In conjunction with a presentation today at the Morgan Stanley Global Consumer Conference, General Mills reaffirmed its key financial targets for the 2014 fiscal year.
The company said that for the fiscal year ending May 25, 2014, it continues to expect low single-digit growth in net sales, mid single-digit growth in segment operating profit, and high single-digit growth in adjusted diluted earnings per share to a range of $2.87 to $2.90. General Mills' fiscal 2014 plans also include strong cash returns to shareholders through a 15 percent dividend increase effective Aug. 1, 2013, and increased share repurchases.
General Mills' fiscal 2014 second quarter ends Nov. 24, 2013, and the company expects to report results on Dec. 18, 2013. General Mills said today that its second-quarter input cost inflation is expected to be above its first-quarter inflation rate. For the full fiscal year, the company continues to forecast 3 percent input cost inflation. Second-quarter operating profit results will compare to strong year-ago performance, when U.S. Retail segment operating profit grew 9 percent, and Convenience Stores and Foodservice segment profit rose 24 percent.
The company's business plans for fiscal 2014 feature strong levels of product innovation and consumer marketing support worldwide. General Mills also has a comprehensive set of holistic margin management (HMM) initiatives planned in 2014, which are expected to generate significant supply chain and administrative cost savings. A webcast of General Mills' complete presentation will be available at www.generalmills.com through Nov. 29. 2013.
