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The food company General Mills recorded in the second quarter of its fiscal year 2025, ended November 24, a net attributable profit of 795.7 million dollars (758.2 million euros), 33.6% more compared to the same period of the previous year.
The sales of the company that owns ‘Häagen-Dazs‘ or ‘Old El Paso‘ fajitas were 5,240 million dollars (4,993 million euros), 2% more.
Retail sales in North America grew 0.5% to 3,322 million dollars (3,166 million euros), while sales in other markets rose 1.1% to 690.6 million dollars (658.1 million euros).
Revenues from products served to restaurants and small grocery stores increased by 8.2% to 630 million dollars (600.3 million euros), and those of the pet food division were 595.8 million dollars (567.7 million euros), 4.7% more.
Total expenses incurred for production, selling and administrative costs, among others, amounted to 4,162 million dollars (3,966 million euros), 3.8% less.
In the first half of the year, General Mills had a profit of 1,376 million dollars (1,311 million euros) and a turnover of 10,088 million dollars (9,613 million euros). These amounts were 8.4% and 0.4% higher than those of the previous year, respectively.
‘In the first half of the year, we made significant progress in accelerating volume and market share growth, including a return to growth in the North American pet business,’ noted General Mills President and CEO Jeff Harmening.
‘We have made additional investments to offer consumers greater value. While these investments reduce our profit forecast for fiscal 2025, they better position General Mills for sustained growth in fiscal 2026 and beyond,’ he added.
In this regard, sales for fiscal 2025 are forecast to be flat to up 1% organically, unchanged, but adjusted operating profit decline has worsened to -4% and -2%, down two points for both ends of the range.
Yogurt sales
General Mills announced in September that it would sell its U.S. yogurt unit to Lactalis and the Canadian unit to Sodiaal in a $2.1 billion (2,001 million euros) transaction.
The objective would be to divest less profitable divisions as part of a strategy to control costs and improve business margins. This area, with brands such as Yoplait and Liberté, provided the company with some $1.5 billion (1.429 billion euros) in fiscal 2024.