General Mills 3Q income rises 2 pct.by Martin Moylan, Minnesota Public Radio
ST. PAUL, Minn. — General Mills' third-quarter net income rose 2 percent to nearly $400 million, as the food company continued to benefit from acquisitions in Canada and Brazil.
For the quarter, which ended Feb. 24, sales climbed 8 percent to $4.4 billion. CEO Ken Powell said some of the best-selling products in the quarter included Cheerios, a new 100-calorie Greek yogurt and Lucky Charms.
"Adults make up nearly half of total Lucky Charms cereal consumption," Powell said. "We've expanded our marketing efforts to include new advertising that targets adults. And results have been terrific. Since the new campaign started in January, Lucky Charms base-line sales have increased 16 percent."
The company says it faces higher costs in the current quarter and increased spending to promote sales growth. But General Mills says it remains on track to hit its fiscal year financial targets.