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Big G profit falls, matches outlook
MINNEAPOLIS — General Mills. said costs for hedging commodities drove its fourth-quarter profit down 17 percent, but strong sales of yogurt, cookie mixes and Cheerios boosted revenue above expectations.
The company said it expects supply expenses to rise another 9 percent in the current fiscal year, and price increases are possible.
"Input cost inflation will remain a significant challenge for us," with the biggest increase coming early in the fiscal year, Chief Financial Officer Donal Mulligan said.
For the quarter that ended May 25, the Golden Valley-based foodmaker’s net income fell to $185.2 million, or 53 cents per share, from $224.1 million, or 62 cents, a year ago.
