News
General Mills reports strong results for Q1 2010
General Mills has reported strong results for the first quarter of fiscal 2010. Net sales for the 13 weeks ended 30 August 2009 grew 1% to $3.52bn, led by 6% growth in US retail net sales. The comparison was difficult, as the company’s net sales grew 14% in last year’s first quarter.
Chairman and CEO, Ken Powell, said: “We’re very pleased with this start to the year. We’re seeing continuing strong consumer demand for our products. These good sales levels, combined with the effects of our companywide focus on holistic margin management, are driving terrific operating performance in our manufacturing plants. In addition, our commodity and fuel costs for the quarter were below year-ago levels, helping us to recover margin that was lost in the same quarter last year. These factors drove first-quarter earnings growth that was well ahead of our expectations. As a result, we’ve raised our EPS targets for the full year.”
Q1 2010 financial highlights
- Net sales increased to $3.52bn led by 6% growth in US retail sales.
- Segment operating profit increased 21% to $768m.
- Earnings per share grew at a strong double-digit rate to $1.25.
- Excluding certain items affecting comparability, earnings per share grew 33% to $1.28, exceeding the consensus of analyst estimates.
Source: General Mills
See also
Latest news
| |