General Mills Investor Day Boston, Mass. 7/13/2011
Continuing growth in a challenging environment
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BOSTON, Mass. - In total, General Mills results in 2011 represented continuing growth on top of strong long-term performance, Chairman and CEO Ken Powell said at the General Mills Investor Day Event. |
"Our sales and profit increases met the key targets we set for fiscal 2011, and our progress also was consistent with our long-term growth model. As we’ve discussed before, this past year represented a truly challenging environment for food manufacturers, so we were generally pleased with our 2011 results," Powell said.
U.S. Retail
The opeartion saw sales increases on grain snacks, refrigerated dough, ready-to-serve soup, Old El Paso Mexican foods, and the company's Small Planet Foods line of organic and natural products.
Sales for Big G ready-to-eat cereals declined slightly, along with sales for the U.S. cereal category overall. But Big G's market share grew on an all-outlet basis.
International
Results in 2011 were terrific across the board, Powell said.
Net sales in constant currency grew 7 percent overall, and General Mills recorded gains in every region where it competes.
Moving into the 2012 fiscal year, the company just added the International Yoplait business to our portfolio.
Bakeries & Foodservice
The segment delivered outstanding performance in 2011, clearly outpacing weak trends in the U.S. away-from-home food industry.
Net sales grew 6 percent in 2011, and posted sales gains in all three major customer channels. Segment operating profits for Bakeries and Foodservice grew 16 percent, to cross the $300 million mark for the first time.
Complete presentation
