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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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