General Mills' Fiscal Year Profits Rise

NEW YORK - Jun 25/08 - SNS -- General Mills reported net earnings of U.S. $185.2 million on sales of $3,471.1 million during the fourth quarter ending May 25, compared to a net of $224.1 million on sales of $3,060.9 million during the same three month period last year.

This lifted net earnings for the entire fiscal year to $2,294.7 million on sales of $13,652.1 million, compared to a net of $1,143.9 million on sales of $12,441.5 million during the previous 12 month period.

The company said volume (measured in pounds) contributed 3 points of sales growth. Segment operating profits grew 6% to $2.4 billion despite higher input costs and a 13% increase in consumer marketing expense.

During the fourth quarter, volume contributed 3 points of sales growth, pricing and mix added 8 points, and foreign currency exchange accounted for 2 points of growth. Segment operating profits of $517 million rose 5%, despite higher input costs and a 20% increase in consumer marketing expense in the quarter.

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