MINNEAPOLIS, Sept. 7, 2017 /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 27,
2018. Organic net sales are expected to decline
between 1 and 2 percent from 2017 levels. Total segment
operating profit in constant currency is expected to range between
flat and up 1 percent, and adjusted operating profit margin is
expected to increase over year-ago levels. Fiscal 2018
adjusted diluted earnings per share (which excludes certain items
affecting comparability) are expected to increase between 1 and 2
percent in constant currency.
A webcast of today's General Mills presentation can be accessed
live at www.generalmills.com beginning at 7:30 AM Eastern Time. The webcast will be
archived on the Investors section of General Mills' website for at
least 30 days.
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; 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.
Our fiscal 2018 outlook for organic net sales growth,
constant-currency total segment operating profit and adjusted
diluted EPS growth, 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.
About General Mills
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, Häagen-Dazs, Betty
Crocker, Pillsbury, Old El
Paso, Wanchai Ferry,
Yoki and more. Headquartered in Minneapolis,
Minnesota, USA, General Mills
generated fiscal 2017 consolidated net sales of US $15.6
billion, as well as another US $1.0 billion from its
proportionate share of joint-venture net sales.
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SOURCE General Mills, Inc.