General Mills Reports Fiscal 2013 First Quarter Results

Earnings comparisons as a percent of net sales excluding certain items affecting comparability follows:

		Quarter Ended
In Millions			Aug. 26, 2012							Aug. 28, 2011
Comparisons as a % of Net Sales			Value			Percent of Net Sales					Value		Percent of Net Sales
Gross margin as reported (a)		$	1,628.3			40.2		%		$	1,446.5		37.6	%
Mark-to-market effects (b)			(81.6	)		(2.0	)	%			37.7		1.0	%
Adjusted gross margin		$	1,546.7			38.2		%		$	1,484.2		38.6	%
Operating profit as reported		$	780.1			19.3		%		$	638.9		16.6	%
Mark-to-market effects (b)			(81.6	)		(2.0	)	%			37.7		1.0	%
Restructuring costs (c)			9.0			0.2		%			-		-	%
Adjusted operating profit		$	707.5			17.5		%		$	676.6		17.6	%
Net earnings attributable to General Mills as reported		$	548.9			13.5		%		$	405.6		10.5	%
Mark-to-market effects, net of tax (b)			(51.4	)		(1.3	)	%			23.8		0.6	%
Restructuring costs, net of tax (c)			7.5			0.2		%			-		-	%
Tax item (d)			(66.7	)		(1.6	)	%			-		-	%
Adjusted net earnings attributable to General Mills		$	438.3			10.8		%		$	429.4		11.1	%

(a) Net sales less cost of sales.(b) See Note 5.(c) See Note 4.(d) See Note 7.

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