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Strategies & Market Trends : Value Investing
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From: Fuzzy12/17/2015 8:16:30 AM
   of 78715
 
General Mills slumps in the U.S. during FQ2

General Mills (NYSE:GIS) reports net sales fell 2% on a constant currency basis. The net impact of the loss of the Green Giant business and the addition of Annie's was a one percentage point loss of revenue.
U.S. Retail sales fell 3.5% to $2.76B. Operating profit -2.5% to $600.4M.
International sales declined 12.4% to $1.157B. Operating profit +1.4% to $136.2M.
Convenience Stores and Foodservice sales declined 4.5% to $505.8M. Operating profit +6.9% to $102.8M.
Adjusted gross margin rate +60 bps to 35.5%.
SG&A expense rate -50 bps to 17.5%.
Adjusted operating profit +100 bps to 18.0%.
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