logo
Plus   Neg
Share
Email

General Mills Outlines FY20 Targets - Quick Facts

While reporting financial results for the fourth quarter on Wednesday, General Mills Inc. (GIS) outlined its key full-year fiscal 2020 targets.

For fiscal 2020, the company projects constant-currency adjusted earnings per share to increase 3 to 5 percent from the base of $3.22 per share earned in fiscal 2019.

Organic net sales are expected to increase 1 to 2 percent. Reported net sales is slated to increase by about 1 to 2 percentage points due to the impact of currency translation, divestitures executed in fiscal 2019, and contributions from the 53rd week in fiscal 2020.

"In fiscal 2020, our plans include continued strong innovation and investments in capabilities and brand building to accelerate our topline growth, efficiency initiatives to maintain our strong margins, and a disciplined focus on cash to further reduce our leverage," said General Mills Chairman and CEO Jeff Harmening.

For the fourth quarter, earnings per share surged 59 percent to $0.94. Adjusted earnings per share for the quarter totaled $0.83.

Net sales for the quarter increased 7 percent to $4.16 billion and were up 9 percent in constant currency, driven primarily by the addition of Blue Buffalo. Organic net sales declined 1 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Brick-and-mortar retailers reported mixed results as they head into the holiday season, as department store chain Kohl's Corp. (KSS) and Home Depot Inc.'s (HD) sales dropped, while discount retailer TJX Cos. (TJX) recorded strong sales growth. Shares of Home Depot slipped 5% after the home-improvement... The U.S. government has issued a new 90-day license extension that will allow U.S. companies to continue doing business with Chinese telecom giant Huawei Technologies Co. Ltd. This is the third 90-day license extension given by the U.S. to Huawei, the world's largest telecom equipment maker. The extension was given in order to minimize disruption for Huawei's customers. Chick-fil-A said it will no longer donate money to two Christian organizations that have been accused of anti-LGBTQ stances - the Fellowship of Christian Athletes and the Salvation Army. The two organizations have been criticized for their statements about same-sex marriage and homosexuality in the past. Chick-fil-A too faced a backlash after its CEO Dan Cathy said he opposed same-sex marriage.
Follow RTT
>