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MarketScreener Homepage  >  Equities  >  Nyse  >  General Mills, Inc.    GIS

GENERAL MILLS, INC.

(GIS)
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General Mills Reports Another Sales Gain, But Growth Slows

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09/23/2020 | 07:34am EDT

By Micah Maidenberg

 

General Mills Inc. reported stronger sales for its latest quarter, but growth was a bit slower than in the spring when consumers first locked down as officials tried to halt the spread of the new coronavirus.

General Mills reported a profit of $638.9 million, or $1.03 a share, for its fiscal first quarter that ended Aug. 30, up from $520.6 million, or 85 cents a share, the year earlier.

Adjusted earnings of $1 a share were ahead of the 87 cents a share that analysts polled by FactSet predicted for that metric.

The maker of cereals like Cheerios, Nature Valley granola bars, Bisquick mixes and other food items on Wednesday said it generated $4.36 billion in sales for the latest period, up from $4 billion the year earlier and beating expectations from analysts.

On a comparable basis, sales were up 10%, a gain the company said reflected in part elevated demand from consumers to prepare food at home as well as higher prices.

For its previous quarter, which ended May 31, comparable sales rose 16%.

In its business selling items to retailers in the U.S. and Canada, the Minneapolis-based company said it saw stronger demand for refrigerated baked goods, dessert mixes and soup, as well as gains in the U.S. for its cereals and yogurt products.

The packaged-food industry has caught a tailwind for much of this year because the pandemic reshuffled how consumers approached food. Families have been preparing more food to eat at home amid closures and, later, capacity limitations on restaurant dining rooms.

More recently, however, consumers who tapped enhanced unemployment benefits from the federal government have pulled back on spending at grocery stores after that benefit expired in July.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.75% 398.5 End-of-day quote.0.00%
GENERAL MILLS, INC. -0.17% 59.12 Delayed Quote.10.38%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.87% 598.5 End-of-day quote.7.11%
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Financials (USD)
Sales 2021 17 492 M - -
Net income 2021 2 238 M - -
Net Debt 2021 11 293 M - -
P/E ratio 2021 16,1x
Yield 2021 3,45%
Capitalization 36 142 M 36 142 M -
EV / Sales 2021 2,71x
EV / Sales 2022 2,68x
Nbr of Employees 35 000
Free-Float 80,9%
Chart GENERAL MILLS, INC.
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Technical analysis trends GENERAL MILLS, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Average target price 63,82 $
Last Close Price 59,12 $
Spread / Highest target 23,5%
Spread / Average Target 7,94%
Spread / Lowest Target -13,7%
EPS Revisions
Managers
NameTitle
Jeffrey L. Harmening Chairman & Chief Executive Officer
Kofi A. Bruce Chief Financial Officer
Jodi J. Benson Chief Innovation, Technology & Quality Officer
Jaime Montemayor Chief Technology & Digital Officer
Stephen A. Odland Independent Director
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