General Mills chief Steve Sanger has praised a “very good start” to the company’s financial year as profits rose 9%.
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The US food giant, maker of brands including Haagen-Dazs ice cream and Cheerios cereals, booked operating profit of US$578m. Net sales were up 13%, reaching $3.1bn for the three months to 26 August.
Chairman and CEO Sanger said: “Our continuing growth reflects broad-based sales momentum, and even stronger operating profit growth despite challenging input-cost inflation and increased consumer marketing investment to build our brands.”
The company’s US snacks sales jumped 16% thanks to Nature Valley grain snacks and Fiber One bars and fruit snacks, General Mills said. Baking products sales were up 7%; ready meals sales grew 6%.
Internationally, General Mills’ sales jumped 19%, driving a 27% leap in operating profit to $71m.
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By GlobalDataGeneral Mills repeated its guidance for low single-digit net sales growth and mid single-digit growth in segment operating profits.
