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Article: General Mills Earns 80 Cents Per Share Before Unusual Items in First Quarter of Fiscal 1997
- Article from:
- PR Newswire
- Article date:
- September 16, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MINNEAPOLIS, Sept. 16 /PRNewswire/ --General Mills (NYSE: GIS) today reported fiscal 1997 first-quarter earnings of 80 cents per share before non- cash charges associated with adoption of an accounting standard. Earnings for the 13 weeks ended August 25, 1996, were 7 percent below the 86 cents per share earned in last year's first quarter due to the impact of price declines taken by Big G cereals in June 1996. Sales for the quarter grew 3 percent to $1.32 billion.
On June 19, General Mills announced actions to lower prices and cost-per- serving an average 11 percent on brands representing 42 percent of Big G cereal volume. These actions are expected to reduce ...