PR Newswire
MINNEAPOLIS, March 21, 2017
MINNEAPOLIS, March 21, 2017 /PRNewswire/ -- General Mills (NYSE: GIS) today reported results for the third quarter ended February 26, 2017.
"Our third-quarter results finished in line with our expectations and keep us on track to deliver the guidance we updated last month," said General Mills Chairman and Chief Executive Officer Ken Powell. "Our net sales declined due primarily to gaps in pricing and promotional activity in key U.S. businesses. Our cost savings efforts helped us expand our adjusted operating profit margin and drive growth in adjusted diluted EPS. Looking ahead, we are highly focused on improving our topline performance while continuing to expand our margins. We've added support in the fourth quarter to strengthen key business lines, and we're pursuing global growth priorities that will further improve our sales trends beyond fiscal 2017."
General Mills is committed to pursuing its strategy of Consumer First and leveraging its five global platforms – cereal, snacks, yogurt, convenient meals, and super-premium ice cream – along with its new global organizational structure to create market-leading growth. The company believes that generating a balance of topline growth and margin expansion, while maintaining disciplined focus on cash conversion and cash returns, is critical to delivering top-tier shareholder returns.
¹ Please see Note 7 to the Consolidated Financial Statements below for reconciliation of this and other non-GAAP measures used in this release.
Third Quarter Results Summary
Nine Month Results Summary
Operating Segment Results
In the third quarter of fiscal 2017, General Mills announced a new global organization structure to streamline its leadership, enhance global scale, and drive improved operational agility to maximize its growth capabilities. As a result of this global reorganization, beginning in the third quarter of fiscal 2017, the company is reporting results for its four operating segments as follows: North America Retail; Convenience Stores & Foodservice; Europe & Australia; and Asia & Latin America. Net sales by segment and segment operating profit amounts have been restated to reflect the new operating segments (please see Note 1 below for more information on our operating segments).
Components of Fiscal 2017 Reported Net Sales Growth | ||||
Third Quarter | Volume | Price/Mix | Foreign | Reported |
North America Retail | (9) pts | 2 pts | -- | (7)% |
Convenience Stores & Foodservice | 1 pt | (2) pts | -- | (1)% |
Europe & Australia | 1 pt | 1 pt | (5) pts | (3)% |
Asia & Latin America | -- | (3) pts | 3 pts | Flat |
Total | (6) pts | 1 pt | -- | (5)% |
| | | | |
North America Retail | (12) pts | 4 pts | -- | (8)% |
Convenience Stores & Foodservice | -- | (4) pts | -- | (4)% |
Europe & Australia | (3) pts | 1 pt | (5) pts | (7)% |
Asia & Latin America | -- | -- | (1) pt | (1)% |
Total | (8) pts | 2 pts | (1) pt | (7)% |
Components of Fiscal 2017 Organic Net Sales Growth | ||||||
Third Quarter | Organic | Organic | Organic | Foreign | Acquisitions & | Reported |
North America Retail | (10) pts | 2 pts | (8)% | -- | 1 pt | (7)% |
Convenience Stores & Foodservice | 1 pt | (2) pts | (1)% | -- | -- | (1)% |
Europe & Australia | 1 pt | 1 pt | 2% | (5) pts | -- | (3)% |
Asia & Latin America Werbung Mehr Nachrichten zur General Mills Inc. Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |