General Mills said today (28 June) its annual results for fiscal 2007 had exceeded the US company’s targets.
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The company posted a 7% rise in operating profit to US$2.3bn for the year to 27 May, on the back of a 6% increase in net sales to $12.4bn.
“All three of our business segments achieved solid gains in net sales and operating profit,” said General Mills chairman and CEO Steve Sanger.
Profits from General Mills’ domestic retail operations rose 5% with sales up 4%. Meanwhile, sales from General Mills’ snacks business jumped 10% to exceed US$1bn. Nature Valley granola bars and Fiber One bars drove the growth, General Mills said.
Internationally, profits climbed 11% to $216m despite, General Mills said, double-digit growth in marketing investment.
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