This excerpt taken from the GIS 8-K filed Sep 21, 2006.
Diluted Earnings Per Share Grew 16 Percent to 74 Cents
MINNEAPOLIS, MINN.---General Mills, Inc. (NYSE: GIS) today reported results for the first quarter of fiscal 2007. Net sales for the 13 weeks ended Aug. 27, 2006, increased 7 percent to $2.86 billion, as worldwide unit volume rose 4 percent. Segment operating profits grew 7 percent to $532 million. Net earnings totaled $267 million, up 6 percent despite higher interest expense and the adoption of a new accounting standard for stock-based compensation (SFAS 123R) in this years first quarter. Diluted earnings per share (EPS) totaled 74 cents, up 16 percent from 64 cents a year ago.
Chairman and Chief Executive Officer Steve Sanger said, This is a solid start to the year, driven by good unit volume and sales gains in each of our three operating segments---U.S. Retail, International, and Bakeries & Foodservice. The sales strength reflects continued growth momentum in our established businesses, along with new product introductions under way in markets around the world.