, Impact of Organic Net Meals & Beverages<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4,907<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4,907<\/b><\/p>\n<\/td>\n<\/tr>\n Snacks<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4,450<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (51<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4,399<\/b><\/p>\n<\/td>\n<\/tr>\n Total Net Sales<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 9,357<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (51<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 9,306<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Items Impacting Earnings<\/span><\/b><\/p>\n \nAdjusted Net earnings are net earnings excluding the impact of restructuring charges and related costs, actuarial gains or losses on pension and postretirement plans, unrealized mark-to-market gains or losses on outstanding undesignated commodity hedges, accelerated amortization, gains or losses on divestitures, transaction costs, and losses on the extinguishment of debt. Management believes that financial information excluding certain items that are not considered to reflect the ongoing operating results, such as those listed below, improves the comparability of year-to-year results. Consequently, management believes that investors may be able to better understand its results excluding these items.<\/p>\n \nThe following items impacted earnings:<\/p>\n \n(1)<\/p>\n<\/td>\n \nThe company has implemented several cost savings initiatives in recent years.<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nIn the fourth quarter of fiscal 2023, the company recorded Restructuring charges of $1 million and implementation costs and other related costs of $6 million in Cost of products sold, $5 million in Marketing and selling expenses, $3 million in Administrative expenses, and $1 million in Research and development expenses (aggregate impact of $13 million after tax, or $.04 per share) related to these initiatives. In the fourth quarter of fiscal 2022, the company recorded Restructuring charges of $5 million and implementation costs and other related costs of $10 million in Administrative expenses and $1 million in Marketing and selling expenses (aggregate impact of $12 million after tax, or $.04 per share) related to these initiatives. In fiscal 2023, the company recorded Restructuring charges of $16 million and implementation costs and other related costs of $24 million in Administrative expenses, $18 million in Cost of products sold, $5 million in Marketing and selling expenses and $3 million in Research and development expenses (aggregate impact of $50 million after tax, or $.17 per share) related to these initiatives. In fiscal 2022, the company recorded Restructuring charges of $5 million and implementation costs and other related costs of $20 million in Administrative expenses, $5 million in Cost of products sold and $1 million in Marketing and selling expenses (aggregate impact of $24 million after tax, or $.08 per share) related to these initiatives.<\/p>\n<\/td>\n<\/tr>\n \n(2)<\/p>\n<\/td>\n \nIn the fourth quarter of fiscal 2023, the company recognized actuarial gains on pension and postretirement plans in Other expenses \/ (income) of $41 million ($31 million after tax, or $.10 per share). In the fourth quarter of fiscal 2022, the company recognized actuarial losses on pension and postretirement plans in Other expenses \/ (income) of $32 million ($24 million after tax, or $.08 per share). In fiscal 2023, the company recognized actuarial gains on pension and postretirement plans in Other expenses \/ (income) of $15 million ($11 million after tax, or $.04 per share). In fiscal 2022, the company recognized actuarial losses on pension and postretirement plans in Other expenses \/ (income) of $44 million ($33 million after tax, or $.11 per share).<\/p>\n<\/td>\n<\/tr>\n \n(3)<\/p>\n<\/td>\n \nIn the fourth quarter of fiscal 2023, the company recognized gains in Cost of products sold of $30 million ($23 million after tax, or $.08 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the fourth quarter of fiscal 2022, the company recognized losses in Cost of products sold of $51 million ($38 million after tax, or $.13 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In fiscal 2023, the company recognized gains in Cost of products sold of $21 million ($16 million after tax, or $.05 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In fiscal 2022, the company recognized losses in Cost of products sold of $59 million ($44 million after tax, or $.15 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges.<\/p>\n<\/td>\n<\/tr>\n \n(4)<\/p>\n<\/td>\n \nIn the fourth quarter of fiscal 2023, the company recorded accelerated amortization expense in Other expenses \/ (income) of $7 million ($5 million after tax, or $.02 per share) related to customer relationship intangible assets due to the loss of certain contract manufacturing customers.<\/p>\n<\/td>\n<\/tr>\n \n(5)<\/p>\n<\/td>\n \nIn the fourth quarter of fiscal 2023, the company recorded a pre- and after-tax loss in Other expenses \/ (income) of $13 million ($.04 per share) on the sale of its Emerald nuts business.<\/p>\n<\/td>\n<\/tr>\n \n(6)<\/p>\n<\/td>\n \nIn the first quarter of fiscal 2024, the company announced its intent to acquire Sovos Brands, Inc. In the fourth quarter of fiscal 2023, the company incurred transaction costs in Other expenses \/ (income) of $5 million ($4 million after tax, or $.01 per share) associated with the pending acquisition, which the company currently expects to close by the end of December 2023.<\/p>\n<\/td>\n<\/tr>\n \n(7)<\/p>\n<\/td>\n \nIn fiscal 2022, the company recorded a loss in Interest expense of $4 million ($3 million after tax, or $.01 per share) on the extinguishment of debt.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following tables reconcile financial information, presented in accordance with GAAP, to financial information excluding certain items:<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n July 31, 2022<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(millions, except per share amounts)<\/p>\n<\/td>\n As \n\u00a0<\/p>\n<\/td>\n Adjustments(a)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Adjusted<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n As \n\u00a0<\/p>\n<\/td>\n Adjustments(a)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Adjusted<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Adjusted \nGross profit<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 656<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (24<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 632<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n571<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n51<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n622<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n<\/tr>\n \nGross profit margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 31.7<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 30.6<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(70) pts<\/p>\n<\/td>\n<\/tr>\n \nMarketing and selling expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 199<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (5<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 194<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n179<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n178<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9%<\/p>\n<\/td>\n<\/tr>\n \nAs a percentage of Net sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 10<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 9<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdministrative expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 167<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (3<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 164<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n163<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n153<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7%<\/p>\n<\/td>\n<\/tr>\n \nResearch and development expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 26<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 25<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther expenses \/ (income)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (9<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 16<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(32<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRestructuring charges<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEarnings before interest and taxes<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 272<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (30<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 242<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n170<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n99<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n269<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10)%<\/p>\n<\/td>\n<\/tr>\n \nInterest, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 47<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 47<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4%<\/p>\n<\/td>\n<\/tr>\n \nEarnings before taxes<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 225<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (30<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 195<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n125<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n99<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTaxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 56<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (11<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 45<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEffective income tax rate<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 24.9<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 23.1<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(100) pts<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Campbell Soup Company<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 169<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (19<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 150<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n96<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n74<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n170<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12)%<\/p>\n<\/td>\n<\/tr>\n \nDiluted net earnings per share attributable to Campbell Soup Company*<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n .57<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (.06<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n .50<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n.32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n.25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n.56<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11)%<\/p>\n<\/td>\n<\/tr>\n (a) <\/sup>See following tables for additional information.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n*The sum of individual per share amounts may not add due to rounding.<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n July 30, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
\n
\n
\n
\n \n \n \n \n
\n
Results<\/b><\/p>\n<\/td>\n\n \n
\n
Guidance<\/b><\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n
\n
\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Change<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Change<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
<\/b>Fiscal Year Ended July 30, 2023<\/b><\/p>\n\n
\n \n \n \n \n \n \n \n \n \n \n \n
\n
<\/b>as
\n
<\/b>Reported<\/b><\/p>\n<\/td>\n\n
\n
Currency<\/b><\/p>\n<\/td>\n\n
\n
Net Sales<\/b><\/p>\n<\/td>\n\n \n
\n
<\/b>as
\n
<\/b>Reported<\/b><\/p>\n<\/td>\n\n
\n
Divestiture<\/b><\/p>\n<\/td>\n\n
\n
Net Sales<\/b><\/p>\n<\/td>\n\n \n
\n
<\/b>as
\n
<\/b>Reported<\/b><\/p>\n<\/td>\n\n
\n
Net Sales<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n
\n
<\/b>as
\n
<\/b>Reported<\/b><\/p>\n<\/td>\n\n
\n
Currency<\/b><\/p>\n<\/td>\n\n
\n
Net Sales<\/b><\/p>\n<\/td>\n\n \n
\n
<\/b>as
\n
<\/b>Reported<\/b><\/p>\n<\/td>\n\n
\n
Divestiture<\/b><\/p>\n<\/td>\n\n
\n
Net Sales<\/b><\/p>\n<\/td>\n\n \n
\n
<\/b>as
\n
<\/b>Reported<\/b><\/p>\n<\/td>\n\n
\n
Net Sales<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n
\n
<\/b>as
\n
<\/b>Reported<\/b><\/p>\n<\/td>\n\n
\n
Divestiture<\/b><\/p>\n<\/td>\n\n
\n
Sales for
\n
<\/b>FY 2024
\n
Guidance<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
reported<\/b><\/p>\n<\/td>\n\n \n \n \n \n \n
\n
reported<\/b><\/p>\n<\/td>\n\n \n \n \n \n \n
\n
Percent
\n
Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n