Milling & Baking News Corporate Profiles - 2015 - (Page 84)

Company Overview General Mills, Inc. Company heads into 2016 thinking 'rebound' after challenging 2015 R eview, revive and reformulate. The three "R's" go a long way in describing what has been a year of change at Minneapolis-based General Mills, Inc. The company's operating performance during fiscal 2015 was mixed, as restructuring, impairment and other exit costs weighed on results during the year. The company also faced challenges in its largest operating segment - U.S. Retail. Net income in the year ended May 31 was $1,221.3 million, equal to $2.02 per share on the common stock, down 33% from $1,824.4 million, or $2.90 per share, in fiscal 2014. Operating profit fell nearly 30% to $2,077.3 million from $2,957.4 million. Restructuring, impairment and other exit costs totaled $544 million in 2015 compared with $4 million in 2014. An additional 2015 fiscal year global sales - $17.6 billion Chief executive officer - Kendall Powell Top brands - 84 \ October 2015 Cheerios Betty Crocker Progresso Fiber One Hamburger Helper Yoplait $60 million of restructuring and $13 million of project-related charges were recorded in cost of sales, General Mills said. Net sales also were lower year-over-year, falling 1.6% to $17,630.3 million from $17,909.6 million. To help revive its U.S. Retail business, Ken Powell, chairman and chief executive officer of General Mills, said the company has identified four clear priorities for the U.S. Retail segment heading into fiscal 2016: To grow cereal; to accelerate performance in better-for-you snacking; to drive double-digit growth in the natural and organic portfolio; and to deliver Consumer First value on select brands in a way that generates positive returns for the company's business. In cereal, work includes a broad investment plan designed to renovate the company's Big G portfolio. The introduction of gluten-free Cheerios and Lucky Charms this year is one step in the process. Another major step for cereal was the announcement that the company would remove artificial flavors and colors from artificial sources from all of its cereals. "Nearly half of U.S. households are making an effort to avoid artificial flavors and colors and we are responding," Mr. Powell said. "Seventy-five per cent of our Big G portfolio will meet this claim by January with the remainder targeted by the end of calendar 2017." In mid-August, General Mills extended its reformulation efforts to include all of its fruit-flavored snacks, including Fruit Roll-Ups, Fruit by the Foot, Fruit Gushers, and such shapes products as Scooby-Doo! Already, more than 20% of the company's fruit snacks, including Mott's and Fiber One products, contain no artificial flavors or colors from artificial sources, General Mills said. The company plans to revamp the rest of its lineup by the end of 2017, with several reformulated products set to appear on shelves as early as January. In addition to renovation, General Mills also is focused on innovation. Nature Valley Protein Soft Baked Granola bites, a portable granola for consumers on the go, will add two varieties later this year. General Mills also will look to capitalize on interest in muesli with the launch of Nature Valley Toasted Oats Muesli in original and blueberry flavors. The company also will add a new honey oat crunch variety to its line of Cascadian Farm organic cereals and granolas later this summer, and will extend its Nature Valley protein hot oatmeal line with maple pecan crunch and toasted coconut almond crunch varieties. General Mills even added a new brand in 2015, launching a line of dinner kits called The Good Table in early August. Featuring gourmet-style sauce and crust mixes for chicken and fish, the products contain no added monosodium glutamate, artificial Milling & Baking News * Food Business News * Baking & Snack * Meat+Poultry Corporate Profiles

Table of Contents for the Digital Edition of Milling & Baking News Corporate Profiles - 2015

Milling & Baking News Corporate Profiles - 2015
Table of Contents
Editorial - With growth elusive, its pursuit only intensifies
Industry Review: Grain-based Foods
Industry Review: Packaged Foods
Can K-Cups kick-start soup?
Industry Review: Beverages
Industry Review: Meat and Poultry
Industry Review: Dairy
Industry Review: Confectionery
Industry Review: Food Service
Industry Review: Clean Label
Company Overview - Grupo Bimbo S.A.B. de C.V.
Company Overview - Campbell Soup Co.
Company Overview - Coca-Cola Co.
Company Overview - ConAgra Foods, Inc.
Company Overview - Flowers Foods, Inc.
Company Overview - General Mills, Inc.
Company Overview - The Hain Celestial Group, Inc.
Company Overview - The Hershey Co.

Milling & Baking News Corporate Profiles - 2015