General Mills Sees Q2 Profits Rise

26 December 2006

MINNEAPOLIS: Food manufacturing giant General Mills, maker of the Cheerios and Yoplait brands among others, posted a 4% rise in fiscal second-quarter profit, helped by solid sales growth across its three businesses.

The company saw net income at $385 million (€291.7m; £195.9m), up from $370m a year ago. Net sales in Q2 rose 5.3% to $3.47bn, exceeding analysts' expectations of $3.42bn.

Sales growth in the second half is expected to be moderate. Commented chief operating officer Ken Powell: "We'll have ongoing input cost inflation to contend with, and in some businesses, particularly Bakeries and Foodservice, we do not expect pricing to fully offset the higher cost."

Data sourced from Wall Street Journal Online; additional content by WARC staff