Bakery decline hurts General Mills’ earnings

March 19, 2009, CHICAGO – Branded package-food is still selling, but
consumers are clearly cutting wherever they can. General Mills, a
bellwether of the package-food industry, missed earnings yesterday,
citing a substantial decline in its bakery and food-service division.

March 19, 2009, CHICAGO – Branded package-food is still selling, but
consumers are clearly cutting wherever they can. General Mills, a
bellwether of the package-food industry, missed earnings yesterday,
citing a substantial decline in its bakery and food-service division.

But the company's U.S. food businesses, including its flagship cereals,
continued to grow, thanks in part to an 11 per cent increase in consumer
marketing during the quarter.

General Mills' earnings were $289 million, or 85 cents per share, down
from $430 million, or $1.23 per share, a year ago. Analyst consensus
had been 88 cents per share. | READ MORE