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Gross margins of the company, which is also known for its
Haagen-Dazs and Betty Crocker brands, rose to 36.5 percent in
the fourth quarter from 34.7 percent a year earlier.
General Mills said it expects organic net sales to be in the
range of flat to up 1 percent. Including the impact of it
acquisition of pet food snacks maker Blue Buffalo, net sales are
expected to rise 9 percent to 10 percent from a year earlier.
To counter slowing sales growth in the packaged foods industry,
General Mills bought pet snacks maker Blue Buffalo Pet Products
for nearly $8 billion earlier this year.
Net earnings attributable to the company fell to $354.4 million,
or 59 cents per share, in the three months ended May 27 from
$408.9 million, or 69 cents per share, a year earlier.
Excluding certain items, General Mills earned 79 cents per
share. Analysts were expecting earnings of 72 cents per share,
according to Thomson Reuters I/B/E/S.
Net sales rose 2 percent to $3.89 billion, in line with analysts
estimate.
Shares of the company were up 1.17 percent in premarket trading.
(Reporting by Nivedita Balu in Bengaluru; Editing by Anil
D'Silva)
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