Corporate Profiles - 2021 - 80

COMPANY OVERVIEW
blueberry almond, peanut dark chocolate and almond dark chocolate varieties.
Additionally, General Mills took several of its popular Big G ready-to-eat
cereals to the oatmeal category with the launch of Big G Instant Oatmeals.
The Big G Instant Oatmeals debuted in June and are available in the following
flavors: Lucky Charms, Cinnamon Toast Crunch, Trix and Cocoa Puffs.
Each oatmeal comes with a special topping: The Lucky Charms vanilla-flavored
oatmeal includes marshmallows; the Cinnamon Toast Crunch cinnamon
oatmeal includes a cinnadust topping; the Trix fruit-flavored oatmeal comes
with a colorful crunchy topping; and the Cocoa Puffs chocolate-flavored oatmeal
includes a chocolate-flavored crunchy topping.
Among General Mills' top achievements this past year was its ability to reach
its goal of sustainably sourcing 100% of its top 10 priority ingredients (cocoa,
corn, dairy, fiber packaging, oats, sugar beets, sugar cane, palm oil, vanilla and
wheat). As recently as fiscal 2018, only 32% of General Mills' vanilla and 74%
of its wheat was sustainably sourced.
According to General Mills, the 10 priority ingredients account for 40% of
the company's annual raw material purchases.
Looking ahead to fiscal 2022, Mr. Harmening said General Mills expects consumer
demand for food at home in fiscal '22 will decline from elevated fiscal
'21 levels as more vaccines are distributed, offices and schools reopen, and the
broader economic recovery continues. Conversely, the company expects awayfrom-home
food demand to be above last year, but neither at-home or awayfrom-home
demand is expected to return to pre-pandemic levels, he said.
" With roughly 85% of our net sales in at-home food occasions, we anticipate
these dynamics will result in lower aggregate consumer demand in our
categories in fiscal '22, " Mr. Harmening said in late June.
The effect of global markets reopening could be seen in General Mills' full-year results.
General Mills, Inc. North America Retail
Fiscal 2021 ended in May
Net sales
$10,995
+2.3%
Segment operating profit
$2,623
-0.1%
General Mills, Inc. Europe
and Australia
Fiscal 2021 ended in May
Net sales
% change from year ago
$1,982
+8%
Segment operating profit
$151
+33%
Segment operating profit
$86
+458%
General Mills, Inc. Asia
and Latin America
Fiscal 2021 ended in May
Net sales
Segment operating profit
$306
-9%
Fiscal 2021 net income for the period ended May 30 was $2.34 billion,
equal to $3.78 per share on the common stock, and a 7% increase over fiscal
2020 when the company earned $2.18 billion, or $3.59 per share.
Fiscal 2021 sales rose 3% over fiscal 2020 to $18.1 billion.
Future plans also call for an expansion of a cereal plant in Sharonville, Ohio.
General Mills said it will invest $28 million to renovate the building, add new
equipment and implement new training programs to support incoming talent
development. A total of 33 new jobs are expected to be added at the plant,
which currently employs 200.
" At General Mills, we're accelerating our business and investing meaningfully
in our people, brands, and capabilities to make food the world loves, "
said Jay Sampson, Cincinnati plant manager at General Mills. " We are proud
to channel that investment in the great city of Sharonville, home of many of
our beloved cereals, including Cinnamon Toast Crunch, Chex, Fiber One, Cookie
Crisp and Cheerios Oat Crunch. "
The company expects to complete work on the building by February 2022. CP
General Mills, Inc. Pet
Fiscal 2021 ended in May
Net sales
$1,732
+2%
Segment operating profit
$415
+6%
% change from year ago
General Mills, Inc. Convenience Stores
and Foodservice
Fiscal 2021 ended in May
Net sales
$1,742
-4.1%
% change from year ago
% change from year ago
% change from year ago
$1,675
+10%
80 \ October 2021
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Corporate Profiles - 2021

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