General Mills Profit Up in 1st Quarter
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GOLDEN VALLEY, Minn. — General Mills Inc. on Monday reported a 4.5% increase in profit for the first quarter of its fiscal year, led by strong performances from Red Lobster restaurants and Big G cereals.
For the three months ended Aug. 29, the company earned $165.8 million, or $1.04 a share. That compared to a profit of $159.6 million, or 97 cents a share, for the same period a year earlier.
Sales for the period were $2.09 billion, up from $2.02 billion.
The company’s consumer foods and restaurant franchises continued to perform well, Chairman Bruce Atwater said. Quarterly operating profit was up 10% for the restaurant segment and 5% for consumer foods.
Gains in foods were led by strong sales of Big G cereals and Betty Crocker products.
Sales for Red Lobster’s North American operations increased 6%, while those for The Olive Garden, the company’s chain of Italian-style restaurants, increased 15%.
In Monday’s trading on the New York Stock Exchange, General Mills’ stock was unchanged at $62.25 a share.
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