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General Mills, Minneapolis, today reported results for the first quarter of fiscal 2013 (the 13 weeks ended Aug. 26). The period includes two months of incremental contribution from the Yoplait International acquisition completed in July 2011, and three months of results for the Food Should Taste Good, Yoplait Ireland and Parampara Foods businesses acquired during the final quarter of fiscal 2012.
During the first quarter of 2013, General Mills launched more than 100 new products worldwide. Established brands, including Yoplait Greek yogurt, also contributed strong sales gains, according to the company's press release. Still, sales for Yoplait declined, the company said.
Chairman and Chief Executive Officer Ken Powell said this start has the company on pace to achieve its fiscal 2013 targets.
International segment net sales grew 36 percent overall, with gains of 51 percent in Europe and 28 percent in Canada including incremental contributions from the Yoplait International acquisition. Both Latin America and the Asia / Pacific region posted 20 percent gains in constant-currency net sales. (Please see Note 8 below for reconciliation of this non-GAAP measure.) International segment operating profit grew 56 percent to $126 million, including increased advertising and media expense.
Powell said, “In our core U.S. market, we are seeing slow improvement in price and volume trends across our retail food categories. As we move into the second quarter, we’ll be putting full advertising support behind our new items, and we have planned strong levels of in-store merchandising across our product categories. Outside the U.S., our established international businesses are showing good momentum and, beginning in the second quarter, results will include incremental contributions from Yoplait Canada and Yoki Alimentos in Brazil.”
Access the webcast from General Mills’ internet home page: generalmills.com.