US cereal company General Mills has reported rises in sales and profits for the 2005 financial year, but fourth quarter sales were down.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
For the year ended 29 May 2005, General Mills’ net sales grew to $11.24bn from $11.07bn the year before. Net earnings grew to reach $1.24bn, compared with $1.06bn the year before. This included a gain of $284m after tax from businesses divested during 2005, partially offset by $87m after-tax expense associated with the redemption of $760m principal amount of General Mills’ notes due in 2012.
Chairman and CEO Steve Sanger said 2005 was a successful year for the company. “On a comparable 52-week basis, our net sales grew 3%, outpacing 2% growth in unit volume,” he said. “Operating profit results in total reflected the significant input cost inflation we experienced in 2005; however, the Bakeries and Foodservice division met its goal of matching last year’s profits and our International division posted strong profit growth. In addition, after-tax earnings from joint ventures grew 20 percent to reach $89 million.”
Net sales for the fourth quarter of 2005 totalled $2.72bn, 3% below prior-year results that included an extra week. Earnings after tax totaled $460m, up 65%. This included the gain recorded from dispositions of the company’s 40.5% interest in Snack Ventures Europe and the Lloyd’s barbeque entrees business.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
