MINNEAPOLIS, Sept. 7, 2016 /PRNewswire/ -- In conjunction
with a presentation today at the Barclays Global Consumer Staples
Conference, General Mills (NYSE: GIS) reaffirmed its key financial
targets for the fiscal year ending May 28,
2017. These targets include organic net sales growth between
flat and down 2 percent; total segment operating profit growth
between 6 and 8 percent in constant currency; 150 basis points of
adjusted operating profit margin expansion; and adjusted diluted
earnings per share growth between 6 and 8 percent in constant
currency. General Mills also commented on the 2017 first
quarter, which will be reported on September
21, 2016. The company expects organic net sales growth
in the quarter ended August 28, 2016,
will be below its full-year guidance range. First quarter
constant-currency adjusted diluted earnings per share are expected
to be below last year's levels that grew 36 percent. General
Mills' complete presentation, which also includes highlights of its
2017 global business plans and details on Annie's and other natural
and organic brands, can be accessed on the company's website:
www.generalmills.com/investors.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are based on management's 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; effectiveness of
restructuring and cost savings initiatives; 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 statements to reflect any future events
or circumstances.
General Mills is a leading global food company that serves the
world by making food people love. Its brands include Cheerios,
Annie's, Yoplait, Nature Valley, Fiber One,
Haagen-Dazs, Betty Crocker,
Pillsbury, Old El Paso, Wanchai
Ferry, Yoki and more. Headquartered
in Minneapolis, Minnesota,
USA, General Mills had fiscal 2016 worldwide sales of
US $17.6 billion, including the company's US $1.0
billion proportionate share of joint-venture net sales.
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SOURCE General Mills