General Mills announces Q3 growth in FY2008

MINNEAPOLIS General Mills results for the third quarter of fiscal 2008, showed that net sales climbed 12 percent to $3.41 billion. Segment operating profits rose 14 percent to $594 million and net earnings, including non-cash gains from mark-to-market valuation of commodity positions, rose 61 percent to $430 million. Other segments saw gains, as well.

“This was a terrific quarter for General Mills, fueled by continued strong demand for our products in markets all around the world,” said Ken Powell, chief executive officer of General Mills, in a recent release.

General Mills also reported that its snacks division net sales grew 16 percent. The company credits steady sales of the Fiber One bars and fruit snacks and Nature’s Valley grain snacks. It says the baking products division sales also climbed 16 percent, the Yoplait division grew 14 percent and net sales for the General Mills’ organic business, Small Planet Foods, rose 14 percent.