You can access the webcast at www.generalmills.com/investors. First-quarter net sales for the Europe & Australia segment increased 2 percent to $501 million, driven primarily by benefits from net price realization and mix. For the fourth quarter of fiscal 2019, General Mills expects Blue Buffalo's net sales and segment operating profit growth will accelerate meaningfully, driven by significant distribution expansion in the FDM channel. Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. "Fiscal 2019 is off to a good start," said General Mills Chairman and Chief Executive Officer Jeff Harmening. The General Mills leadership team has ultimate accountability for the company's global responsibility programs and performance. The effective tax rate for the nine-month period ended February 24, 2019, was 21.4 percent compared to a 1.7 percent benefit for the nine-month period ended February 25, 2018. MINNEAPOLIS, Minnesota – General Mills released its 2019 Global Responsibility Report, outlining the company’s approach to creating environmental, social and economic value in the countries where it operates. Components of Fiscal 2019 Reported Net Sales Growth, Components of Our improved execution and strengthened performance this year reinforce our view that a balanced approach to top and bottom-line growth, centered on our Consumer First strategy, will drive long-term value for our shareholders.". Accounting Research Problem: General Mills, Inc. Net sales in the Canada operating unit were down 2 percent in constant currency, while U.S. Cereal net sales increased 1 percent. (6)     The effective tax rate for the third quarter of fiscal 2019 was 17.7 percent compared to an 85.9 percent benefit for the third quarter of fiscal 2018. Components of Fiscal 2019 Reported Net Sales Growth, Components of EYK 14-5. as Reported, Percentage Change in Operating Profit on Constant-Currency Basis, Net Sales Growth Rates for Canada Operating Unit on a Constant-Currency Basis. Global Growth and Returns. EYK 14-5. General Mills has so far followed through on its promise to scale Blue Buffalo Pet Foods’ revenue after it acquired the specialty pet food business in April 2018. Other components of net periodic benefit expense must be presented separately outside of operating profit in our Consolidated Statements of Earnings. In our North American Retail segment, we approved actions at certain facilities to consolidate production and optimize our labor and manufacturing platforms. The adjustments are either items resulting from infrequently occurring events or items that, in management's judgment, significantly affect the year-over-year assessment of operating results. (e)      The CPW restructuring charges are related to initiatives designed to improve profitability and growth that were approved in fiscal 2018 and 2019. Fourth-quarter results for the base business will be impacted by the comparison against the year-ago period that included the strongest quarterly performance of fiscal 2018. First-quarter net sales for the Pet segment totaled $343 million. These forward-looking statements, including the statements under the caption "Fiscal 2019 Outlook," and statements made by Mr. Harmening, 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. REQUIRED: Using the fiscal year end 2019 annual report for General Mills, Inc. and the figures from the 2017 annual report as noted below, calculate the financial ratios for 2019 and 2018 … We expect to spend approximately $30 million of cash related to these actions. REQUIRED: Using the fiscal year end 2019 annual report for General Mills, Inc. and the figures from the 2017 annual report as noted below, calculate the financial ratios for 2019 and 2018 … This measure is used in reporting to our executive management and as a component of the Board of Directors' measurement of our performance for incentive compensation purposes. General Mills reaffirmed its key full-year fiscal 2019 targets: General Mills will hold a briefing for investors today, September 18, 2018, beginning at 7:30 a.m. Central time (8:30 a.m. Eastern time). Organic net sales were down 2 percent. We financed the transaction with $6.0 billion in debt, $1.0 billion in equity, and cash on hand. The 103.6 percentage point increase was primarily due to the provisional net benefit of $504 million related to the Tax Cuts and Jobs Act ("TCJA") recorded in the third quarter of fiscal 2018. Directeur général de la Caisse des Dépôts. Segment operating profit totaled $158 million, down $83 million on a pro forma basis, driven by the impact of purchase accounting, including a $53 million one-time inventory adjustment and $10 million of intangible asset amortization, as well as higher input costs and plant start-up costs, partially offset by benefits from cost savings initiatives and synergies. (4)   Unallocated corporate expense totaled $49 million in the third quarter of fiscal 2019 compared to $51 million in the same period in fiscal 2018. You can access the webcast at www.generalmills.com/investors. General Mills Reports Fiscal 2019 Second-Quarter Results And Reaffirms Full-Year Guidance. Des résultats 2019 solides, un groupe pleinement mobilisé pour soutenir les territoires, l’économie et les Français. Including the impact of the Blue Buffalo acquisition, net sales are expected to increase 9 to 10 percent. The unavailable information could have a significant impact on our fiscal 2019 GAAP financial results. Ten years of annual and quarterly financial statements and annual report data for General Mills (GIS). First-quarter net sales declined 2 percent in constant currency for Cereal Partners Worldwide (CPW), driven by declines in Latin America, partially offset by increases in the Asia, Middle East, and Africa region. General Mills Reports Fiscal 2019 Second-Quarter Results And Reaffirms Full-Year Guidance - Net sales increased 5 percent to $4.4 billion, and grew 7 … Operating Profit as Reported, Percentage Change in Total Segment Operating Profit on a Constant-Currency Basis, Constant-currency Segment Operating Profit Growth Rates. In the nine-month period ended February 24, 2019, we recorded $193 million of charges related to the impairment of our Progresso, Food Should Taste Good and Mountain High brand intangible assets in restructuring, impairment, and other exit costs. Segment operating profit of $34 million was up 13 percent as reported and up 12 percent in constant currency, primarily reflecting benefits from net price realization and mix and lower SG&A expenses, partially offset by higher input costs, including currency-driven inflation on imported products. Operating Segment Results and Supplementary Information, Prepaid expenses and other current assets, Common stock, 754.6 shares issued, $0.10 par value, Net earnings, including earnings attributable to redeemable, Adjustments to reconcile net earnings to net cash, Distributions of earnings from joint ventures, Pension and other postretirement benefit plan contributions, Pension and other postretirement benefit plan costs, Restructuring, impairment, and other exit costs, Changes in current assets and liabilities, excluding the, Net cash provided by operating activities, Purchases of land, buildings, and equipment, Proceeds from disposal of land, buildings, and equipment, Proceeds from common stock issued on exercised options, Distributions to noncontrolling and redeemable interest holders, Effect of exchange rate changes on cash and cash equivalents, Cash and cash equivalents - beginning of year, Cash and cash equivalents - end of period. 1 in the sweet baking mixes category. In the first quarter of fiscal 2019, we recorded $1 million of restructuring initiative project-related costs in cost of sales compared to $12 million of restructuring charges and $1 million of restructuring initiative project-related costs in cost of sales in the same period last year. (2)   In fiscal 2018, we acquired Blue Buffalo Pet Products, Inc. ("Blue Buffalo") for an aggregate purchase price of $8.0 billion, including $103.0 million of consideration for net debt repaid at the time of acquisition. Net earnings attributable to General Mills as reported, Mark-to-market effects, net of tax (b)(f), Acquisition integration costs, net of tax (d)(f), CPW restructuring charges, net of tax (e), Adjusted net earnings attributable to General Mills, (e)     The CPW restructuring item represents charges related to initiatives designed to improve profitability and growth, (f)      See reconciliation of effective income tax rate excluding certain items affecting comparability below for tax impact, Adjusted Operating Profit Growth Excluding Certain Items Affecting Comparability on a Constant-Currency Basis. Net sales increased across the segment including in China, Brazil, and India, and across product platforms, led by Häagen-Dazs ice cream, Wanchai Ferry frozen dumplings, Yoki and Kitano meals and snacks, and Pillsbury snack bars. This measure is used in reporting to our executive management and as a component of the Board of Directors' measurement of our performance for incentive compensation purposes. Net interest expense totaled $134 million in the first quarter compared to $72 million a year ago, primarily driven by financing related to the Blue Buffalo acquisition. Our 2019 Global Responsibility Report describes our strategies and performance across four key focus areas: Our Food, Our Planet, Our Workplace and Our Community. Organic net sales also increased 2 percent. Find out the revenue, expenses and profit or loss over the last fiscal year. Front and Center. Our top 5 trends from Expo West 2019. We recorded $47 million in restructuring charges in the third quarter of fiscal 2019. We believe that this measure provides useful information to investors because it is the profitability measure we use to evaluate segment performance. Media : Other contacts: For media only: 763-764-6364 (Calls returned 8 a.m to 5 p.m. CT weekdays.) Organic net sales were up modestly, rounding to flat versus last year. Income statements, balance sheets, cash flow statements and key ratios. General Mills Reports Results for Fiscal 2019 and Outlines Growth Goals for Fiscal 2020 Business Wire MINNEAPOLIS -- June 26, 2019 General Mills (NYSE: GIS): Full-year Highlights * … Third-quarter net sales for the Europe & Australia segment declined 8 percent to $433 million, primarily driven by 6 points of unfavorable foreign currency exchange. Hyperinflationary accounting, net of tax (c)(h), Investment valuation adjustments, net of tax (c)(h), Acquisition transaction and integration costs, net of tax (e)(h). Puttin' on the Ritz with upscale sandwiches for schools. General Mills: At a glance overview of General Mills business divisions, with financial charts Accounting Research Problem: General Mills, Inc. Restructuring, impairment, and other exit costs totaled $60 million in the quarter compared to $8 million a year ago. "Our year-to-date performance and fourth-quarter plans give us confidence that we will meet or exceed all of our key fiscal 2019 targets. MINNEAPOLIS--(BUSINESS WIRE)-- General Mills (NYSE: GIS) today reported results for the second quarter ended November 24, 2019. General Mills: Global Responsibility Reports, archive. A reconciliation of these measures to reported net sales growth rates, the relevant GAAP measures, are included in our Operating Segment Results above. The TCJA was enacted on December 22, 2017 and results in significant revisions to the U.S. corporate income tax system, including a reduction in the U.S. corporate income tax rate, implementation of a territorial system and a deemed repatriation tax on untaxed foreign earnings. You will not be able to attend the Annual Meeting at … Fiscal 2019 Outlook. Les engagements RSE de General Mills en France . "We drove organic net sales growth for the fourth consecutive quarter. Through nine months, Asia & Latin America net sales declined 1 percent to $1.26 billion, driven by 8 points of unfavorable foreign currency exchange. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. For the quarters ended February 24, 2019 and February 25, 2018, the impact of the adoption of this standard on our results of operations was a decrease to our operating profit of $21 million and $23 million and a corresponding increase to benefit plan non-service income of $21 million and $23 million, respectively. 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, including our acquisition of Blue Buffalo and issues in the integration of Blue Buffalo and retention of key management and employees; unfavorable reaction to our acquisition of Blue Buffalo by customers, competitors, suppliers, and employees; changes in capital structure; changes in the legal and regulatory environment, including tax legislation, 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 saving 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. 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