GIS » Topics » U.S. Retail Segment Results

This excerpt taken from the GIS 10-Q filed Mar 20, 2008.

U.S. Retail Segment Results

Net sales for our U.S. Retail operations grew 9.2 percent in the third quarter of fiscal 2008, to $2,300.8 million. Net sales increased across all of our U.S. Retail divisions. Volume on a tonnage basis increased net sales by 7.8 percentage points. Net price realization and product mix drove 1.4 points of growth.

Net sales for our U.S. Retail operations were up 6.1 percent in the nine-month period ended February 24, 2008 to $6,853.5 million. Volume on a tonnage basis increased net sales by 2.7 percentage points. Net price realization and product mix drove 3.4 points of growth.

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This excerpt taken from the GIS 10-Q filed Dec 19, 2007.

U.S. Retail Segment Results

Net sales for our U.S. Retail operations grew 3.2 percent in the second quarter of fiscal 2008, to $2,521.0 million. Net price realization and product mix drove 5.1 points of growth. Volume on a tonnage basis fell 1.9 percentage points. The voluntary frozen pizza recall did not significantly impact our U.S. Retail net sales in the second quarter of fiscal 2008.

Net sales for our U.S. Retail operations were up 4.6 percent in the six-month period ended November 25, 2007, to $4,552.7 million. Net price realization and product mix drove 4.4 points of growth. Volume on a tonnage basis increased 0.2 percentage points. The voluntary frozen pizza recall did not significantly impact our U.S. Retail net sales in the six-month period ended November 25, 2007.

This excerpt taken from the GIS 8-K filed Jun 28, 2007.
U.S. Retail Segment Results

Fiscal 2007 net sales for General Mills’ domestic retail operations grew 4 percent to nearly $8.5 billion. Unit volume also increased 4 percent. Segment operating profits rose 5 percent to reach nearly $1.9 billion.

Net sales for the Snacks division increased 10 percent to exceed $1 billion for the first time, led by grain snacks such as Nature Valley granola bars and new Fiber One bars. Yoplait sales grew 6 percent, led by Yoplait light varieties, Go-gurt and Yoplait Kids yogurt fortified with DHA Omega 3. Net sales for the Meals division grew 5 percent,

 

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reflecting strong growth of Progresso ready-to-serve soups and Hamburger Helper mixes. Net sales for Pillsbury USA and the Baking Products division each grew 3 percent. Big G cereals posted a 2 percent sales increase, with strong performance from the market-leading Cheerios franchise and new cereals introduced during the year.

For the fourth quarter, U.S. Retail net sales and unit volume each grew 6 percent. Operating profit declined 2 percent, primarily due to double-digit growth in consumer marketing expense for the period.

 

This excerpt taken from the GIS 10-Q filed Jan 5, 2007.

U.S. Retail Segment Results

Net sales for our U.S. Retail operations were up 3 percent in the second quarter of fiscal 2007 to $2.44 billion, driven by 2 percent volume growth and a 2 percent decline in trade promotion spending, partially offset by a 1 point decline in pricing/product mix. Operating profits for the quarter improved 8 percent from $552 million last year to $596 million this year.


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For the first twenty-six weeks of fiscal 2007, net sales for our U.S. Retail operations were $4.35 billion, up 4 percent from last year, driven by 3 point volume growth and a 1 point decline in trade promotion spending. Operating profits for the period improved 8 percent from $964 million last year to $1.04 billion this year.

U.S. Retail Net Sales Growth – Fiscal 2007 vs. 2006
2nd
Quarter

26 Weeks
Net Sales
Net Sales
Yoplait          6%          7%    
Snacks     7     7  
Meals     4     5  
Big G Cereals     2     3  
Pillsbury USA     4     2  
Baking Products    -4    -2  
Small Planet Foods   19   25  

      Total U.S. Retail        3%        4%  


For the second quarter, Snacks net sales grew 7 percent driven by Caribou Coffee Bars and new varieties of Nature Valley Sweet and Salty Nut bars and Chex Mix. Yoplait net sales grew 6 percent in the second quarter, reflecting strong performance from core product lines. Meals recorded a 4 percent net sales increase including good contributions from Progresso soup, Old El Paso Mexican foods and Hamburger Helper Microwave Singles products. Pillsbury USA net sales grew 4 percent reflecting gains on core refrigerated dough products, including Pillsbury Crescent Rolls, Pillsbury Toaster Strudel and Totino’s Pizza Rolls. Big G Cereals recorded a 2 percent net sales increase with contributions from new products such as Fruity Cheerios and by established brands including Cocoa Puffs and Fiber One. Baking Products net sales were 4 percent below strong prior-year levels.

This excerpt taken from the GIS 8-K filed Sep 21, 2006.

U.S. Retail Segment Results

Net sales for General Mills’ domestic retail operations grew 5 percent to $1.91 billion for the first quarter, with unit volume up 3 percent. Operating profits grew faster than sales, increasing 8 percent to $447 million. The margin expansion reflects favorable production mix and efficient plant performance.

The Meals division recorded a 7 percent net sales increase, led by Helper dinner mixes and Progresso ready-to-serve soups. Yoplait division net sales grew 8 percent with continued strong performance by the Yoplait Light product line and contributions from new Whips! and Thick n’ Creamy varieties. Snacks division net sales grew 7 percent including contributions from new items such as coffee-flavored Caribou Bars and Select Chex Mix varieties. Big G cereals recorded a 4 percent net sales increase with gains by established brands such as Honey Nut Cheerios and Fiber One, and contributions from new products including Fruity Cheerios. Net sales for Pillsbury USA (refrigerated dough, Totino’s frozen pizza and snack rolls) matched prior-year levels, and Baking Products net sales grew 1 percent. Net sales for the company’s Small Planet Foods organic business grew 34 percent in the quarter.

 

This excerpt taken from the GIS 8-K filed Jun 29, 2006.
U.S. Retail Segment Results

Net sales for General Mills’ domestic retail operations grew 3 percent in 2006 to exceed $8.0 billion, with unit volume up 2 percent for the year. Segment operating profits grew slightly faster than sales to reach nearly $1.8 billion.

Net sales for the Yoplait division grew 14 percent to exceed $1 billion for the first time. Meals division net sales grew 7 percent, led by strong growth of Progresso ready-to-serve soups and Hamburger Helper dinner mixes. Baking Products division net sales

 


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grew 6 percent and Snacks division net sales rose 5 percent with strong performance from new products such as Betty Crocker Warm Delights microwaveable desserts, Nature Valley Sweet n’ Salty nut bars and Turtle Chex Mix. Both Big G Cereals and the Pillsbury USA division reported net sales declines of 1 percent.

For the fourth quarter, U.S. Retail net sales grew 5 percent to nearly $1.9 billion, unit volume rose 3 percent, and operating profits increased 8 percent to $408 million. Advertising spending for the company’s U.S. Retail businesses rose 8 percent in 2006, including a $28 million increase in the final quarter of the year.

 

This excerpt taken from the GIS 10-Q filed Jan 6, 2006.

U.S. Retail Segment Results

Net sales for our U.S. Retail operations were up 3 percent in the second quarter to $2.34 billion, reflecting 2 percent unit volume growth and 1 percent net price realization. Operating profits for the quarter totaled $545 million, down 4 percent from prior-year operating profits that were up 5 percent from fiscal 2004 levels.

For the first half, net sales for our U.S. Retail operations were $4.14 billion, up 2 percent from last year, and operating profits for the period improved 3 percent from $921 million last year to $951 million this year.

This excerpt taken from the GIS 10-Q filed Oct 3, 2005.

U.S. Retail Segment Results

Net sales for our U.S. Retail operations were $1.80 billion for the first quarter, up 2 percent primarily as a result of pricing and product mix. Volume and promotional spending remained flat versus the first quarter of fiscal 2005. Operating profits for the quarter improved 15 percent from $354 million last year to $406 million this year.

This excerpt taken from the GIS 8-K filed Jun 29, 2005.

U.S. Retail Segment Results

Net sales for General Mills’ U.S. Retail operations totaled $7.78 billion in 2005, essentially matching last year’s 53-week sales results. Unit volume grew 1 percent, with five of the company’s six major product divisions recording gains. Segment operating profits totaled $1.72 billion, 5 percent below prior-year results as volume growth and productivity savings did not offset the impact of unfavorable sales mix, higher promotional expense and higher input costs.

        Yoplait yogurt volume grew 11 percent in 2005, led by Yoplait Light and other six-ounce cup varieties. Unit volume increases for Nature Valley snack bars and Pop Secret microwave popcorn fueled 2 percent overall volume growth for Snacks. Pillsbury USA, Baking Products and the Meals Division each posted unit volume gains of 1 percent. Big G cereal shipments declined 5 percent, as pricing and promotional shifts underway in the U.S. ready-to-eat cereal category impacted merchandised volume levels in the second half of the year. Excluding the extra week from prior-year results, total U.S. Retail unit volume would have increased 3 percent in 2005. Consumer purchases of the company’s products grew essentially in line with shipments.

        Fourth quarter net sales for U.S. Retail totaled $1.81 billion and operating profits totaled $377 million. Both figures represent declines from 2004 results that included 14 weeks. Similarly, unit volume was down 4 percent. However, excluding the extra week in 2004, fourth-quarter unit volume represented a 3 percent increase. Consumer purchases of the company’s products outpaced unit volume growth in the final quarter, as composite retail sales grew 4 percent.



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This excerpt taken from the GIS 10-Q filed Apr 7, 2005.

U.S. Retail Segment Results

Net sales for General Mills’ domestic retail operations were flat at $1.93 billion for the third quarter, as 1 percent unit volume growth and contributions from pricing and mix (3 points) were offset by higher promotional expense (-4 points) in the period. This promotional spending included increased expense to maintain previously committed merchandising programs following recent list price increases. Operating profits for the quarter improved 3 percent from $408 million last year to $421 million this year.

This excerpt taken from the GIS 8-K filed Mar 22, 2005.

U.S. Retail Segment Results

Net sales for General Mills’ domestic retail operations were flat at $1.93 billion for the quarter, as 1 percent unit volume growth and contributions from pricing and mix were offset by higher promotional expense in the period. Operating profits increased 3 percent to $421 million.

        Yoplait yogurt made the strongest contribution to domestic retail unit volume growth, with an 18 percent overall increase led by Yoplait Light and Go-gurt. Meals volume grew 5 percent, with strong growth by Progresso soup and Helper dinner mixes. Snacks unit volume rose 7 percent, driven by the successful introduction of a variety of new products, including Nature Valley’s Sweet & Salty Snack Bars. Unit volumes for several other businesses declined as the company worked to raise non-promoted and merchandised price points. Pillsbury USA unit volume fell 4 percent, as growth by Totino’s pizza and hot snacks was offset by volume declines in refrigerated baked goods following a successful key baking season. Baking Products volume was down 6 percent, and Big G cereal volume fell 9 percent as actions to raise merchandised prices resulted in significant declines in promoted volumes.

        Consumer purchases of the company’s products outpaced unit volume growth in the quarter, as composite retail sales for major product lines were up 3 percent.

        Through nine months, net sales for the U.S. Retail segment grew 2 percent to $5.97 billion, and unit volume also rose 2 percent. Operating profit through nine months of $1.34 billion essentially matched year-ago levels.


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This excerpt taken from the GIS 10-Q filed Jan 6, 2005.

U.S. Retail Segment Results

Net sales for General Mills’ domestic retail operations grew 3 percent to $2.28 billion for the second quarter, as 2 percent unit volume growth and positive pricing and mix (4 points) were partially offset by higher promotional expense (-3 points) in the period. This promotional spending included increased expense to maintain previously committed merchandising programs following recent list price increases. Operating profits for the quarter improved 5 percent from $541 million last year to $567 million this year.


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