General Mills Q1 Report 2022
GENERAL MILLS REPORTS FISCAL 2022 FIRST-QUARTER RESULTS
- Net sales increased 4 percent to $4.5 billion; organic net sales1 were up 2 percent
- Operating profit declined 1 percent to $844 million; constant-currency adjusted operating profit was down 2
percent - Diluted earnings per share (EPS) totaled $1.02, down 1 percent from the prior year; adjusted diluted EPS of
$0.99 was down 2 percent in constant currency - Company reaffirms full-year fiscal 2022 outlook
First Quarter Results Summary
- Net sales increased 4 percent to $4.5 billion, including 1 point of favorable foreign currency exchange. Organic net sales increased 2 percent, including contributions from positive organic net price realization and mix and higher organic pound volume.
- Gross margin was down 120 basis points to 35.2 percent of net sales, primarily driven by higher input costs, partially offset by favorable net price realization and mix and mark-to-market effects. Adjusted gross margin was down 150 basis points to 34.7 percent of net sales, driven by input cost inflation, higher other supply chain costs, and fixed cost deleverage in the supply chain, partially offset by Holistic Margin Management (HMM) cost savings and favorable net price realization and mix.
- Operating profit of $844 million was down 1 percent, primarily driven by the comparison to net gains on certaincorporate investments in the prior year, partially offset by higher gross profit dollars. Operating profit margin of18.6 percent was down 100 basis points. Constant-currency adjusted operating profit declined 2 percent, driven bylower adjusted gross profit dollars, partially offset by lower administrative expenses. Adjusted operating profit margin decreased 110 basis points to 18.0 percent.
