USA: General Mills posts rise in Q4 profit
US food giant General Mills has reported a rise in quarterly profit, boosted by sales of new products such as Berry Burst Cheerios. The Minneapolis-based company posted net earnings of US$225m for the fourth quarter to 25 May, compared to $57m in the year-ago period. Fourth-quarter net sales grew 10% to exceed $2.5bn. Restructuring costs and other exit and merger-related costs totalled $31m pretax and $19m after tax for the fourth quarter of 2003, compared to $56m pretax and $36m after tax in the same period of 2002.
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