General Mills Q1 Report 2024

General Mills Reports Fiscal 2024 First-quarter Results

• Net sales of $4.9 billion increased 4 percent; organic net sales also grew 4 percent
• Operating profit of $930 million was down 14 percent; adjusted operating profit of $899 million increased 2 percent in constant currency
• Diluted earnings per share (EPS) of $1.14 was down 16 percent; adjusted diluted EPS of $1.09 was down 1
  percent in constant currency
• Company reaffirms full-year fiscal 2024 outlook

First Quarter Results Summary

• Net sales increased 4 percent to $4.9 billion, with favorable net price realization and mix partially offset by lower pound volume. Gross margin was up 540 basis points to 36.1 percent of net sales, driven by favorable mark-to-market effects and favorable net price realization and mix, partially offset by higher input costs. Adjusted gross margin was up 50 basis points to 35.4 percent of net sales, driven primarily by favorable net price realization and mix, partially offset by higher input costs.
• Operating profit of $930 million was down 14 percent, driven by net gains on divestitures in the prior year and
  higher selling, general, and administrative (SG&A) expenses, partially offset by higher gross profit dollars.
  Operating profit margin of 19.0 percent was down 400 basis points.