General Mills Takes Fourth Quarter Hit

June 30, 2021
General Mills’ latest quarterly results are down from last year, reflecting the ebbing of the pandemic.

General Mills’ latest quarterly results are down from last year, reflecting the ebbing of the pandemic and its motivation for consumers to eat at home.

Total sales were down 10%, to $4.5 billion, in the fourth fiscal quarter compared with last year. Organic net sales, of existing products, were down 6%. Operating profit was down 34%, to $548 million. Some of the difference was due to fourth quarter 2020 having one more week than 2021, but most of it was attributed to a drop in at-home meal consumption.

For the full year, net sales were up 3%, to $18.1 billion, and operating profit was up 6%, to $3.1 billion.

“We enter fiscal 2022 ready to compete and win in a highly dynamic consumer environment,” CEO Jeff Harmening said in a statement. “We’re taking actions to address near-term cost pressures while remaining focused on the long-term growth opportunities we will capture through our Accelerate strategy.”

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