General Mills Reports Fiscal 2020 Second-Quarter Results and Reaffirms Full-Year Guidance

  • Net sales of $4.4 billion were flat to last year; organic net sales¹ increased 1 percent
  • Operating profit of $811 million increased 48 percent; constant-currency adjusted operating profit increased 7 percent
  • Diluted earnings per share (EPS) totaled $0.95, up 67 percent from the prior year; adjusted diluted EPS of $0.95 increased 11 percent in constant currency
  • Company reaffirms its full-year fiscal 2020 guidance for sales, profit, and EPS and raises guidance for free cash flow conversion

¹ Please see Note 6 to the Consolidated Financial Statements below for reconciliation of this and other non-GAAP measures used in this release.

MINNEAPOLIS–(BUSINESS WIRE)–General Mills (NYSE: GIS) today reported results for the second quarter ended November 24, 2019.

I’m encouraged by our second-quarter performance, including the broad-based improvement in our organic sales trends and positive results on the bottom line,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “We will build on our topline momentum in the second half, fueled by increased investment in our brands. Based on our first-half results, and with confidence in our back-half plans, we are reaffirming our full-year fiscal 2020 guidance for sales, profit, and EPS and raising our guidance for free cash flow conversion.”

General Mills is pursuing its Consumer First strategy and executing against its global growth framework: 1) competing effectively through strong innovation, effective consumer marketing, and excellent in-store execution; 2) accelerating growth on its four differential growth platforms including Häagen-Dazs ice cream, snack bars, Old El Paso Mexican food, and its portfolio of natural and organic food brands; and 3) reshaping its portfolio through growth-enhancing acquisitions and divestitures, including the acquisition of Blue Buffalo, the leading brand in the fast-growing wholesome natural pet food category in the U.S. The company expects consistent topline growth generated by this growth framework, combined with margin expansion, disciplined cash conversion, and cash returns, will generate top-tier returns for General Mills shareholders over the long term.

Second Quarter Results Summary

  • Net sales of $4.4 billion were flat to last year. Organic net sales increased 1 percent, driven primarily by strong growth for the Pet segment. Organic volume was up 1 percent and organic net price realization and mix was in line with last year.
  • Gross margin increased 130 basis points to 35.5 percent of net sales. Adjusted gross margin of 35.3 percent was 80 basis points above the prior year, driven by Holistic Margin Management (HMM) cost savings and favorable manufacturing leverage, partially offset by input cost inflation.
  • Operating profit totaled $811 million, up 48 percent from year-ago results that included higher restructuring, impairment, and other exit costs. Operating profit margin of 18.3 percent increased 590 basis points. Adjusted operating profit of $813 million increased 7 percent in constant currency, primarily driven by higher adjusted gross margin and lower consumer promotional expense, partially offset by higher media expense. Adjusted operating profit margin increased 110 basis points to 18.4 percent.
  • Net earnings attributable to General Mills totaled $581 million, up 69 percent from a year ago, primarily reflecting higher operating profit and lower net interest expense, partially offset by higher tax expense.
  • Diluted EPS of $0.95 increased 67 percent from the prior year. Adjusted diluted EPS also totaled $0.95 in the second quarter, up 11 percent from the prior year in constant currency, driven primarily by higher adjusted operating profit, lower net interest expense, a lower adjusted effective tax rate, and higher non-service benefit plan income, partially offset by higher average diluted shares outstanding.

Six Month Results Summary

  • Net sales declined 1 percent to $8.4 billion. Organic net sales essentially matched year-ago levels, reflecting positive organic net price realization and mix offset by lower organic volume.
  • Gross margin increased 160 basis points to 35.1 percent of net sales. Adjusted gross margin of 35.3 percent was 120 basis points above the prior year, driven primarily by positive net price realization and mix and last year’s one-time purchase accounting inventory adjustment related to the Blue Buffalo acquisition, partially offset by higher input costs.
  • Operating profit of $1.5 billion increased 28 percent from the prior year. Operating profit margin of 17.5 percent was up 400 basis points. Constant-currency adjusted operating profit increased 7 percent. Adjusted operating profit margin increased 130 basis points to 17.8 percent.
  • Net earnings attributable to General Mills totaled $1.1 billion.
  • Diluted EPS of $1.80 was 48 percent above prior-year levels. Adjusted diluted EPS of $1.74 was up 12 percent on a constant-currency basis.

Operating Segment Results

Note: Tables may not foot due to rounding.

Components of Fiscal 2020 Reported Net Sales Growth

Second Quarter

 

Volume

 

Price/Mix

 

Foreign

Exchange

 

Reported

Net Sales

North America Retail

 

 

 

 

Flat

Pet

 

13 pts

 

3 pts

 

 

16%

Convenience Stores & Foodservice

 

2 pts

 

(2) pts

 

 

Flat

Europe & Australia

 

(1) pt

 

 

(4) pts

 

(5)%

Asia & Latin America

 

(6) pts

 

3 pts

 

(2) pts

 

(5)%

Total

 

 

 

(1) pt

 

Flat

Six Months

 

 

 

 

 

 

 

 

 

North America Retail

 

(1) pt

 

 

 

Flat

Pet

 

7 pts

 

5 pts

 

 

11%

Convenience Stores & Foodservice

 

(2) pts

 

 

 

(2)%

Europe & Australia

 

(5) pts

 

1 pt

 

(4) pts

 

(7)%

Asia & Latin America

 

(8) pts

 

3 pts

 

(2) pts

 

(7)%

Total

 

(2) pts

 

2 pts

 

(1) pt

 

(1)%

Components of Fiscal 2020 Organic Net Sales Growth

Second Quarter

 

Organic

Volume

 

Organic

Price/Mix

 

Organic

Net Sales

 

Foreign

Exchange

 

Acquisitions &

Divestitures

 

Reported

Net Sales

North America Retail

 

 

 

Flat

 

 

 

Flat

Pet

 

13 pts

 

3 pts

 

16%

 

 

 

16%

Convenience Stores & Foodservice

 

2 pts

 

(2) pts

 

Flat

 

 

 

Flat

Europe & Australia

 

(1) pt

 

 

(1)%

 

(4) pts

 

 

(5)%

Asia & Latin America

 

(1) pt

 

2 pts

 

1%

 

(2) pts

 

(4) pts

 

(5)%

Total

 

1 pt

 

 

1%

 

(1) pt

 

 

Flat

Six Months

 

 

 

 

 

 

 

 

 

 

 

 

 

North America Retail

 

(1) pt

 

 

Flat

 

 

 

Flat

Pet

 

7 pts

 

5 pts

 

11%

 

 

 

11%

Convenience Stores & Foodservice

 

(2) pts

 

 

(2)%

 

 

 

(2)%

Europe & Australia

 

(5) pts

 

1 pt

 

(3)%

 

(4) pts

 

 

(7)%

Asia & Latin America

 

(3) pts

 

2 pts

 

(1)%

 

(2) pts

 

(4) pts

 

(7)%

Total

 

(1) pt

 

1 pt

 

Flat

 

(1) pt

 

 

(1)%

Fiscal 2020 Segment Operating Profit Growth

Second Quarter

 

% Change as Reported

 

% Change in Constant Currency

North America Retail

 

4%

 

4%

Pet

 

14%

 

14%

Convenience Stores & Foodservice

 

5%

 

5%

Europe & Australia

 

40%

 

45%

Asia & Latin America

 

36%

 

42%

Total

 

6%

 

7%

Six Months

 

 

 

 

 

North America Retail

 

3%

 

3%

Pet

 

90%

 

90%

Convenience Stores & Foodservice

 

Flat

 

Flat

Europe & Australia

 

4%

 

8%

Asia & Latin America

 

15%

 

20%

Total

 

8%

 

8%

North America Retail Segment

Second-quarter net sales for General Mills’ North America Retail segment totaled $2.68 billion, essentially matching year-ago levels. Organic net sales were also flat to last year. Net sales for the U.S. Cereal operating unit increased 5 percent. Canada operating unit net sales were flat as reported and up 2 percent in constant currency. Net sales were down 1 percent in U.S. Meals & Baking, down 2 percent in U.S. Snacks, and down 4 percent in U.S. Yogurt. Segment operating profit of $642 million was up 4 percent as reported and in constant currency, driven primarily by HMM cost savings and favorable manufacturing leverage, partially offset by input cost inflation and higher media expense.

Through six months, North America Retail segment net sales totaled $5.05 billion, essentially matching year-ago levels. Organic net sales were also flat to last year. Segment operating profit totaled $1.20 billion, up 3 percent from a year ago as reported and in constant currency due primarily to HMM cost savings and favorable manufacturing leverage, partially offset by input cost inflation and higher media expense.

Pet Segment

Second-quarter net sales for the Pet segment increased 16 percent to $389 million, driven by positive contributions from volume growth and positive net price realization and mix. Net sales in the quarter also benefited from the timing of shipments in advance of holiday merchandising. Net sales performance was led by strong growth on BLUE’s two largest product lines: Life Protection Formula and Wilderness. Segment operating profit increased 14 percent to $81 million, driven primarily by higher net sales, partially offset by higher media expense.

Through six months, Pet segment net sales increased 11 percent to $756 million, driven by positive contributions from volume growth and positive net price realization and mix. All-channel retail sales were up double digits in the first half of the year. Segment operating profit totaled $162 million compared to $85 million in the prior year, driven primarily by a $53 million one-time purchase accounting inventory adjustment in the year-ago period as well as higher net sales.

Convenience Stores & Foodservice Segment

Second-quarter net sales for the Convenience Stores & Foodservice segment were in line with last year at $514 million, with low-single digit growth for the Focus 6 platforms, including cereal, frozen baked goods, and yogurt, offset by unfavorable index pricing on bakery flour and declines on other non-Focus 6 products. Organic net sales were also flat to last year. Segment operating profit increased 5 percent to $115 million, primarily driven by HMM cost savings, partially offset by unfavorable net price realization and mix and input cost inflation.

Through six months, Convenience Stores & Foodservice net sales decreased 2 percent to $958 million, due primarily to lower bakery flour volume and unfavorable index pricing, partially offset by low-single digit growth for the Focus 6 platforms. Organic net sales also decreased 2 percent. Segment operating profit of $206 million essentially matched year-ago levels, primarily driven by HMM cost savings, offset by input cost inflation and lower net sales.

Europe & Australia Segment

Second-quarter net sales for the Europe & Australia segment declined 5 percent to $433 million, driven primarily by 4 points of unfavorable foreign currency exchange. Organic net sales were down 1 percent. Net sales declines in yogurt were partially offset by growth for Old El Paso Mexican food and Nature Valley and Fibre One snack bars. Segment operating profit of $31 million was up 40 percent as reported and increased 45 percent in constant currency, driven primarily by a timing difference in brand-building investment.

Through six months, Europe & Australia net sales decreased 7 percent to $887 million, including 4 points of unfavorable foreign currency exchange. Organic net sales decreased 3 percent, with lower contributions from organic volume partially offset by positive organic net price realization and mix. Organic net sales declines reflected a continued challenging retail environment in France for yogurt and ice cream. Segment operating profit of $59 million increased 4 percent as reported and was up 8 percent in constant currency, reflecting lower selling, general, and administrative (SG&A) expenses, partially offset by lower volume.

Asia & Latin America Segment

Second-quarter net sales for the Asia & Latin America segment declined 5 percent to $410 million, driven by a 4-point headwind from divestitures executed in fiscal 2019 and unfavorable foreign currency exchange. Organic net sales increased 1 percent, with growth in Latin America and China partially offset by declines in India. Segment operating profit of $24 million was up 36 percent as reported and increased 42 percent in constant currency, driven by lower SG&A expenses, partially offset by lower volume.

Through six months, Asia & Latin America net sales declined 7 percent to $769 million, driven by a 4-point headwind from divestitures executed in fiscal 2019, unfavorable foreign currency exchange, and lower volume. Organic net sales were down 1 percent, driven by distribution network changes in India. Segment operating profit of $34 million was up 15 percent as reported and increased 20 percent in constant currency, driven by lower SG&A expenses, partially offset by lower volume and higher input costs.

Joint Venture Summary

Second-quarter net sales for Cereal Partners Worldwide (CPW) increased 1 percent in constant currency, and constant-currency net sales for Häagen-Dazs Japan (HDJ) were down 6 percent. Combined after-tax earnings from joint ventures were $25 million compared to $22 million last year, driven by positive net price realization and mix at CPW. Through six months, after-tax earnings from joint ventures totaled $47 million compared to $40 million a year ago, driven primarily by our $5 million after-tax share of a restructuring charge at CPW in the year-ago period.

Other Income Statement Items

Unallocated corporate items totaled $84 million net expense in the second quarter of fiscal 2020, in line with year-ago levels. Excluding mark-to-market valuation effects and other items affecting comparability, unallocated corporate items totaled $81 million net expense this year compared to $75 million net expense last year.

Restructuring, impairment, and other exit costs totaled a $1 million net recovery in the second quarter compared to $209 million net expense in the prior year that primarily reflected brand intangible impairment charges (please see Note 2 below for more information on these charges).

Net interest expense totaled $119 million in the second quarter compared to $133 million a year ago, driven by lower average debt balances. The effective tax rate in the quarter was 21.5 percent compared to 24.5 percent last year (please see Note 5 below for more information on our effective tax rate). The second-quarter adjusted effective tax rate was in line with our full-year expectations at 21.9 percent and was favorable to 23.8 percent a year ago, primarily driven by the timing of discrete tax benefits and more favorable earnings mix.

Cash Flow Generation and Cash Returns
Cash provided by operating activities totaled $1.46 billion through six months of fiscal 2020, up 4 percent from the prior year, primarily driven by higher net earnings, partially offset by changes in non-cash restructuring, impairment, and other exit costs and inventory. Capital investments totaled $158 million. The company reduced debt by $655 million and paid $596 million of dividends in the first half of the year. Average diluted shares outstanding through six months increased 1 percent to 612 million.

Fiscal 2020 Outlook
General Mills reaffirmed its full-year fiscal 2020 targets for sales, profit, and EPS, and raised its target for free cash flow conversion:

  • Organic net sales are expected to increase 1 to 2 percent. The combination of currency translation, the impact of divestitures executed in fiscal 2019, and contributions from the 53rd week in fiscal 2020 are expected to increase reported net sales by approximately 1 percentage point.
  • Constant-currency adjusted operating profit is expected to increase 2 to 4 percent from the base of $2.86 billion reported in fiscal 2019. The benefit of the extra fiscal week is being reinvested in capabilities and brand-building initiatives to drive improvement in the company’s organic sales growth rate in 2020 and beyond.
  • Constant-currency adjusted diluted EPS are expected to increase 3 to 5 percent from the base of $3.22 earned in fiscal 2019.
  • The company now expects free cash flow conversion of at least 105 percent of adjusted after-tax earnings.
  • Currency translation is expected to have an immaterial impact on fiscal 2020 adjusted operating profit and adjusted diluted EPS.

General Mills will hold a briefing for investors today, December 18, 2019, beginning at 7:30 a.m. Central time (8:30 a.m. Eastern time). You can access the webcast at www.generalmills.com/investors.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations and assumptions. These forward-looking statements, including the statements under the caption “Fiscal 2020 Outlook,” and statements made by Mr. Harmening, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions, and promotional activities of our competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets, including our acquisition of Blue Buffalo and issues in the integration of Blue Buffalo and retention of key management and employees; unfavorable reaction to our acquisition of Blue Buffalo by customers, competitors, suppliers, and employees; changes in capital structure; changes in the legal and regulatory environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of significant accounting estimates; product quality and safety issues, including recalls and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health-related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, and energy; disruptions or inefficiencies in the supply chain; effectiveness of restructuring and cost saving initiatives; volatility in the market value of derivatives used to manage price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances.

Consolidated Statements of Earnings and Supplementary Information

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Six-Month Period Ended

 

 

Nov. 24,

 

 

Nov. 25,

 

 

 

 

 

Nov. 24,

 

 

Nov. 25,

 

 

 

 

 

2019

 

 

2018

 

% Change

 

 

2019

 

 

2018

 

% Change

Net sales

$

4,420.8

 

$

4,411.2

 

%

 

$

8,423.3

 

$

8,505.2

 

(1)

%

Cost of sales

 

2,851.7

 

 

2,901.5

 

(2)

%

 

 

5,464.7

 

 

5,652.7

 

(3)

%

Selling, general, and administrative expenses

 

759.0

 

 

753.3

 

1

%

 

 

1,477.9

 

 

1,496.0

 

(1)

%

Restructuring, impairment, and other exit costs (recoveries)

 

(1.1)

 

 

209.4

 

NM

 

 

 

7.1

 

 

208.0

 

NM

 

Operating profit

 

811.2

 

 

547.0

 

48

%

 

 

1,473.6

 

 

1,148.5

 

28

%

Benefit plan non-service income

 

(30.2)

 

 

(21.0)

 

44

%

 

 

(60.4)

 

 

(41.9)

 

44

%

Interest, net

 

119.4

 

 

132.7

 

(10)

%

 

 

238.1

 

 

266.2

 

(11)

%

Earnings before income taxes and after-tax earnings from joint ventures

 

722.0

 

 

435.3

 

66

%

 

 

1,295.9

 

 

924.2

 

40

%

Income taxes

 

155.5

 

 

106.6

 

46

%

 

 

222.7

 

 

217.3

 

2

%

After-tax earnings from joint ventures

 

24.9

 

 

22.5

 

11

%

 

 

46.7

 

 

40.2

 

16

%

Net earnings, including earnings attributable to redeemable and noncontrolling interests

 

591.4

 

 

351.2

 

68

%

 

 

1,119.9

 

 

747.1

 

50

%

Net earnings attributable to redeemable and noncontrolling interests

 

10.6

 

 

7.8

 

36

%

 

 

18.5

 

 

11.4

 

62

%

Net earnings attributable to General Mills

$

580.8

 

$

343.4

 

69

%

 

$

1,101.4

 

$

735.7

 

50

%

Earnings per share – basic

$

0.96

 

$

0.57

 

68

%

 

$

1.82

 

$

1.23

 

48

%

Earnings per share – diluted

$

0.95

 

$

0.57

 

67

%

 

$

1.80

 

$

1.22

 

48

%

Dividends per share

$

0.49

 

$

0.49

 

%

 

$

0.98

 

$

0.98

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

Six-Month Period Ended

 

 

Nov. 24,

 

 

Nov. 25,

 

Basis Pt

 

 

 

Nov. 24,

 

 

Nov. 25,

 

Basis Pt

 

Comparisons as a % of net sales:

 

2019

 

 

2018

 

Change

 

 

 

2019

 

 

2018

 

Change

 

Gross margin

 

35.5 %

 

 

34.2 %

 

130

 

 

 

35.1 %

 

 

33.5 %

 

160

 

Selling, general, and administrative expenses

 

17.2 %

 

 

17.1 %

 

10

 

 

 

17.5 %

 

 

17.6 %

 

(10)

 

Operating profit

 

18.3 %

 

 

12.4 %

 

590

 

 

 

17.5 %

 

 

13.5 %

 

400

 

Net earnings attributable to General Mills

 

13.1 %

 

 

7.8 %

 

530

 

 

 

13.1 %

 

 

8.6 %

 

450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

Six-Month Period Ended

Comparisons as a % of net sales excluding

 

Nov. 24,

 

 

Nov. 25,

 

Basis Pt

 

 

 

Nov. 24,

 

 

Nov. 25,

 

Basis Pt

 

certain items affecting comparability (a):

 

2019

 

 

2018

 

Change

 

 

 

2019

 

 

2018

 

Change

 

Adjusted gross margin

 

35.3 %

 

 

34.5 %

 

80

 

 

 

35.3 %

 

 

34.1 %

 

120

 

Adjusted operating profit

 

18.4 %

 

 

17.3 %

 

110

 

 

 

17.8 %

 

 

16.5 %

 

130

 

Adjusted net earnings attributable to General

Mills

 

13.1 %

 

 

11.6 %

 

150

 

 

 

12.6 %

 

 

11.0 %

 

160

 

(a) See Note 6 for a reconciliation of these measures not defined by generally accepted accounting principles (GAAP).

 

See accompanying notes to consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

Operating Segment Results and Supplementary Information

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Six-Month Period Ended

 

 

Nov. 24,

2019

 

Nov. 25,

2018

 

% Change

 

Nov. 24,

2019

 

Nov. 25,

2018

 

% Change

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

North America Retail

 

$

2,676.1

 

 

$

2,677.1

 

 

%

 

$

5,052.2

 

 

$

5,064.9

 

 

%

Convenience Stores & Foodservice

 

 

513.5

 

 

 

514.4

 

 

%

 

 

958.5

 

 

 

977.6

 

 

(2

)%

Europe & Australia

 

 

432.9

 

 

 

453.8

 

 

(5

)%

 

 

887.0

 

 

 

954.5

 

 

(7

)%

Asia & Latin America

 

 

409.6

 

 

 

430.7

 

 

(5

)%

 

 

769.1

 

 

 

829.7

 

 

(7

)%

Pet

 

 

388.7

 

 

 

335.2

 

 

16

%

 

 

756.5

 

 

 

678.5

 

 

11

%

Total

 

$

4,420.8

 

 

$

4,411.2

 

 

%

 

$

8,423.3

 

 

$

8,505.2

 

 

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit:

 

 

 

 

 

 

 

 

 

 

 

 

North America Retail

 

$

642.5

 

 

$

619.8

 

 

4

%

 

$

1,202.4

 

 

$

1,167.9

 

 

3

%

Convenience Stores & Foodservice

 

 

115.2

 

 

 

109.6

 

 

5

%

 

 

206.3

 

 

 

206.7

 

 

%

Europe & Australia

 

 

31.4

 

 

 

22.5

 

 

40

%

 

 

59.0

 

 

 

57.0

 

 

4

%

Asia & Latin America

 

 

24.4

 

 

 

17.9

 

 

36

%

 

 

34.5

 

 

 

30.1

 

 

15

%

Pet

 

 

80.8

 

 

 

70.8

 

 

14

%

 

 

161.7

 

 

 

85.3

 

 

90

%

Total segment operating profit

 

 

894.3

 

 

 

840.6

 

 

6

%

 

 

1,663.9

 

 

 

1,547.0

 

 

8

%

Unallocated corporate items

 

 

84.2

 

 

 

84.2

 

 

%

 

 

183.2

 

 

 

190.5

 

 

(4

)%

Restructuring, impairment, and other exit costs (recoveries)

 

 

(1.1

)

 

 

209.4

 

 

NM

 

 

 

7.1

 

 

 

208.0

 

 

NM

 

Total

 

$

811.2

 

 

$

547.0

 

 

48

%

 

$

1,473.6

 

 

$

1,148.5

 

 

28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Six-Month Period Ended

 

 

Nov. 24,

2019

 

Nov. 25,

2018

 

Basis Pt

Change

 

Nov. 24,

2019

 

Nov. 25,

2018

 

Basis Pt

Change

Segment operating profit as a % of net sales:

 

 

 

 

 

 

 

 

 

 

 

 

North America Retail

 

 

24.0

%

 

 

23.2

%

 

80

 

 

 

23.8

%

 

 

23.0

%

 

80

 

Convenience Stores & Foodservice

 

 

22.4

%

 

 

21.3

%

 

110

 

 

 

21.5

%

 

 

21.1

%

 

40

 

Europe & Australia

 

 

7.2

%

 

 

5.0

%

 

220

 

 

 

6.6

%

 

 

6.0

%

 

60

 

Asia & Latin America

 

 

6.0

%

 

 

4.2

%

 

180

 

 

 

4.5

%

 

 

3.6

%

 

90

 

Pet

 

 

20.8

%

 

 

21.1

%

 

(30

)

 

 

21.4

%

 

 

12.6

%

 

NM

 

Total segment operating profit

 

 

20.2

%

 

 

19.0

%

 

120

 

 

 

19.8

%

 

 

18.2

%

 

160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

 

 

 

 

 

Contacts

(analysts) Jeff Siemon: 763-764-2301

(media) Kelsey Roemhildt: 763-764-6364

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