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General Mills reaffirms full-year sales targets
General Mills has said that results for the first quarter of fiscal 2011 met the company’s expectations, despite difficult comparisons to strong growth recorded in the previous year’s first quarter.
This performance has the company on-track to achieve its sales and earnings growth targets for the full 2011 fiscal year.
Summary
- Net sales grew 1% to $3.53bn.
- Segment operating profit totalled $749m, down 2% from very strong results a year earlier.
- Diluted earnings per share (EPS) grew 13% to 70 cents per share.
- Adjusted diluted EPS, which excludes certain items affecting comparability, totalled 64 cents per share, matching results in last year’s first quarter.
Source: General Mills
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