Higher dairy inputs sting General Mills Q3 results; Yoplait Greek boosts sales through 9 months
Net sales for the third quarter of fiscal 2014 totaled $4.38 billion, down 1% from year-ago levels.
General Mills, Minneapolis, reported today that net sales for the third quarter of fiscal 2014 totaled $4.38 billion, down 1% from year-ago levels. Sales and operating profit for the 13 weeks ended Feb. 23, 2014, reflect lower volumes, consistent with generally weak food industry trends during this period; the impact of increased consumer marketing and merchandising investment in the company's U.S. yogurt business; and negative foreign currency effects, according to the company.
Third-quarter net sales in the company’s U.S. Retail segment declined 2% to $2.62 billion. Segment operating profit totaled $517 million, 11% below strong year-ago results. This primarily reflects the impact of higher dairy input costs and increased marketing and merchandising investment for the U.S. yogurt business, the company stated.