General Mills today reported results for the first quarter of fiscal 2015.
Total net sales for the 13 weeks ended August 24, 2014, declined 2 percent to USD4.27billion, but first-quarter net sales for the Convenience Stores and Foodservice segment totaled USD473million, up 1 percent from year-ago results. Yogurt, frozen breakfast, and snacks led sales performance in the quarter, as the segment operating profit grew 18 percent to USD87million.
General Mills introduced more than 250 new items worldwide during the first quarter. International product launches included Haagen-Dazs Triple Sensations ice cream varieties in Europe, Betty Crocker dessert mixes in Brazil and new seasonal varieties of Wanchai Ferry frozen dumplings in China.
General Mills Chairman and Chief Executive Officer Ken Powell said, “Back in June, we said our 2015 plans anticipated first-quarter EPS below year-ago levels. Our results were driven by sales and profit declines in the U.S., where industry trends were weak in the quarter. In addition, higher merchandising expense for our U.S. Retail businesses in this period depressed reported net sales and gross margin.”