General Mills Reaffirms FY09 Guidance After December Gains
January 09 2009 - 9:06AM
Dow Jones News
General Mills (GIS) confirmed it's on track to meet its profit
targets for fiscal 2009 as cash-strapped consumers continue to cut
back on eating out and buy more packaged food in grocery
stores.
Speaking to analysts at a midyear update, the company said its
December net sales were up from the previous year, and its
Pillsbury and baking products business had a strong holiday
season.
The cereal maker has done well as the economy has slipped into
recession since most of its products are so- called consumer
staples. Chief Financial Officer Don Mulligan said that momentum
continued in the third quarter. The company reaffirmed its
expectation for fiscal 2009 earnings of $3.83 to $3.87 a share,
excluding items.
-By Anjali Cordeiro; Dow Jones Newswires; 201-938-2408;
anjali.cordeiro@dowjones.com
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