US cereal giant General Mills has posted an increase in profits during the first quarter, as total sales edged up 1% and the company booked double-digit margin improvements.
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Net sales for the 13 weeks ended 30 August climbed to US$3.52bn, thanks to a 6% jump in sales through US retail channels. General Mills emphasised that it was up against a “tough comparison” with the first quarter of last year, when sales jumped 13%, while foreign exchange stripped 2% off sales.
General Mills saw a double-digit improvement in gross margin, reflecting strong operating performance in the company’s manufacturing facilities.
The maker of Cheerios cereal and Yoplait yogurt reported a profit of $420.6m, or $1.25 a share, up from $278.5m, or 79 cents, a year earlier.
Looking to the full year, General Mills raised its EPS guidance range to $4.40-4.45 per share from its previous guidance of $4.20-$4.25.
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By GlobalDataFor the full press release from General Mills click here, or check back later for just-food’s post-conference call analysis.
