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General Mills net sales increased 1 percent

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Staff writer ▼ | June 26, 2014
General Mills reported results for the fourth quarter and full fiscal year ended May 25, 2014. Fiscal 2014 net sales increased 1 percent to $17.9 billion.
General Mills
General MillsGeneral Mills reported results for the fourth quarter and full fiscal year ended May 25, 2014. Fiscal 2014 net sales increased 1 percent to $17.9 billion.


Pound volume contributed 1 point of net sales growth, including 3 incremental months of contribution from the Yoki Alimentos and Yoplait Canada businesses added during fiscal 2013. Net price realization and mix also contributed 1 point of net sales growth, which was offset by negative foreign currency exchange effects.

Adjusted gross margin, which excludes mark-to-market effects and the impact of Venezuela currency devaluation, declined 80 basis points. This reflected the impact of increased promotional spending that generated less volume than planned, along with change in business mix.

Advertising and media expense declined 3 percent for the year, while other consumer marketing investment rose 2 percent. Adjusted segment operating profit was down 2 percent. Fiscal 2014 net earnings attributable to General Mills totaled $1.8 billion and diluted earnings per share totaled $2.83.

Adjusted diluted EPS, which excludes certain items affecting comparability, totaled $2.82 in fiscal 2014 compared to $2.72 in the previous year.


 

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