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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.

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