MINNEAPOLIS, June 28, 2017 /PRNewswire/ -- General Mills
(NYSE: GIS) today reported results for the fourth quarter and full
fiscal year ended May 28, 2017.
"Our fourth-quarter results finished in line with our
expectations, with improved organic net sales trends in total and
across three of our four operating segments," said General Mills
Chief Executive Officer Jeff
Harmening. "While we took important steps in fiscal
2017 to globalize our business structure, accelerate our
cost-savings efforts, expand our margins, and drive growth in
adjusted diluted EPS, our results on the topline fell well short of
our standards. Our entire organization is moving with urgency
in fiscal 2018 to meaningfully improve our net sales trends while
keeping a sharp eye on our efficiency."
General Mills is committed to pursuing its strategy of Consumer
First and leveraging its five global platforms – cereal, snacks,
yogurt, convenient meals, and super-premium ice cream – along with
its new global organizational structure to create market-leading
growth. The company believes that generating a balance of
topline growth and margin expansion, while maintaining disciplined
focus on cash conversion and cash returns, is critical to
delivering top-tier shareholder returns.
Fourth Quarter Results Summary
- Reported net sales declined 3 percent to $3.81 billion. Organic net sales also declined 3
percent, primarily reflecting volume reductions in the North
America Retail and Europe &
Australia segments, which were
partially offset by benefits from positive net price realization
and mix.
- Gross margin decreased 40 basis points to 34.7 percent
of net sales, reflecting unfavorable commodity mark-to-market
effects offsetting benefits from cost-savings initiatives. Adjusted
gross margin, which excludes certain items affecting comparability,
increased 70 basis points to 35.1 percent, driven by cost-savings
efforts more than offsetting the impact of volume deleverage and
modest input cost inflation.
- Operating profit totaled $609
million, up 14 percent from last year due to a year-ago loss
on the Venezuela and Argentina foodservice business divestitures,
as well as lower selling, general, and administrative (SG&A)
expenses this year. Operating profit margin of 16.0 percent
increased 250 basis points. Adjusted operating profit margin
increased 220 basis points to 16.8 percent, primarily reflecting
higher adjusted gross margins, benefits from cost-savings
initiatives, and a 17 percent decline in advertising and media
expense.
- Total segment operating profit of $673 million was up 4 percent in constant
currency.
- Net earnings attributable to General Mills totaled
$409 million. Diluted EPS of
$0.69 increased 11 percent, driven by
higher net earnings and 4 percent fewer average diluted shares
outstanding.
- Adjusted diluted EPS, which excludes certain items
affecting comparability of results, totaled $0.73 in the fourth quarter, up 11 percent from
the prior year. Constant-currency adjusted diluted EPS increased 14
percent.
Full Year Results Summary
- Reported net sales declined 6 percent to $15.62 billion and organic net sales declined 4
percent.
- Gross margin increased 40 basis points to 35.6 percent
of net sales. Adjusted gross margin increased 50 basis points to
36.1 percent.
- Operating profit totaled $2.57
billion, down 5 percent from the prior year. Operating
profit margin of 16.4 percent was up 10 basis points. Adjusted
operating profit margin increased 130 basis points to 18.1
percent.
- Total segment operating profit of $2.95 billion was down 1 percent in constant
currency.
- Net earnings attributable to General Mills totaled
$1.66 billion. Diluted EPS of
$2.77 essentially matched year-ago
levels.
- Adjusted diluted EPS increased 5 percent to $3.08. Constant-currency adjusted diluted EPS
were up 6 percent.
Operating Segment Results
Components of
Fiscal 2017 Reported Net Sales Growth
|
Fourth
Quarter
|
Volume
|
Price/Mix
|
Foreign
Exchange
|
Reported
Net Sales
|
North America
Retail
|
(7) pts
|
4 pts
|
--
|
(3)%
|
Convenience Stores
& Foodservice
|
2 pts
|
(2) pts
|
--
|
Flat
|
Europe &
Australia
|
(16) pts
|
7 pts
|
(5) pts
|
(14)%
|
Asia & Latin
America
|
1 pt
|
6 pts
|
3 pts
|
10%
|
Total
|
(6) pts
|
3 pts
|
--
|
(3)%
|
Full
Year
|
|
|
|
|
North America
Retail
|
(11) pts
|
4 pts
|
--
|
(7)%
|
Convenience Stores
& Foodservice
|
--
|
(3) pts
|
--
|
(3)%
|
Europe &
Australia
|
(7) pts
|
3 pts
|
(5) pts
|
(9)%
|
Asia & Latin
America
|
--
|
1 pt
|
--
|
1%
|
Total
|
(8) pts
|
3 pts
|
(1) pt
|
(6)%
|
Components of
Fiscal 2017 Organic Net Sales Growth
|
Fourth
Quarter
|
Organic
Volume
|
Organic
Price/Mix
|
Organic
Net Sales
|
Foreign
Exchange
|
Acquisitions
&
Divestitures
|
Reported
Net Sales
|
North America
Retail
|
(8) pts
|
4 pts
|
(4)%
|
--
|
1 pt
|
(3)%
|
Convenience Stores
& Foodservice
|
2 pts
|
(2) pts
|
Flat
|
--
|
--
|
Flat
|
Europe &
Australia
|
(16) pts
|
7 pts
|
(9)%
|
(5) pts
|
--
|
(14)%
|
Asia & Latin
America
|
2 pts
|
6 pts
|
8%
|
3 pts
|
(1) pt
|
10%
|
Total
|
(7) pts
|
4 pts
|
(3)%
|
--
|
--
|
(3)%
|
Full
Year
|
|
|
|
|
|
|
North America
Retail
|
(9) pts
|
4 pts
|
(5)%
|
--
|
(2) pts
|
(7)%
|
Convenience Stores
& Foodservice
|
--
|
(3) pts
|
(3)%
|
--
|
--
|
(3)%
|
Europe &
Australia
|
(7) pts
|
3 pts
|
(4)%
|
(5) pts
|
--
|
(9)%
|
Asia & Latin
America
|
(2) pts
|
5 pts
|
3%
|
--
|
(2) pts
|
1%
|
Total
|
(7) pts
|
3 pts
|
(4)%
|
(1) pt
|
(1) pt
|
(6)%
|
Fiscal 2017
Segment Operating Profit Growth
|
Fourth
Quarter
|
% Change as
Reported
|
% Change in
Constant Currency
|
North America
Retail
|
9%
|
9%
|
Convenience Stores
& Foodservice
|
Flat
|
Flat
|
Europe &
Australia
|
(34)%
|
(26)%
|
Asia & Latin
America
|
(17)%
|
(23)%
|
Total
|
3%
|
4%
|
Full
Year
|
|
|
North America
Retail
|
(2)%
|
(2)%
|
Convenience Stores
& Foodservice
|
6%
|
6%
|
Europe &
Australia
|
(18)%
|
(9)%
|
Asia & Latin
America
|
21%
|
20%
|
Total
|
(2)%
|
(1)%
|
North America Retail Segment
Fourth-quarter net sales for General Mills' North America Retail
segment totaled $2.39 billion, down 3
percent from the prior year, driven primarily by double-digit
declines in the U.S. Yogurt operating unit, partially offset by
growth in the U.S. Snacks unit. Organic net sales declined 4
percent. Segment operating profit of $508 million increased 9 percent due primarily to
benefits from net price realization and lower advertising and media
expense.
For the full year, North America Retail segment net sales were
down 7 percent to $10.20 billion,
driven largely by declines in the U.S. Meals & Baking operating
unit, including the impact of the Green Giant divestiture in fiscal
2016, as well as the U.S. Yogurt unit. Organic net sales
declined 5 percent. Segment operating profit totaled
$2.30 billion, down 2 percent from
the prior year driven by the Green Giant divestiture. The
profit impact of other volume declines was offset by benefits from
cost-savings initiatives, favorable net price realization, and a
decrease in SG&A expense.
Convenience Stores & Foodservice Segment
Fourth-quarter net sales for General Mills' Convenience Stores
& Foodservice segment were essentially flat to year-ago levels
at $488 million, with growth for the
Focus 6 platforms, including cereal, yogurt, and biscuits,
offsetting declines on other frozen dough products. Organic
net sales were also flat to last year. Segment operating
profit of $106 million essentially
matched year-ago levels.
For the full year, Convenience Stores & Foodservice segment
net sales declined 3 percent to $1.87
billion, primarily driven by market index pricing on bakery
flour and declines on certain frozen dough products, partially
offset by growth for the Focus 6 platforms, including cereal,
yogurt, and biscuits. Organic net sales also declined 3
percent. Segment operating profit of $401 million was up 6 percent from the prior year
due primarily to lower input costs and benefits from cost-savings
initiatives.
Europe & Australia
Segment
Fourth-quarter net sales for General Mills' Europe & Australia segment totaled $487 million, down 14 percent from the prior year
driven by the comparison to the year-ago period that included an
extra month of results for Yoplait Europe as we aligned the
business's calendar to our fiscal year end, as well as unfavorable
foreign currency exchange. Organic net sales declined 9
percent. Excluding the reporting period difference, organic
net sales increased low single digits in the quarter, led by growth
in Häagen-Dazs ice cream and Nature Valley and
Fiber One snacks. Segment operating profit of
$37 million decreased 34 percent as
reported and 26 percent in constant currency, reflecting the
reporting period difference as well as input cost inflation,
including currency-driven inflation on products imported into the
U.K., which were partially offset by benefits from cost-savings
initiatives.
For the full year, Europe &
Australia segment net sales
declined 9 percent to $1.82 billion,
reflecting unfavorable foreign currency exchange and declines on
Yoplait yogurt, including the reporting period
difference. These were partially offset by growth in
Häagen-Dazs ice cream, Old El
Paso Mexican products, and Nature Valley
snacks. Organic net sales declined 4 percent. Segment
operating profit of $164 million was
down 18 percent due to unfavorable foreign currency exchange, the
reporting period difference, and input cost inflation, which were
partially offset by benefits from cost-savings initiatives.
On a constant-currency basis, segment operating profit declined 9
percent.
Asia & Latin America
Segment
Fourth-quarter net sales for General Mills' Asia & Latin
America segment totaled $440
million, up 10 percent from the prior year due to an extra
month of results reported for Brazil as we aligned the market's calendar to
our fiscal year end, as well as favorable foreign currency
exchange. Organic net sales increased 8 percent.
Excluding the reporting period difference, organic net sales
declined low single digits. Segment operating profit
decreased to $22 million from
$27 million a year ago, reflecting
higher SG&A expense.
For the full year, Asia &
Latin America segment net sales
increased 1 percent to $1.73 billion,
due to growth on Häagen-Dazs ice cream, our China business, and the reporting period
difference, partially offset by the net impact of divestitures and
acquisitions in fiscal 2016. Organic net sales increased 3
percent. Segment operating profit totaled $84 million, up 21 percent as reported and up 20
percent in constant currency.
Joint Venture Summary
Fourth-quarter net sales for Cereal Partners Worldwide (CPW)
grew 2 percent in constant currency, and constant-currency net
sales for Häagen-Dazs Japan (HDJ) increased 21 percent.
Combined after-tax earnings from joint ventures totaled
$20 million in the fourth quarter,
down 15 percent from year-ago levels that increased 29
percent. On a constant-currency basis, after-tax earnings
from joint ventures declined 13 percent.
For the full-year, constant-currency net sales increased 3
percent for CPW and 8 percent for HDJ. Full-year after-tax
joint-venture earnings decreased to $85
million from $88 million a
year ago, reflecting unfavorable foreign currency and an asset
write-off for CPW, partially offset by volume growth for HDJ.
On a constant-currency basis, full-year after-tax earnings from
joint ventures declined 6 percent.
Other Income Statement Items
Unallocated corporate items totaled $190
million net expense in 2017, compared to $289 million net expense in 2016. Excluding
mark-to-market valuation effects and other items affecting
comparability, unallocated corporate items totaled $118 million net expense this year compared to
$216 million net expense a year
ago.
Restructuring, impairment, and other exit costs totaled
$183 million in 2017 compared to
$151 million in 2016. An
additional $85 million of
restructuring and project-related charges were recorded in cost of
sales this year compared to $136
million a year ago (please see Note 4 below for more
information on these charges).
Net interest expense in 2017 totaled $295
million, a decrease of 3 percent from year-ago levels.
The effective tax rate for 2017 was 28.8 percent, compared to 31.4
percent last year (please see Note 7 below for more information
on our effective tax rate). Excluding items affecting
comparability, the adjusted effective tax rate was 29.2 percent in
2017, compared to 29.8 percent in 2016.
Cash Flow Generation and Cash Returns
Fiscal 2017 cash provided by operating activities totaled
$2.31 billion, down 12 percent from
the prior year due to changes in income taxes payable, lower
incentive accruals, and changes in trade and advertising accruals
driven by reduced spending. Capital investments totaled
$684 million in fiscal 2017.
Dividends paid increased 6 percent to $1.14 billion. General Mills repurchased
approximately 25 million shares of common stock in fiscal 2017 for
a total of $1.65 billion.
Average diluted shares outstanding declined 2 percent in fiscal
2017 to 598 million.
Dividend Increase
The General Mills Board of
Directors declared a quarterly dividend of $0.49 per share, payable August 1, 2017, to shareholders of record
July 10, 2017. This represents
an increase of 2 percent from the previous quarterly rate of
$0.48 per share, and marks the
thirteenth increase in the quarterly dividend rate in the last ten
years.
Outlook
"We remain committed to our Consumer First strategy and our
focus on driving growth and returns for our shareholders,"
Harmening said. "Our top priority in fiscal 2018 is to make
significant strides toward returning our business to sustainable
topline growth. Our plans call for investment in product news
and innovation to accelerate growth for businesses where we have
positive momentum, and to improve those that are
underperforming. We'll also increase investment in
capabilities like e-commerce and Strategic Revenue Management,
which are critical to future growth. And we'll maintain our
cost management discipline, with strong levels of savings from
Holistic Margin Management and additional benefits from our other
cost-reduction initiatives.
"This cost management discipline has helped us significantly
expand our operating margin over the past two years," Harmening
continued. "We continue to see opportunities for further
margin expansion, including an increase in adjusted operating
profit margin in fiscal 2018, but we will moderate the pace of
expansion as we invest to restore topline growth. Looking
forward, we're focused on delivering a balance of sales growth and
margin expansion, along with strong cash conversion and cash
returns, to create top-tier returns for our shareholders."
General Mills outlined its key full-year fiscal 2018
targets:
- Organic net sales are expected to decline 1 to 2
percent.
- Constant-currency total segment operating profit is
expected to be in a range between flat and up 1 percent.
- Adjusted operating profit margin is expected to be above
year-ago levels.
- Constant-currency adjusted diluted EPS is expected to
increase 1 to 2 percent from the base of $3.08 earned in fiscal 2017. The company
estimates a 1 cent headwind from
currency translation on full-year fiscal 2018 adjusted diluted
EPS.
General Mills will hold a briefing for investors today,
June 28, 2017, beginning at
8:30 a.m. Eastern time. You can
access the webcast from General Mills' internet home page:
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, including the statements under the
caption "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. 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 statement to reflect any future
events or circumstances.
Consolidated
Statements of Earnings and Supplementary Information
|
GENERAL MILLS, INC.
AND SUBSIDIARIES
|
(In Millions, Except
per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Year
|
|
2017
|
|
%
Change
|
|
|
2016
|
|
%
Change
|
|
|
2015
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
15,619.8
|
|
(5.7%)
|
|
$
|
16,563.1
|
|
(6.1%)
|
|
$
|
17,630.3
|
Cost of
sales
|
|
10,056.0
|
|
(6.3%)
|
|
|
10,733.6
|
|
(8.1%)
|
|
|
11,681.1
|
Selling,
general, and administrative expenses
|
|
2,801.3
|
|
(10.2%)
|
|
|
3,118.9
|
|
(6.3%)
|
|
|
3,328.0
|
Divestitures
loss (gain)
|
|
13.5
|
|
NM
|
|
|
(148.2)
|
|
NM
|
|
|
-
|
Restructuring,
impairment, and other
exit
costs
|
|
182.6
|
|
NM
|
|
|
151.4
|
|
NM
|
|
|
543.9
|
Operating
profit
|
|
2,566.4
|
|
(5.2%)
|
|
|
2,707.4
|
|
30.3 %
|
|
|
2,077.3
|
Interest,
net
|
|
295.1
|
|
(2.9%)
|
|
|
303.8
|
|
(3.7%)
|
|
|
315.4
|
Earnings before
income taxes and after-tax
earnings from
joint ventures
|
|
2,271.3
|
|
(5.5%)
|
|
|
2,403.6
|
|
36.4 %
|
|
|
1,761.9
|
Income
taxes
|
|
655.2
|
|
(13.2%)
|
|
|
755.2
|
|
28.7 %
|
|
|
586.8
|
After-tax earnings
from joint ventures
|
|
85.0
|
|
(3.8%)
|
|
|
88.4
|
|
4.9 %
|
|
|
84.3
|
Net earnings,
including earnings attributable
to redeemable
and noncontrolling interests
|
|
1,701.1
|
|
(2.1%)
|
|
|
1,736.8
|
|
37.9 %
|
|
|
1,259.4
|
Net earnings
attributable to redeemable
and
noncontrolling interests
|
|
43.6
|
|
10.7 %
|
|
|
39.4
|
|
3.4 %
|
|
|
38.1
|
Net earnings
attributable to General Mills
|
$
|
1,657.5
|
|
(2.4%)
|
|
$
|
1,697.4
|
|
39.0 %
|
|
$
|
1,221.3
|
Earnings per share -
basic
|
$
|
2.82
|
|
(0.4%)
|
|
$
|
2.83
|
|
40.1 %
|
|
$
|
2.02
|
Earnings per share -
diluted
|
$
|
2.77
|
|
NM
|
|
$
|
2.77
|
|
40.6 %
|
|
$
|
1.97
|
Dividends per
share
|
$
|
1.92
|
|
7.9 %
|
|
$
|
1.78
|
|
6.6 %
|
|
$
|
1.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Year
|
Comparisons as a % of
net sales:
|
|
2017
|
|
Basis Pt
Change
|
|
|
2016
|
|
Basis Pt
Change
|
|
|
2015
|
Gross
margin
|
|
35.6
%
|
|
40
|
|
|
35.2 %
|
|
150
|
|
|
33.7 %
|
Selling,
general, and administrative expenses
|
|
17.9
%
|
|
(90)
|
|
|
18.8 %
|
|
(10)
|
|
|
18.9 %
|
Operating
profit
|
|
16.4
%
|
|
10
|
|
|
16.3 %
|
|
450
|
|
|
11.8 %
|
Net earnings
attributable to General Mills
|
|
10.6
%
|
|
40
|
|
|
10.2 %
|
|
330
|
|
|
6.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Year
|
Comparisons as a % of
net sales excluding
certain items
affecting comparability (a):
|
|
2017
|
|
Basis Pt
Change
|
|
|
2016
|
|
Basis Pt
Change
|
|
|
2015
|
Adjusted gross
margin
|
|
36.1
%
|
|
50
|
|
|
35.6 %
|
|
90
|
|
|
34.7 %
|
Adjusted
operating profit
|
|
18.1
%
|
|
130
|
|
|
16.8 %
|
|
90
|
|
|
15.9 %
|
Adjusted net
earnings attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
General
Mills
|
|
11.8
%
|
|
100
|
|
|
10.8 %
|
|
80
|
|
|
10.0 %
|
|
(1) See Note 8
for a reconciliation of these measures not defined by generally
accepted accounting principles (GAAP).
|
See accompanying
notes to the consolidated financial statements.
|
Consolidated
Statements of Earnings and Supplementary Information
|
GENERAL MILLS, INC.
AND SUBSIDIARIES
|
(Unaudited) (In
Millions, Except per Share Data)
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
May 28,
2017
|
|
|
May 29,
2016
|
|
%
Change
|
Net sales
|
$
|
3,806.6
|
|
$
|
3,927.9
|
|
(3.1%)
|
Cost of
sales
|
|
2,486.9
|
|
|
2,551.1
|
|
(2.5%)
|
Selling,
general, and administrative expenses
|
|
693.4
|
|
|
779.2
|
|
(11.0%)
|
Divestitures
loss
|
|
-
|
|
|
52.4
|
|
NM
|
Restructuring,
impairment, and other
exit
costs
|
|
17.1
|
|
|
13.1
|
|
NM
|
Operating
profit
|
|
609.2
|
|
|
532.1
|
|
14.5 %
|
Interest,
net
|
|
69.3
|
|
|
77.5
|
|
(10.6%)
|
Earnings before
income taxes and after-tax
earnings from
joint ventures
|
|
539.9
|
|
|
454.6
|
|
18.8 %
|
Income
taxes
|
|
144.2
|
|
|
87.5
|
|
64.8 %
|
After-tax earnings
from joint ventures
|
|
19.9
|
|
|
23.3
|
|
(14.6%)
|
Net earnings,
including earnings attributable
to redeemable
and noncontrolling interests
|
|
415.6
|
|
|
390.4
|
|
6.5 %
|
Net earnings
attributable to redeemable
and
noncontrolling interests
|
|
6.7
|
|
|
10.8
|
|
(38.0%)
|
Net earnings
attributable to General Mills
|
$
|
408.9
|
|
$
|
379.6
|
|
7.7 %
|
Earnings per share -
basic
|
$
|
0.70
|
|
$
|
0.63
|
|
11.1 %
|
Earnings per share -
diluted
|
$
|
0.69
|
|
$
|
0.62
|
|
11.3 %
|
Dividends per
share
|
$
|
0.48
|
|
$
|
0.46
|
|
4.3 %
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Comparisons as a % of
net sales:
|
|
May 28,
2017
|
|
|
May 29,
2016
|
|
Basis Pt
Change
|
Gross
margin
|
|
34.7 %
|
|
|
35.1 %
|
|
(40)
|
Selling,
general, and administrative expenses
|
|
18.2 %
|
|
|
19.8 %
|
|
(160)
|
Operating
profit
|
|
16.0 %
|
|
|
13.5 %
|
|
250
|
Net earnings
attributable to General Mills
|
|
10.7 %
|
|
|
9.7 %
|
|
100
|
|
|
Quarter
Ended
|
Comparisons as a % of
net sales excluding
certain items
affecting comparability (a):
|
|
May
28, 2017
|
|
|
May 29,
2016
|
|
Basis Pt
Change
|
Adjusted gross
margin
|
|
35.1 %
|
|
|
34.4 %
|
|
70
|
Adjusted
operating profit
|
|
16.8 %
|
|
|
14.6 %
|
|
220
|
Adjusted net
earnings attributable to General Mills
|
|
11.3 %
|
|
|
10.2 %
|
|
110
|
|
(a) See Note 8
for a reconciliation of these measures not defined by
GAAP.
|
See accompanying
notes to the consolidated financial statements.
|
Operating Segment
Results and Supplementary Information
|
|
GENERAL MILLS, INC.
AND SUBSIDIARIES
|
|
(In
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Year
|
|
|
|
2017
|
|
%
Change
|
|
|
|
2016
|
|
%
Change
|
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
Retail
|
$
|
10,196.9
|
|
(6.8)
|
%
|
|
$
|
10,936.6
|
|
(5.8)
|
%
|
|
$
|
11,612.1
|
|
Convenience
Stores & Foodservice
|
|
1,870.0
|
|
(2.8)
|
%
|
|
|
1,923.8
|
|
(3.6)
|
%
|
|
|
1,995.1
|
|
Europe &
Australia
|
|
1,824.5
|
|
(8.7)
|
%
|
|
|
1,998.0
|
|
(6.0)
|
%
|
|
|
2,126.5
|
|
Asia &
Latin America
|
|
1,728.4
|
|
1.4
|
%
|
|
|
1,704.7
|
|
(10.1)
|
%
|
|
|
1,896.6
|
|
Total
|
$
|
15,619.8
|
|
(5.7)
|
%
|
|
$
|
16,563.1
|
|
(6.1)
|
%
|
|
$
|
17,630.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
Retail
|
$
|
2,303.6
|
|
(2.0)
|
%
|
|
$
|
2,351.2
|
|
(1.3)
|
%
|
|
$
|
2,382.7
|
|
Convenience
Stores & Foodservice
|
|
401.2
|
|
5.9
|
%
|
|
|
378.9
|
|
7.3
|
%
|
|
|
353.1
|
|
Europe &
Australia
|
|
164.2
|
|
(18.0)
|
%
|
|
|
200.3
|
|
11.6
|
%
|
|
|
179.4
|
|
Asia &
Latin America
|
|
83.6
|
|
21.0
|
%
|
|
|
69.1
|
|
(42.3)
|
%
|
|
|
119.8
|
|
Total segment
operating profit
|
|
2,952.6
|
|
(1.6)
|
%
|
|
|
2,999.5
|
|
(1.2)
|
%
|
|
|
3,035.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated corporate
items
|
|
190.1
|
|
(34.2)
|
%
|
|
|
288.9
|
|
(30.2)
|
%
|
|
|
413.8
|
|
Divestitures loss
(gain)
|
|
13.5
|
|
NM
|
|
|
|
(148.2)
|
|
NM
|
|
|
|
-
|
|
Restructuring,
impairment,
and other exit
costs
|
|
182.6
|
|
NM
|
|
|
|
151.4
|
|
NM
|
|
|
|
543.9
|
|
Operating
profit
|
$
|
2,566.4
|
|
(5.2)
|
%
|
|
$
|
2,707.4
|
|
30.3
|
%
|
|
$
|
2,077.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying
notes to consolidated financial statements.
|
|
|
|
|
|
|
|
|
Operating Segment
Results and Supplementary Information
|
|
GENERAL MILLS, INC.
AND SUBSIDIARIES
|
|
(Unaudited) (In
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
May 28,
2017
|
|
|
May 29,
2016
|
|
%
Change
|
|
Net sales:
|
|
|
|
|
|
|
|
|
North America
Retail
|
$
|
2,392.1
|
|
$
|
2,475.9
|
|
(3.4)
|
%
|
Convenience
Stores & Foodservice
|
|
487.7
|
|
|
486.6
|
|
0.2
|
%
|
Europe &
Australia
|
|
486.5
|
|
|
566.7
|
|
(14.2)
|
%
|
Asia &
Latin America
|
|
440.3
|
|
|
398.7
|
|
10.4
|
%
|
Total
|
$
|
3,806.6
|
|
$
|
3,927.9
|
|
(3.1)
|
%
|
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
|
North America
Retail
|
$
|
507.7
|
|
$
|
465.2
|
|
9.1
|
%
|
Convenience
Stores & Foodservice
|
|
105.8
|
|
|
105.7
|
|
0.1
|
%
|
Europe &
Australia
|
|
37.0
|
|
|
56.4
|
|
(34.4)
|
%
|
Asia &
Latin America
|
|
22.3
|
|
|
26.9
|
|
(17.1)
|
%
|
Total segment
operating profit
|
|
672.8
|
|
|
654.2
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
Unallocated corporate
items
|
|
46.5
|
|
|
56.6
|
|
(17.8)
|
%
|
Divestitures
loss
|
|
-
|
|
|
52.4
|
|
NM
|
|
Restructuring,
impairment, and other exit costs
|
|
17.1
|
|
|
13.1
|
|
NM
|
|
Operating
profit
|
$
|
609.2
|
|
$
|
532.1
|
|
14.5
|
%
|
|
|
|
|
|
|
|
|
|
See accompanying
notes to consolidated financial statements.
|
|
Consolidated
Balance Sheets
|
GENERAL MILLS, INC.
AND SUBSIDIARIES
|
(In Millions, Except
Par Value)
|
|
|
|
|
|
|
|
|
|
|
May 28,
2017
|
|
|
May 29,
2016
|
|
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
$
|
766.1
|
|
$
|
763.7
|
Receivables
|
|
|
1,430.1
|
|
|
1,360.8
|
Inventories
|
|
|
1,483.6
|
|
|
1,413.7
|
Prepaid
expenses and other current assets
|
|
|
381.6
|
|
|
399.0
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
4,061.4
|
|
|
3,937.2
|
|
|
|
|
|
|
|
Land, buildings, and
equipment
|
|
|
3,687.7
|
|
|
3,743.6
|
Goodwill
|
|
|
8,747.2
|
|
|
8,741.2
|
Other intangible
assets
|
|
|
4,530.4
|
|
|
4,538.6
|
Other
assets
|
|
|
785.9
|
|
|
751.7
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
21,812.6
|
|
$
|
21,712.3
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
2,119.8
|
|
$
|
2,046.5
|
Current
portion of long-term debt
|
|
|
604.7
|
|
|
1,103.4
|
Notes
payable
|
|
|
1,234.1
|
|
|
269.8
|
Other
current liabilities
|
|
|
1,372.2
|
|
|
1,595.0
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
5,330.8
|
|
|
5,014.7
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
7,642.9
|
|
|
7,057.7
|
Deferred income
taxes
|
|
|
1,719.4
|
|
|
1,399.6
|
Other
liabilities
|
|
|
1,523.1
|
|
|
2,087.6
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
16,216.2
|
|
|
15,559.6
|
|
|
|
|
|
|
|
Redeemable
interest
|
|
|
910.9
|
|
|
845.6
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock, 754.6 shares issued, $0.10 par value
|
|
|
75.5
|
|
|
75.5
|
Additional paid-in capital
|
|
|
1,120.9
|
|
|
1,177.0
|
Retained
earnings
|
|
|
13,138.9
|
|
|
12,616.5
|
Common
stock in treasury, at cost, shares of 177.7 and
157.8
|
|
|
(7,762.9)
|
|
|
(6,326.6)
|
Accumulated other comprehensive loss
|
|
|
(2,244.5)
|
|
|
(2,612.2)
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
|
4,327.9
|
|
|
4,930.2
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
|
357.6
|
|
|
376.9
|
|
|
|
|
|
|
|
Total
equity
|
|
|
4,685.5
|
|
|
5,307.1
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
$
|
21,812.6
|
|
$
|
21,712.3
|
|
|
|
|
|
|
|
See accompanying
notes to consolidated financial statements.
|
|
|
|
Consolidated
Statements of Cash Flows
|
GENERAL MILLS, INC.
AND SUBSIDIARIES
|
(In
Millions)
|
|
Fiscal
Year
|
|
|
2017
|
|
|
2016
|
|
|
(Unaudited)
|
|
|
|
Cash Flows -
Operating Activities
|
|
|
|
|
|
Net
earnings, including earnings attributable to redeemable and
noncontrolling interests
|
$
|
1,701.1
|
|
$
|
1,736.8
|
Adjustments to reconcile net earnings to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
603.6
|
|
|
608.1
|
After-tax earnings from joint ventures
|
|
(85.0)
|
|
|
(88.4)
|
Distributions of earnings from joint ventures
|
|
75.6
|
|
|
75.1
|
Stock-based compensation
|
|
95.7
|
|
|
89.8
|
Deferred income taxes
|
|
183.9
|
|
|
120.6
|
Tax
benefit on exercised options
|
|
(64.1)
|
|
|
(94.1)
|
Pension and other postretirement benefit plan
contributions
|
|
(45.4)
|
|
|
(47.8)
|
Pension and other postretirement benefit plan costs
|
|
35.7
|
|
|
118.1
|
Divestitures loss (gain)
|
|
13.5
|
|
|
(148.2)
|
Restructuring, impairment, and other exit costs
|
|
117.0
|
|
|
107.2
|
Changes in current assets and liabilities, excluding the
effects
of acquisitions and divestitures
|
|
(232.0)
|
|
|
258.2
|
Other, net
|
|
(86.3)
|
|
|
(105.6)
|
Net cash provided by operating activities
|
|
2,313.3
|
|
|
2,629.8
|
Cash Flows -
Investing Activities
|
|
|
|
|
|
Purchases of land, buildings, and equipment
|
|
(684.4)
|
|
|
(729.3)
|
Acquisitions, net of cash acquired
|
|
-
|
|
|
(84.0)
|
Investments in affiliates, net
|
|
3.3
|
|
|
63.9
|
Proceeds
from disposal of land, buildings, and equipment
|
|
4.2
|
|
|
4.4
|
Proceeds
from divestitures
|
|
17.5
|
|
|
828.5
|
Exchangeable note
|
|
13.0
|
|
|
21.1
|
Other,
net
|
|
(0.5)
|
|
|
(11.2)
|
Net cash provided (used) by investing activities
|
|
(646.9)
|
|
|
93.4
|
Cash Flows -
Financing Activities
|
|
|
|
|
|
Change
in notes payable
|
|
962.4
|
|
|
(323.8)
|
Issuance
of long-term debt
|
|
1,072.1
|
|
|
542.5
|
Payment
of long-term debt
|
|
(1,000.0)
|
|
|
(1,000.4)
|
Proceeds
from common stock issued on exercised options
|
|
112.6
|
|
|
171.9
|
Tax
benefit on exercised options
|
|
64.1
|
|
|
94.1
|
Purchases of common stock for treasury
|
|
(1,651.5)
|
|
|
(606.7)
|
Dividends paid
|
|
(1,135.1)
|
|
|
(1,071.7)
|
Distributions to noncontrolling and redeemable interest
holders
|
|
(61.0)
|
|
|
(84.3)
|
Other,
net
|
|
(9.1)
|
|
|
(7.2)
|
Net cash used by financing activities
|
|
(1,645.5)
|
|
|
(2,285.6)
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(18.5)
|
|
|
(8.1)
|
Increase in cash and
cash equivalents
|
|
2.4
|
|
|
429.5
|
Cash and cash
equivalents - beginning of year
|
|
763.7
|
|
|
334.2
|
Cash and cash
equivalents - end of year
|
$
|
766.1
|
|
$
|
763.7
|
Cash Flow from
Changes in Current Assets and Liabilities,
excluding the
effects of acquisitions and divestitures:
|
|
|
|
|
|
Receivables
|
$
|
(69.2)
|
|
$
|
(6.9)
|
Inventories
|
|
(61.5)
|
|
|
(146.1)
|
Prepaid
expenses and other current assets
|
|
16.6
|
|
|
(0.1)
|
Accounts
payable
|
|
99.5
|
|
|
318.7
|
Other
current liabilities
|
|
(217.4)
|
|
|
92.6
|
Changes in current
assets and liabilities
|
$
|
(232.0)
|
|
$
|
258.2
|
See accompanying
notes to consolidated financial statements.
|
|
|
|
|
|
GENERAL MILLS, INC.
AND SUBSIDIARIES
|
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
|
(Unaudited)
|
|
|
|
|
(1)
|
The accompanying
Consolidated Financial Statements of General Mills, Inc. (we, us,
our, General Mills, or the Company) have been prepared in
accordance with accounting principles generally accepted in the
United States for annual and interim financial information. In the
opinion of management, all adjustments considered necessary for a
fair presentation have been included and are of a normal recurring
nature. Certain reclassifications to our previously reported
financial information have been made to conform to the current
period presentation.
|
|
|
(2)
|
In the third quarter
of fiscal 2017, we announced a new global organization structure to
streamline our leadership, enhance global scale, and drive improved
operational agility to maximize our growth capabilities. As a
result of this global reorganization, beginning in the third
quarter of fiscal 2017, we report results for our four operating
segments as follows: North America Retail; Convenience Stores &
Foodservice; Europe & Australia; and Asia & Latin America.
We have restated our net sales by segment and segment operating
profit amounts to reflect our new operating segments. These segment
changes had no effect on previously reported consolidated net
sales, operating profit, net earnings attributable to General
Mills, or earnings per share.
|
|
|
|
Our North America
Retail operating segment consists of our former U.S. Retail
operating units and our Canada region. Within our North America
Retail operating segment, our former U.S. Meals operating unit and
U.S. Baking operating unit have been combined into one operating
unit: U.S. Meals & Baking. Our Convenience Stores &
Foodservice operating segment was unchanged. Our Europe &
Australia operating segment consists of our former Europe region.
Our Asia & Latin America operating segment consists of our
former Asia/Pacific and Latin America regions.
|
|
|
(3)
|
During the second
quarter of fiscal 2017, we sold our Martel, Ohio manufacturing
facility in our Convenience Stores & Foodservice segment and
simultaneously entered into a co-packing arrangement with the
purchaser. We received $17.5 million in cash, and
recorded a pre-tax loss of $13.5 million.
|
|
|
|
During the fourth
quarter of fiscal 2016, we sold our General Mills de Venezuela CA
subsidiary to a third party and exited our business in Venezuela.
As a result of this transaction, we recorded a pre-tax loss of
$37.6 million. In addition, we sold our General Mills Argentina
S.A. foodservice business in Argentina to a third party and
recorded a pre-tax loss of $14.8 million.
|
|
|
|
During the second
quarter of fiscal 2016, we sold our North American Green Giant
product lines for $822.7 million in cash, and we recorded a pre-tax
gain of $199.1 million. We received net cash proceeds of $788.0
million after transaction-related costs. After the divestiture, we
retained a brand intangible asset of $30.1 million related to our
continued use of the Green Giant brand in certain markets outside
of North America.
|
|
|
(4)
|
We are currently
pursuing several multi-year restructuring initiatives designed to
increase our efficiency and focus our business behind our key
growth strategies. Charges related to these activities were as
follows:
|
|
|
Quarter
Ended
|
|
|
Fiscal
Year
|
In
Millions
|
May 28,
2017
|
|
May 29,
2016
|
|
2017
|
|
2016
|
Cost of
sales
|
$
|
(1.3)
|
|
$
|
17.5
|
|
$
|
41.5
|
|
$
|
78.4
|
Restructuring,
impairment, and other exit costs
|
|
17.1
|
|
|
13.1
|
|
|
182.6
|
|
|
151.4
|
Total restructuring
charges
|
|
15.8
|
|
|
30.6
|
|
|
224.1
|
|
|
229.8
|
Project-related costs
classified in cost of sales
|
$
|
7.5
|
|
$
|
18.1
|
|
$
|
43.9
|
|
$
|
57.5
|
|
In the third quarter
of fiscal 2017, we approved restructuring actions designed to
better align our organizational structure with our strategic
initiatives. This action will affect approximately 600
positions and we expect to incur approximately $75 million of net
expenses relating to these actions, all of which will be cash. We
recorded $72.1 million of restructuring charges relating to these
actions in fiscal 2017. We expect these actions to be
completed by the end of fiscal 2018.
|
|
|
|
In the second quarter
of fiscal 2017, we notified the employees and their representatives
of our decision to close our pasta manufacturing facility in
Melbourne, Australia in our Europe & Australia segment to
improve our margin structure. This action will affect
approximately 350 positions, and we expect to incur approximately
$34 million of net expenses relating to this action, of which $3
million will be cash. We recorded $21.9 million of
restructuring charges relating to this action in fiscal 2017.
We expect this action to be completed by the end of fiscal
2019.
|
|
|
|
In the first quarter
of fiscal 2017, we announced a plan to restructure certain product
lines in our Asia & Latin America segment. To eliminate
excess capacity, we closed our snacks manufacturing facility in
Marília, Brazil and ceased production operations for meals and
snacks at our facility in São Bernardo do Campo, Brazil. We also
ceased production of certain underperforming snack products at our
facility in Nanjing, China. These and other actions will affect
approximately 420 positions in our Brazilian operations and
approximately 440 positions in our Greater China operations.
We expect to incur approximately $42 million of net expenses
related to these actions, most of which will be non-cash. We
recorded $45.1 million of restructuring charges relating to these
actions in fiscal 2017. We expect these actions to be
completed by the end of fiscal 2019.
|
|
|
|
In the first quarter
of fiscal 2017, we approved a plan to close our Vineland, New
Jersey facility to eliminate excess soup capacity in our North
America Retail segment. This action will affect approximately 380
positions, and we expect to incur approximately $58 million of net
expenses related to this action, of which approximately $19 million
will be cash. We recorded $41.4 million of restructuring
charges relating to this action in fiscal 2017. We expect this
action to be completed by the end of fiscal 2019.
|
|
|
|
We made cash payments
totaling $107.8 million in fiscal 2017 and $122.6 million in fiscal
2016 relating to restructuring initiatives.
|
|
|
|
In addition to
restructuring charges, we expect to incur approximately $130
million of additional project-related costs, which will be recorded
in cost of sales, all of which will be cash. We recorded
project-related costs in cost of sales of $43.9 million in fiscal
2017 and $57.5 million in fiscal 2016.
|
|
|
|
Restructuring charges
and project-related costs are summarized as follows:
|
|
As
Reported
|
|
Estimated
|
In
Millions
|
Fiscal
2017
|
Fiscal
2016
|
Fiscal
2015
|
|
Future
|
Total
|
|
|
Charge
|
Cash
|
Charge
|
Cash
|
Charge
|
Cash
|
|
Charge
|
Cash
|
Charge
|
Cash
|
Savings
(b)
|
Global
reorganization
|
$72.1
|
$20.0
|
$-
|
$-
|
$-
|
$-
|
|
$3
|
$55
|
$75
|
$75
|
|
Closure of Melbourne,
Australia plant
|
21.9
|
1.6
|
-
|
-
|
-
|
-
|
|
12
|
1
|
34
|
3
|
|
Restructuring of
certain international product lines
|
45.1
|
10.3
|
-
|
-
|
-
|
-
|
|
(3)
|
(10)
|
42
|
-
|
|
Closure of Vineland,
New Jersey plant
|
41.4
|
7.3
|
-
|
-
|
-
|
-
|
|
17
|
12
|
58
|
19
|
|
Project
Compass
|
(0.4)
|
12.8
|
54.7
|
36.1
|
-
|
-
|
|
-
|
5
|
54
|
54
|
|
Project
Century
|
44.0
|
49.4
|
182.6
|
34.1
|
181.8
|
12.0
|
|
6
|
48
|
414
|
143
|
|
Project
Catalyst
|
-
|
1.3
|
(7.5)
|
47.8
|
148.4
|
45.0
|
|
-
|
-
|
141
|
94
|
|
Combination of
certain operational facilities
|
-
|
5.1
|
-
|
4.5
|
13.9
|
6.5
|
|
1
|
(2)
|
15
|
14
|
|
Other
|
-
|
-
|
-
|
0.1
|
(0.6)
|
0.1
|
|
-
|
-
|
-
|
-
|
|
Total restructuring
charges (a)
|
224.1
|
107.8
|
229.8
|
122.6
|
343.5
|
63.6
|
|
36
|
109
|
833
|
402
|
|
Project-related costs
classified in cost of sales
|
43.9
|
46.9
|
57.5
|
54.5
|
13.2
|
9.7
|
|
15
|
19
|
130
|
130
|
|
Restructuring charges
and project-related costs
|
$268.0
|
$154.7
|
$287.3
|
$177.1
|
$356.7
|
$73.3
|
|
$51
|
$128
|
$963
|
$532
|
|
Future cumulative
annual savings
|
|
|
|
|
|
|
|
|
|
|
|
$700
|
(a) Includes
restructuring charges recorded in cost of sales of $41.5 million in
fiscal 2017, $78.4 million in fiscal 2016 and $59.6 million in
fiscal 2015.
|
(b) Cumulative annual
savings estimated by fiscal 2018. Includes savings from SG&A
cost reduction projects.
|
(5)
|
For the fourth
quarter of fiscal 2017, unallocated corporate expense totaled $46
million compared to $56 million in the same period last year. In
the fourth quarter of fiscal 2017, we recorded a $1 million
restructuring recovery and $8 million of restructuring initiative
project-related costs compared to $18 million of restructuring
charges and $18 million of restructuring initiative project-related
costs in the prior year. We recorded a $7 million net increase in
expense related to mark-to-market valuations of certain commodity
positions and grain inventories in the fourth quarter of fiscal
2017, compared to a $60 million net decrease in expense in the
fourth quarter of fiscal 2016.
|
|
|
|
For fiscal 2017,
unallocated corporate expense totaled $190 million compared to $289
million last year. In fiscal 2017, we recorded a $14 million net
decrease in expense related to mark-to-market valuation of certain
commodity positions and grain inventories, compared to a $63
million net decrease in expense in the prior year. In addition, we
recorded $42 million of restructuring charges and $44 million of
restructuring initiative project-related costs in cost of sales in
fiscal 2017, compared to $78 million of restructuring charges and
$58 million of restructuring initiative project-related costs in
cost of sales in fiscal 2016. The decrease in unallocated corporate
expense also reflects lower incentive expense in fiscal 2017
compared to fiscal 2016.
|
|
|
(6)
|
Basic and diluted
earnings per share (EPS) were calculated as follows:
|
|
|
Quarter
Ended
|
|
Fiscal
Year
|
|
|
|
In Millions,
Except per Share Data
|
|
May 28,
2017
|
|
May 29,
2016
|
|
|
2017
|
|
2016
|
|
2015
|
|
|
|
Net earnings
attributable to General Mills
|
$
|
408.9
|
$
|
379.6
|
|
$
|
1,657.5
|
$
|
1,697.4
|
$
|
1,221.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of
common shares - basic EPS
|
|
579.0
|
|
598.4
|
|
|
587.1
|
|
598.9
|
|
603.3
|
|
|
|
Incremental share
effect from: (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
options
|
|
6.9
|
|
9.4
|
|
|
8.1
|
|
9.8
|
|
11.3
|
|
|
|
Restricted
stock units, performance share units, and other
|
|
2.9
|
|
3.4
|
|
|
2.8
|
|
3.2
|
|
4.2
|
|
|
|
Average number of
common shares - diluted EPS
|
|
588.9
|
|
611.2
|
|
|
598.0
|
|
611.9
|
|
618.8
|
|
|
|
Earnings per share -
basic
|
$
|
0.70
|
$
|
0.63
|
|
$
|
2.82
|
$
|
2.83
|
$
|
2.02
|
|
|
|
Earnings per share -
diluted
|
$
|
0.69
|
$
|
0.62
|
|
$
|
2.77
|
$
|
2.77
|
$
|
1.97
|
|
|
|
(a) Incremental
shares from stock options, restricted stock units, and performance
share units are computed by the treasury stock method.
|
(7)
|
Our consolidated
effective tax rate for fiscal 2017 was 28.8 percent compared to
31.4 percent in fiscal 2016. The 2.6 percentage point decrease was
primarily due to non-deductible expenses related to the Green Giant
divestiture in fiscal 2016.
|
|
|
(8)
|
We have included
measures in this release that are not defined by GAAP. For each of
these non-GAAP financial measures, we are providing below a
reconciliation of the differences between the non-GAAP measure and
the most directly comparable GAAP measure, an explanation of why we
believe the non-GAAP measure provides useful information to
investors and any additional purposes for which our management or
Board of Directors uses the non-GAAP measure. These non-GAAP
measures should be viewed in addition to, and not in lieu of, the
comparable GAAP measure.
|
|
|
|
We provide organic
net sales growth rates for our consolidated net sales and segment
net sales. We believe that organic net sales growth rates provide
useful information to investors because they provide transparency
to underlying performance in our net sales by excluding the effect
that foreign currency exchange rate fluctuations, as well as
acquisitions, divestitures, and a 53rd week, when
applicable, have on year-to-year comparability. A reconciliation of
these measures to reported net sales growth rates, the relevant
GAAP measures, are included in our Operating Segment Results
above.
|
|
|
|
Certain measures in
this release are presented excluding the impact of foreign currency
exchange (constant-currency). To present this information, current
period results for entities reporting in currencies other than
United States dollars are translated into United States dollars at
the average exchange rates in effect during the corresponding
period of the prior fiscal year, rather than the actual average
exchange rates in effect during the current fiscal year. 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. We believe that
these constant-currency measures provide useful information to
investors because they provide transparency to underlying
performance by excluding the effect that foreign currency exchange
rate fluctuations have on period-to-period comparability given
volatility in foreign currency exchange markets.
|
|
|
|
Our fiscal 2018
outlook for organic net sales growth, constant-currency total
segment operating profit and adjusted diluted EPS, and adjusted
operating profit margin are non-GAAP financial measures that
exclude, or have otherwise been adjusted for, items impacting
comparability, including the effect of foreign currency exchange
rate fluctuations, restructuring charges and project-related costs,
and commodity mark-to-market effects. Our fiscal 2018 outlook
for organic net sales growth also excludes the effect of
acquisitions and divestitures. We are not able to reconcile
these forward-looking non-GAAP financial measures to their most
directly comparable forward-looking GAAP financial measures without
unreasonable efforts because we are unable to predict with a
reasonable degree of certainty the actual impact of changes in
foreign currency exchange rates and commodity prices or the timing
of acquisitions, divestitures and restructuring actions throughout
fiscal 2018. The unavailable information could have a
significant impact on our fiscal 2018 GAAP financial
results.
|
|
|
|
For fiscal 2018, we
currently expect: foreign currency exchange rates (based on
blend of forward and forecasted rates and hedge positions),
acquisitions, and divestitures to have an immaterial impact on net
sales growth; foreign currency exchange rates to have an immaterial
impact on total segment operating profit and adjusted diluted EPS
growth; and total restructuring charges and project-related costs
related to actions previously announced to total approximately $45
million.
|
Diluted EPS Excluding Certain Items Affecting Comparability and
the Related Constant-currency Growth Rates
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. We believe that
this measure provides useful information to investors because it is
the profitability measure we use to evaluate earnings performance
on a comparable year-over-year basis. 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.
|
|
Quarter
Ended
|
|
|
|
Fiscal
Year
|
|
|
|
|
Per Share
Data
|
|
May 28,
2017
|
|
|
May 29,
2016
|
|
Change
|
|
2017
|
|
|
2016
|
|
Change
|
|
Diluted earnings per
share, as reported
|
$
|
0.69
|
|
$
|
0.62
|
|
11 %
|
$
|
2.77
|
|
$
|
2.77
|
|
Flat
|
|
Mark-to-market
effects (a) (d)
|
|
0.01
|
|
|
(0.06)
|
|
|
|
|
(0.01)
|
|
|
(0.07)
|
|
|
|
|
Divestitures
(gain) loss, net (b) (d)
|
|
-
|
|
|
0.04
|
|
|
|
|
0.01
|
|
|
(0.10)
|
|
|
|
|
Restructuring
costs (c) (d)
|
|
0.02
|
|
|
0.04
|
|
|
|
|
0.26
|
|
|
0.26
|
|
|
|
|
Project-related costs (c) (d)
|
|
0.01
|
|
|
0.02
|
|
|
|
|
0.05
|
|
|
0.06
|
|
|
|
|
Diluted earnings per
share, excluding
certain
items affecting comparability
|
$
|
0.73
|
|
$
|
0.66
|
|
11 %
|
$
|
3.08
|
|
$
|
2.92
|
|
5 %
|
|
Foreign currency
exchange impact
|
|
|
|
|
|
|
(3)pts
|
|
|
|
|
|
|
(1)pts
|
|
Diluted earnings per
share growth, excluding
certain
items affecting comparability, on a
constant-currency basis
|
|
|
|
|
|
|
14 %
|
|
|
|
|
|
|
6 %
|
|
(a) See Note
5.
|
|
(b) See Note
3.
|
|
(c) See Note
4.
|
|
(d) See
reconciliation of effective income tax rate excluding certain items
affecting comparability below for tax impact of
adjustment.
|
Total Segment Operating Profit
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. We believe that
this measure provides useful information to investors because it is
the profitability measure we use to evaluate segment
performance. A reconciliation of total segment operating
profit to the relevant GAAP measure, operating profit, is included
in the Statements of Operating Segment Results.
Constant-currency Total Segment Operating Profit Growth
Rates
|
|
Percentage Change
in
Total Segment Operating
Profit as Reported
|
Impact of
Foreign
Currency Exchange
|
Percentage Change
in Total
Segment Operating Profit on a
Constant-Currency Basis
|
Quarter Ended May 28,
2017
|
|
3 %
|
|
|
(1)pt
|
|
4 %
|
Fiscal Year Ended May
28, 2017
|
|
(2)%
|
|
|
(1)pt
|
|
(1)%
|
|
|
|
|
|
|
|
|
Constant-currency Operating Profit Growth Rates
|
|
Quarter Ended May
28, 2017
|
|
|
Percentage Change
in
Operating Profit as
Reported
|
Impact of
Foreign
Currency Exchange
|
Percentage Change
in Operating
Profit on Constant-Currency Basis
|
North America
Retail
|
|
9 %
|
|
|
Flat
|
|
9 %
|
Europe &
Australia
|
|
(34)
|
|
|
(8)pts
|
|
(26)
|
Asia & Latin
America
|
|
(17)%
|
|
|
6
pts
|
|
(23)%
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended
May 28, 2017
|
|
|
Percentage Change
in
Operating Profit as
Reported
|
Impact of
Foreign
Currency Exchange
|
Percentage Change
in Operating
Profit on Constant-Currency Basis
|
North America
Retail
|
|
(2)%
|
|
|
Flat
|
|
(2)%
|
Europe &
Australia
|
|
(18)
|
|
|
(9)pts
|
|
(9)
|
Asia & Latin
America
|
|
21 %
|
|
|
1
pts
|
|
20 %
|
|
|
|
|
|
|
|
|
|
Constant-currency After-tax Earnings from Joint Ventures Growth
Rates
|
|
Percentage Change
in After-tax
Earnings from Joint Ventures as Reported
|
Impact of
Foreign
Currency
Exchange
|
Percentage Change
in After-tax
Earnings from Joint Ventures on
Constant-Currency Basis
|
Quarter Ended May 28,
2017
|
|
(15)%
|
|
(2)
pt
|
|
(13) %
|
Fiscal Year Ended May
28, 2017
|
|
(4)%
|
|
2 pts
|
|
(6) %
|
Earnings Comparisons as a Percent of Net Sales Excluding Certain
Items Affecting Comparability
We believe that these measures provide useful information to
investors because they are important for assessing these measures
excluding certain items affecting comparability. 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.
|
|
Quarter
Ended
|
|
In
Millions
|
|
May 28,
2017
|
|
May 29,
2016
|
|
Comparisons as a %
of Net Sales
|
|
Value
|
|
Percent
of
Net
Sales
|
|
|
Value
|
|
Percent
of
Net
Sales
|
|
Gross margin as
reported (a)
|
$
|
1,319.7
|
|
34.7
%
|
|
$
|
1,376.8
|
|
35.1 %
|
|
Mark-to-market
effects (b)
|
|
6.8
|
|
0.2
%
|
|
|
(59.7)
|
|
(1.5)%
|
|
Restructuring
costs (d)
|
|
(1.3)
|
|
-
%
|
|
|
17.5
|
|
0.4 %
|
|
Project-related costs (d)
|
|
7.5
|
|
0.2
%
|
|
|
18.1
|
|
0.4 %
|
|
Adjusted gross
margin
|
$
|
1,332.7
|
|
35.1
%
|
|
$
|
1,352.7
|
|
34.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit as
reported
|
$
|
609.2
|
|
16.0
%
|
|
$
|
532.1
|
|
13.5 %
|
|
Mark-to-market
effects (b)
|
|
6.8
|
|
0.2
%
|
|
|
(59.7)
|
|
(1.5)%
|
|
Divestitures
loss, net (c)
|
|
-
|
|
-
%
|
|
|
52.4
|
|
1.3 %
|
|
Restructuring
costs (d)
|
|
15.8
|
|
0.4
%
|
|
|
30.6
|
|
0.9 %
|
|
Project-related costs (d)
|
|
7.5
|
|
0.2
%
|
|
|
18.1
|
|
0.4 %
|
|
Adjusted operating
profit
|
$
|
639.3
|
|
16.8
%
|
|
$
|
573.5
|
|
14.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to General Mills as reported
|
$
|
408.9
|
|
10.8
%
|
|
$
|
379.6
|
|
9.7 %
|
|
Mark-to-market
effects, net of tax (b) (e)
|
|
4.2
|
|
0.1
%
|
|
|
(37.6)
|
|
(1.0)%
|
|
Divestitures
loss, net of tax (c) (e)
|
|
-
|
|
-
%
|
|
|
23.6
|
|
0.6 %
|
|
Restructuring
costs, net of tax (d) (e)
|
|
12.3
|
|
0.3
%
|
|
|
23.7
|
|
0.6 %
|
|
Project-related costs, net of tax (d) (e)
|
|
4.9
|
|
0.1
%
|
|
|
12.0
|
|
0.3 %
|
|
Adjusted net earnings
attributable to General Mills
|
$
|
430.3
|
|
11.3
%
|
|
$
|
401.3
|
|
10.2 %
|
|
(a) Net sales
less cost of sales.
|
|
(b) See Note
5.
|
|
(c) See Note
3.
|
|
(d) See Note
4.
|
|
(e) See
reconciliation of effective income tax rate excluding certain items
affecting comparability below for tax impact of
adjustment.
|
|
|
Fiscal
Year
|
|
In
Millions
|
|
2017
|
|
2016
|
|
2015
|
|
Comparisons as a %
of Net Sales
|
|
Value
|
|
Percent
of
Net
Sales
|
|
|
Value
|
|
Percent
of
Net
Sales
|
|
|
Value
|
|
Percent
of
Net
Sales
|
|
Gross margin as
reported (a)
|
$
|
5,563.8
|
|
35.6
%
|
|
$
|
5,829.5
|
|
35.2 %
|
|
$
|
5,949.2
|
|
33.7 %
|
|
Mark-to-market
effects (b)
|
|
(13.9)
|
|
(0.1)%
|
|
|
(62.8)
|
|
(0.4)%
|
|
|
89.7
|
|
0.5 %
|
|
Venezuela
currency devaluation (e)
|
|
-
|
|
-
%
|
|
|
-
|
|
-
%
|
|
|
3.2
|
|
- %
|
|
Restructuring
costs (f)
|
|
41.5
|
|
0.3
%
|
|
|
78.4
|
|
0.5 %
|
|
|
59.6
|
|
0.4 %
|
|
Project-related costs (f)
|
|
43.9
|
|
0.3
%
|
|
|
57.5
|
|
0.3 %
|
|
|
13.2
|
|
0.1 %
|
|
Adjusted gross
margin
|
$
|
5,635.3
|
|
36.1
%
|
|
$
|
5,902.6
|
|
35.6 %
|
|
$
|
6,114.9
|
|
34.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit as
reported
|
$
|
2,566.4
|
|
16.4
%
|
|
$
|
2,707.4
|
|
16.3 %
|
|
$
|
2,077.3
|
|
11.8 %
|
|
Mark-to-market
effects (b)
|
|
(13.9)
|
|
(0.1)%
|
|
|
(62.8)
|
|
(0.4)%
|
|
|
89.7
|
|
0.5 %
|
|
Divestitures
loss (gain), net (c)
|
|
13.5
|
|
0.1
%
|
|
|
(148.2)
|
|
(0.9)%
|
|
|
-
|
|
- %
|
|
Acquisition
integration costs (c)
|
|
-
|
|
-
%
|
|
|
-
|
|
-
%
|
|
|
16.0
|
|
0.1 %
|
|
Venezuela
currency devaluation (e)
|
|
-
|
|
-
%
|
|
|
-
|
|
-
%
|
|
|
8.0
|
|
- %
|
|
Restructuring
costs (f)
|
|
224.1
|
|
1.4
%
|
|
|
229.8
|
|
1.4 %
|
|
|
343.5
|
|
1.9 %
|
|
Project-related costs (f)
|
|
43.9
|
|
0.3
%
|
|
|
57.5
|
|
0.4 %
|
|
|
13.2
|
|
0.1 %
|
|
Intangible
asset impairment (g)
|
|
-
|
|
-
%
|
|
|
-
|
|
-
%
|
|
|
260.0
|
|
1.5 %
|
|
Adjusted operating
profit
|
$
|
2,834.0
|
|
18.1
%
|
|
$
|
2,783.7
|
|
16.8 %
|
|
$
|
2,807.7
|
|
15.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to General Mills as reported
|
$
|
1,657.5
|
|
10.6
%
|
|
$
|
1,697.4
|
|
10.2 %
|
|
$
|
1,221.3
|
|
6.9 %
|
|
Mark-to-market
effects, net of tax (b) (h)
|
|
(8.8)
|
|
(0.1)%
|
|
|
(39.6)
|
|
(0.2)%
|
|
|
56.5
|
|
0.3 %
|
|
Divestitures
loss (gain), net of tax (c) (h)
|
|
9.2
|
|
0.1
%
|
|
|
(66.0)
|
|
(0.4)%
|
|
|
-
|
|
- %
|
|
Tax item
(d)
|
|
-
|
|
-
%
|
|
|
-
|
|
-
%
|
|
|
78.6
|
|
0.5 %
|
|
Acquisition
integration costs, net of tax (c) (h)
|
|
-
|
|
-
%
|
|
|
-
|
|
-
%
|
|
|
10.4
|
|
- %
|
|
Venezuela
currency devaluation, net of tax (e) (h)
|
|
-
|
|
-
%
|
|
|
-
|
|
-
%
|
|
|
8.0
|
|
0.1 %
|
|
Restructuring
costs, net of tax (f) (h)
|
|
153.9
|
|
1.0
%
|
|
|
160.8
|
|
1.0 %
|
|
|
217.7
|
|
1.2 %
|
|
Project-related costs, net of tax (f) (h)
|
|
28.2
|
|
0.2
%
|
|
|
36.8
|
|
0.2 %
|
|
|
8.3
|
|
- %
|
|
Intangible
asset impairment, net of tax (g) (h)
|
|
-
|
|
-
%
|
|
|
-
|
|
-
%
|
|
|
176.9
|
|
1.0 %
|
|
Adjusted net earnings
attributable to General Mills
|
$
|
1,840.0
|
|
11.8
%
|
|
$
|
1,789.4
|
|
10.8 %
|
|
$
|
1,777.7
|
|
10.0 %
|
|
(a) Net sales
less cost of sales.
|
|
(b) See Note
5.
|
|
(c) See Note
3.
|
|
(d) Related to
the one-time repatriation of historical foreign
earnings.
|
|
(e) Impact of
remeasuring the assets and liabilities of our Venezuelan subsidiary
following currency devaluation.
|
|
(f) See Note
4.
|
|
(g) Related to
the impairment of the Green Giant brand intangible
asset.
|
|
(h) See
reconciliation of effective income tax rate excluding certain items
affecting comparability below for tax impact of
adjustment.
|
Effective Income Tax Rate Excluding Certain Items Affecting
Comparability
We believe this measure provides useful information to investors
because it is important for assessing the effective tax rate
excluding certain items affecting comparability and presents the
income tax effects of certain items affecting comparability.
|
|
Quarter
Ended
|
|
|
|
May 28,
2017
|
|
May 29,
2016
|
|
May 31,
2015
|
|
|
In
Millions
|
Pretax
Earnings
(a)
|
Income
Taxes
|
|
Pretax
Earnings
(a)
|
Income
Taxes
|
|
Pretax
Earnings
(a)
|
Income
Taxes
|
|
|
As
reported
|
$539.9
|
$144.2
|
|
$454.6
|
$87.5
|
|
$344.0
|
$164.3
|
|
|
Mark-to-market effects (b)
|
6.8
|
2.6
|
|
(59.7)
|
(22.1)
|
|
(8.3)
|
(3.1)
|
|
|
Divestitures loss (c)
|
-
|
-
|
|
52.4
|
28.8
|
|
-
|
-
|
|
|
Tax item
(d)
|
-
|
-
|
|
-
|
-
|
|
-
|
(78.6)
|
|
|
Acquisition integration costs (c)
|
-
|
-
|
|
-
|
-
|
|
8.4
|
3.2
|
|
|
Venezuela currency devaluation (e)
|
-
|
-
|
|
-
|
-
|
|
0.8
|
-
|
|
|
Restructuring costs (f)
|
15.8
|
3.5
|
|
30.6
|
7.0
|
|
25.1
|
9.2
|
|
|
Project-related costs (f)
|
7.5
|
2.6
|
|
18.1
|
6.1
|
|
9.7
|
3.6
|
|
|
Intangible asset impairment (g)
|
-
|
-
|
|
-
|
-
|
|
260.0
|
83.1
|
|
|
As
adjusted
|
$570.0
|
$152.9
|
|
$496.0
|
$107.3
|
|
$639.7
|
$181.7
|
|
|
Effective tax
rate:
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
26.7%
|
|
|
19.2%
|
|
|
47.8%
|
|
|
As
adjusted
|
|
26.8%
|
|
|
21.6%
|
|
|
28.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sum of adjustments to
income taxes
|
|
$8.7
|
|
|
$19.8
|
|
|
$17.4
|
|
|
Average number of
common shares - diluted EPS
|
|
588.9
|
|
|
611.2
|
|
|
614.9
|
|
|
Impact of income tax
adjustments on diluted EPS
excluding certain items
affecting comparability
|
|
$(0.01)
|
|
|
$(0.03)
|
|
|
$(0.03)
|
|
|
(a)
Earnings before income taxes and after-tax earnings from joint
ventures.
|
|
(b) See
Note 5.
|
|
(c) See
Note 3.
|
|
(d) Related to the one-time repatriation of
historical foreign earnings.
|
|
(e) Impact of remeasuring assets and
liabilities of our Venezuelan subsidiary following currency
devaluation.
|
|
(f) See Note 4.
|
|
(g)
Related to the impairment of the Green Giant brand intangible
asset.
|
|
|
Fiscal Year
Ended
|
|
|
|
May 28,
2017
|
|
May 29,
2016
|
|
May 31,
2015
|
|
|
In
Millions
|
Pretax
Earnings
(a)
|
Income
Taxes
|
|
Pretax
Earnings
(a)
|
Income
Taxes
|
|
Pretax
Earnings
(a)
|
Income
Taxes
|
|
|
As
reported
|
$2,271.3
|
$655.2
|
|
$2,403.6
|
$755.2
|
|
$1,761.9
|
$586.8
|
|
|
Mark-to-market effects (b)
|
(13.9)
|
(5.1)
|
|
(62.8)
|
(23.2)
|
|
89.7
|
33.2
|
|
|
Divestitures (gain) loss (c)
|
13.5
|
4.3
|
|
(148.2)
|
(82.2)
|
|
-
|
-
|
|
|
Tax item
(d)
|
-
|
-
|
|
-
|
-
|
|
-
|
(78.6)
|
|
|
Acquisition integration costs (c)
|
-
|
-
|
|
-
|
-
|
|
16.0
|
5.6
|
|
|
Venezuela currency devaluation (e)
|
-
|
-
|
|
-
|
-
|
|
8.0
|
-
|
|
|
Restructuring costs (f)
|
224.1
|
70.2
|
|
229.8
|
69.0
|
|
343.5
|
125.8
|
|
|
Project-related costs (f)
|
43.9
|
15.7
|
|
57.5
|
20.7
|
|
13.2
|
4.9
|
|
|
Intangible asset impairment (g)
|
-
|
-
|
|
-
|
-
|
|
260.0
|
83.1
|
|
|
As
adjusted
|
$2,538.9
|
$740.3
|
|
$2,479.9
|
$739.5
|
|
$2,492.3
|
$760.8
|
|
|
Effective tax
rate:
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
28.8%
|
|
|
31.4%
|
|
|
33.3%
|
|
|
As
adjusted
|
|
29.2%
|
|
|
29.8%
|
|
|
30.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sum of adjustments to
income taxes
|
|
$85.1
|
|
|
$(15.7)
|
|
|
$174.0
|
|
|
Average number of
common shares - diluted EPS
|
|
598.0
|
|
|
611.9
|
|
|
618.8
|
|
|
Impact of income tax
adjustments on diluted EPS
excluding certain items
affecting comparability
|
|
$(0.14)
|
|
|
$0.03
|
|
|
$(0.28)
|
|
|
(a)
Earnings before income taxes and after-tax earnings from joint
ventures.
|
|
(b) See Note 5.
|
|
(c) See Note 3.
|
|
(d) Related to the one-time
repatriation of historical foreign earnings.
|
|
(e) Impact of remeasuring assets and
liabilities of our Venezuelan subsidiary following currency
devaluation.
|
|
(f) See Note 4.
|
|
(g)
Related to the impairment of the Green Giant brand intangible
asset.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/general-mills-reports-fourth-quarter-and-full-year-fiscal-2017-results-provides-2018-outlook-300481045.html
SOURCE General Mills