MINNEAPOLIS, May 19, 2015 /PRNewswire/ -- General Mills,
Inc. (NYSE: GIS) – In conjunction with remarks today at the
Barclays Americas Select Franchise Conference in London, England, General Mills reaffirmed its
key financial targets for the fiscal year ending May 31, 2015. Net sales in constant
currency are expected to grow at a low single-digit rate from the
2014 base of $17.9 billion.
Total segment operating profit in constant currency is expected to
decline at a low single-digit rate from prior-year results of
$3.15 billion. Fiscal 2015
adjusted diluted earnings per share (which excludes mark-to-market
valuation effects, currency devaluation, restructuring costs,
Annie's integration costs, and a discrete tax charge associated
with a planned repatriation action) are expected to grow at a
low-single-digit rate in constant currency from the base of
$2.82 earned in fiscal 2014.
The company's presentation today is scheduled to begin at
3:30 a.m. Eastern time and can be
accessed on the company's website: generalmills.com.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are based on our current expectations and assumptions. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from the potential results discussed in the forward-looking
statements. In particular, our predictions about future net sales
and earnings could be affected by a variety of factors, including:
competitive dynamics in the consumer foods industry and the markets
for our products, including new product introductions, advertising
activities, pricing actions, and promotional activities of our
competitors; economic conditions, including changes in inflation
rates, interest rates, tax rates, or the availability of capital;
product development and innovation; consumer acceptance of new
products and product improvements; consumer reaction to pricing
actions and changes in promotion levels; acquisitions or
dispositions of businesses or assets; changes in capital structure;
changes in the legal and regulatory environment, including labeling
and advertising regulations and litigation; impairments in the
carrying value of goodwill, other intangible assets, or other
long-lived assets, or changes in the useful lives of other
intangible assets; changes in accounting standards and the impact
of significant accounting estimates; product quality and safety
issues, including recalls and product liability; changes in
consumer demand for our products; effectiveness of advertising,
marketing, and promotional programs; changes in consumer behavior,
trends, and preferences, including weight loss trends; consumer
perception of health-related issues, including obesity;
consolidation in the retail environment; changes in purchasing and
inventory levels of significant customers; fluctuations in the cost
and availability of supply chain resources, including raw
materials, packaging, and energy; disruptions or inefficiencies in
the supply chain; volatility in the market value of derivatives
used to manage price risk for certain commodities; benefit plan
expenses due to changes in plan asset values and discount rates
used to determine plan liabilities; failure or breach of our
information technology systems; foreign economic conditions,
including currency rate fluctuations; and political unrest in
foreign markets and economic uncertainty due to terrorism or war.
The company undertakes no obligation to publicly revise any
forward-looking statement to reflect any future events or
circumstances.
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SOURCE General Mills, Inc.