General Mills updates target for fiscal 2015 growth
General Mills, Minneapolis, recently announced that it’s reducing its sales and earnings expectations for the fiscal year ending in May 2015 in response to continued weak U.S. food-industry trends and slowing growth in key emerging markets.
General Mills’ fiscal 2015 net sales in constant currency are now expected to grow at a low single-digit rate from the 2014 base of $17.9 billion. This includes an estimated 2 points of sales growth from the 53rd week in fiscal 2015 and approximately $120 million of incremental sales from the Annie’s organic and natural food businesses acquired Oct. 21. Annie's will be consolidated into General Mills' 2015 results on a one-month lag basis.