General Mills Full-Year Report 2023
General Mills Reports Fiscal 2023 Fourth-quarter and Full-year Results
General Mills Board of Directors Declares Nine Percent Dividend Increase
Full Year Highlights
- Net sales of $20.1 billion increased 6 percent from the prior year; organic net sales1 were up 10 percent
- Operating profit of $3.4 billion was down 1 percent; adjusted operating profit of $3.46 billion was up 8
percent in constant currency - Diluted earnings per share (EPS) of $4.31 was down 2 percent from the prior year; adjusted diluted EPS of
$4.30 was up 10 percent in constant currency
Fourth Quarter Results Summary
- Net sales increased 3 percent to $5.0 billion, including a 1-point headwind from net divestiture and acquisition
activity and 1 point of unfavorable foreign currency exchange. Organic net sales increased 5 percent, driven by
positive organic net price realization and mix, partially offset by lower organic pound volume, including a
headwind from a reduction in retailer inventory in North America Retail. - Gross margin was down 180 basis points to 34.4 percent of net sales, driven by higher input costs and
unfavorable mark-to-market effects, partially offset by favorable net price realization and mix. Adjusted gross margin was up 120 basis points to 35.0 percent of net sales, driven by favorable net price realization and mix, partially offset by higher input costs, including 9 percent input cost inflation in the quarter. - Operating profit of $818 million was down 19 percent, reflecting higher selling, general, and administrative
(SG&A) expenses, higher restructuring charges, and lower gross profit dollars, partially offset by favorable net
investment activity. Operating profit margin of 16.3 percent was down 450 basis points. Adjusted operating
profit of $889 million effectively matched year-ago levels in constant currency, with higher adjusted SG&A
expenses, including a double-digit increase in media investment, offset by higher adjusted gross profit dollars.
Adjusted operating profit margin was down 60 basis points to 17.7 percent.
