Packaged food company General Mills has reported first-quarter net earnings attributable to the company of $345.2m, compared to $459.3m in the previous year same period.
For the 13 weeks ended 24 August 2014, net sales declined 2% to $4.27bn from $4.37bn in the prior year quarter. Segment operating profit totaled $690m, down 15% from year-ago results as reported.
During the first quarter, General Mills introduced more than 250 new items worldwide. In US, net sales for General Mills' retail segment totaled $2.44bn, down 5% from the prior year.
Globally, net sales for General Mills' consolidated businesses grew 2% to $1.35bn.
First-quarter net sales for the convenience stores and foodservice segment totaled $473m, up 1% from year-ago results.
General Mills chairman and chief executive officer Ken Powell said, "Back in June, we said our 2015 plans anticipated first-quarter EPS below year-ago levels.
"Our results were driven by sales and profit declines in the U.S., where industry trends were weak in the quarter. In addition, higher merchandising expense for our U.S. Retail businesses in this period depressed reported net sales and gross margin."
