General Mills (NYSE:GIS) has released its second quarter earnings for fiscal 2010. Financial highlights include an increase in net sales of $4.08 million and a segment operating profit increase of 13% to $880 million. The company reported a diluted earnings per share at $1.66, excluding certain items affecting comparability, earnings per share grew 13% to $1.54. The full report may be found at http://www.generalmills.com/.
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The company reviewed the financial results during a conference call held on Thursday, December 17. Interested parties may listen to a replay of the call on the company’s website.
General Mills, Inc. (General Mills) is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is also a supplier of branded and unbranded food products to the foodservice and commercial baking industries. General Mills manufactures its products in 15 countries and market them in more than 100 countries. Its joint ventures manufacture and market products in more than 130 countries and republics worldwide. The Company’s businesses are organized into three operating segments: U.S. Retail; International, and Bakeries and Foodservice. During the fiscal year ended May 31, 2009 (fiscal 2009), Wal-Mart Stores, Inc. and its affiliates (Wal-Mart) accounted for 21 % of the Company’s consolidated net sales and 29 % of its net sales in the U.S. Retail segment. In September 2008, Diamond Foods, Inc. announced that it completed the acquisition of the Pop Secret popcorn business from General Mills.
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