USA: General Mills reports record first-quarter results
General Mills (NYSE:GIS) today reported record results for its fiscal 2002 first quarter. Sales for the 13 weeks ended Aug. 26, 2001, grew 6 percent to $1.77 billion, fueled by 5 percent growth in the company's worldwide unit volume. Net diluted earnings per share (EPS) grew to 64 cents, up 16 percent from 55 cents reported a year earlier. The 64-cent total included a 3-cent net gain from unusual items, and a 1-cent charge representing the cumulative effect of adopting new accounting standard SFAS No. 133 for derivatives and hedging activities.
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