General Mills Full-Year Report 2022
GENERAL MILLS FULL-YEAR RESULTS FOR FISCAL 2022
General Mills Board of Directors Declares Six Percent Dividend Increase Full Year Highlights
- Net sales of $19.0 billion increased 5 percent from the prior year; organic net sales were up 6 percent.
- Operating profit increased 11 percent to $3.5 billion; constant-currency adjusted operating profit was up 2
percent. - Diluted earnings per share (EPS) of $4.42 were up 17 percent; adjusted diluted EPS of $3.94 increased 4
percent in constant currency. - Operating cash flow increased 11 percent to $3.3 billion.
Full Year Results Summary
- Net sales increased 5 percent to $19.0 billion, including a 1-point net headwind from divestiture and acquisition activity. Organic net sales increased 6 percent. Organic net price realization and mix added 7 points to organic net sales growth, driven by SRM actions put in place in response to significant input cost inflation including a 1-point benefit from index pricing on bakery flour in the North America Foodservice segment. Lower organic pound volume was a 1-point headwind to organic net sales growth.
- Gross margin was down 190 basis points to 33.7 percent of net sales, driven by higher input costs, partially offset by favorable net price realization and mix. Adjusted gross margin was down 180 basis points to 33.0 percent of net sales, driven by 8 percent annual input cost inflation, higher other cost of goods sold, and supply chain deleverage, partially offset by favorable net price realization and mix and HMM cost savings.
- Operating profit of $3.5 billion was up 11 percent, driven primarily by gains on divestitures and lower restructuring charges, partially offset by unfavorable net investment activity. Operating profit margin of 18.3 percent was up 100 basis points. Constant-currency adjusted operating profit increased 2 percent, driven by lower adjusted SG&A expenses. Adjusted operating profit margin decreased 50 basis points to 16.9 percent.
