Exhibit 99.1

FOR IMMEDIATE RELEASE

CAMPBELL REPORTS FIRST-QUARTER RESULTS

First-Quarter Net Earnings per Share Comparable to Prior Year at $0.82

CAMDEN, N.J., Nov. 22, 2011—Campbell Soup Company (NYSE: CPB) today reported its results for the first quarter of fiscal 2012.

First-Quarter Overview

Net earnings for the quarter ended Oct. 30, 2011, were $265 million, or $0.82 per share, compared with $279 million, or $0.82 per share, in the prior year.

Denise Morrison, Campbell’s President and CEO, said, “As we’ve previously stated, fiscal 2012 will be a year of investment as we establish the foundation for the next era of profitable growth at Campbell.

“While it is early in this transition year, our efforts to stabilize U.S. Soup profitability are on track. As planned, we raised prices in response to inflation and reduced ineffective marketing spending, which led to improved profits despite anticipated volume declines. Specifically, we engaged in significantly less promotional spending. We also commenced our U.S. Soup advertising later in the quarter to coincide with the start of soup season. This is part of a planned, full-year timing shift of our media dollars into the soup season where they are most effective.”

Morrison continued, “In U.S. Beverages, we faced increased inflation, a weaker category and intensified competition, with new entrants in both 100-percent vegetable

juice and fruit and vegetable blends. We stepped up our advertising near the end of October, when our new ‘V8’campaign began airing. Although our consumption growth outpaced the category and our market share increased, this required significant investment to protect our business.

“We will increase investment in brand building and innovation programs this fiscal year. We’re encouraged by the speed to shelf of our new product innovations this quarter and our progress on the longer-term process of building a steady stream of consumer-driven innovation in our key businesses.”

Morrison concluded, “We’re making steady progress on implementing our new strategies. Our overall first-quarter performance was in line with our expectations, although the composition of our results was mixed. U.S. Simple Meals, Pepperidge Farm and North America Foodservice met or exceeded expectations; U.S. Beverages and International did not. We have more hard work ahead, and we won’t rest until we change the growth trajectory of the company. ”

Campbell Confirms Fiscal 2012 Guidance

As previously announced, fiscal 2012 will be a year of investment and transition for Campbell. The company confirmed its previous fiscal 2012 guidance. Campbell expects net sales growth to be between 0 and 2 percent, a decline in adjusted EBIT of between (9) and (7) percent and a decline in adjusted EPS of between (7) and (5) percent, or $2.35 to $2.42 per share, from the adjusted base of $2.54.

A detailed reconciliation of the fiscal 2011 adjusted financial information to the 2011 reported financial information is included at the end of this news release.

First-Quarter Results

For the first quarter, sales decreased 1 percent to $2.161 billion. The change in sales for the quarter reflected the following factors:

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First-Quarter Financial Details

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Summary of Fiscal 2012 First-Quarter Results by Segment

U.S. Simple Meals

Sales for U.S. Simple Meals were $874 million for the first quarter, a decrease of 3 percent compared to the year-ago period. A breakdown of the change in sales follows:

U.S. Soup sales declined 4 percent as lower volumes were partly offset by higher selling prices. Sales volumes were negatively impacted by higher promoted and non-promoted price points at retail.

Sales of “Prego” pasta sauce achieved volume-driven sales gains, while sales of “Pace” Mexican sauce declined slightly as the impact of increased promotional spending was partly offset by increased volumes.

Operating earnings were $260 million compared with $240 million in the prior-year period. The increase in operating earnings was primarily due to improved earnings performance in U.S. Soup. U.S. Soup operating earnings increased primarily due to higher selling prices and lower advertising and consumer promotion expenses, partially offset by volume declines. The U.S. Soup advertising campaign was launched later in the quarter compared to a year ago.

Global Baking and Snacking

Sales for Global Baking and Snacking were $568 million for the first quarter, an increase of 4 percent from a year ago. The change in sales reflected the following factors:

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Further details of sales results included the following:

Operating earnings were $88 million compared to $100 million in the prior year, primarily due to lower earnings at Arnott’s, reflecting the impact of cost inflation and lower volumes, partially offset by the favorable impact of currency.

International Simple Meals and Beverages

Sales for International Simple Meals and Beverages were $359 million for the first quarter, a decrease of 3 percent compared with a year ago. The change in sales reflected the following factors:

Excluding the impact of currency, the sales decline was primarily due to the performance of the businesses in Canada and Europe.

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Operating earnings were $43 million compared with $51 million in the year-ago period. The decrease in operating earnings was primarily due to declines in Canada and the Asia Pacific region.

U.S. Beverages

Sales for U.S. Beverages were $198 million for the first quarter, a decrease of 3 percent compared to the year-ago period. A breakdown of the change in sales follows:

Sales of “V8” vegetable juice declined, while sales of both “V8 V-Fusion” juice and “V8 Splash” juice drinks increased. Sales of “V8 V-Fusion” juice benefited from the launch of “V8 V-Fusion Smoothies” in the quarter. In response to intensified competition and new entrants in both 100-percent vegetable juice and fruit and vegetable blends, the company increased promotional spending, primarily on “V8 V-Fusion” juice.

Operating earnings were $30 million compared with $55 million in the year-ago period. The decrease in operating earnings was primarily due to significant cost inflation and increased marketing spending, both in trade promotions and advertising.

North America Foodservice

Sales were $162 million for the first quarter, an increase of 6 percent compared with a year ago. A breakdown of the change in sales follows:

Sales increased primarily due to volume-driven gains in fresh chilled soup sold at retail.

Operating earnings increased to $27 million from $23 million. The increase in operating earnings was primarily driven by higher selling prices and productivity improvements, partly offset by cost inflation.

Unallocated Corporate Expenses

Unallocated corporate expenses were $30 million compared to $25 million a year ago. The increase was primarily due to losses on open commodity hedges.

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Non-GAAP Financial Information

A detailed reconciliation of the fiscal 2011 adjusted financial information to the 2011 reported financial information is included at the end of this news release.

Conference Call

Campbell will host a conference call to discuss these results on Nov. 22, 2011, at 10:00 a.m. Eastern Standard Time. U.S. participants may access the call at 1-866-206-6900 and non-U.S. participants at 1-703-639-1110. Participants should call at least ten minutes prior to the starting time. The passcode is “Campbell Soup” and the conference leader is Jennifer Driscoll. The call will also be broadcast live over the Internet at investor.campbellsoupcompany.com and can be accessed by clicking on the “News & Events” button. A recording of the call will be available approximately two hours after it is completed through midnight Dec. 6, 2011, at 1-888-266-2081 or 1-703-925-2533. The access code is 1558842.

Reporting Segments

Campbell Soup Company earnings results are reported for the following segments:

U.S. Simple Meals aggregates the U.S. Soup and U.S. Sauces businesses. The U.S. Soup business includes the following products: “Campbell’s” condensed and ready-to-serve soups, and “Swanson” broth and stocks. The U.S. Sauces business includes “Prego” pasta sauce, “Pace” Mexican sauce, “Swanson” canned poultry, “Campbell’s” canned pasta, gravies, and beans.

Baking and Snacking aggregates the following: “Pepperidge Farm” cookies, crackers, breads and frozen products in U.S. retail; and “Arnott’s” biscuits in Australia and Asia Pacific.

International Simple Meals and Beverages aggregates the following: soup, sauce and beverage products outside of the United States, including Europe, Latin America, Asia Pacific, China and the retail business in Canada.

U.S. Beverages represents the following products: “V8” vegetable juices, “V8 V-Fusion” juices, “V8 Splash” juice beverages, and “Campbell’s” tomato juice.

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North America Foodservice represents the distribution of products such as soup, specialty entrees, beverage products, other prepared foods and Pepperidge Farm products through various food service channels in the United States and Canada.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals, including soup and sauces, baked snacks and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s” and “V8.” Through its corporate social responsibility program, the company strives to make a positive impact in the workplace, in the marketplace and in the communities in which it operates. Campbell is a member of the Standard & Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoup.com.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect the company’s current expectations about the impact of its future plans and performance on sales, earnings, and margins. These forward-looking statements 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’s actual results to vary materially from those anticipated or expressed in any forward-looking statement include (1) the impact of strong competitive responses to the company’s efforts to leverage its brand power in the market; (2) the risks associated with trade and consumer acceptance of the company’s initiatives; (3) the company’s ability to realize projected cost savings and benefits; (4) the company’s ability to manage changes to its business processes; (5) the increased significance of certain of the company’s key trade customers; (6) the impact of fluctuations in the supply or costs of energy and raw and packaging materials; (7) the impact of portfolio changes; (8) the uncertainties of litigation; (9) the impact of changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation rates, economic conditions and other external factors; (10) the impact of unforeseen business disruptions in one or more of the company’s markets due to political instability, civil disobedience, armed hostilities, natural disasters or other calamities; and (11) other factors described in the company’s most recent Form 10-K and subsequent Securities and

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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.

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CAMPBELL SOUP COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)

(millions, except per share amounts)

CAMPBELL SOUP COMPANY

CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)

(millions, except per share amounts)

CAMPBELL SOUP COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(millions)

Reconciliation of GAAP and Non-GAAP Financial Measures

First Quarter Ended October 30, 2011

Campbell Soup 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.

Items Impacting Earnings

The company believes that financial information excluding certain transactions not considered to be part of the ongoing business improves the comparability of year-to-year results. Consequently, the company believes that investors may be able to better understand its earnings results if these transactions are excluded.

The following items impacted earnings in fiscal 2011:

The table below reconciles financial information, presented in accordance with GAAP, to financial information excluding certain transactions: