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General Mills Reports Fiscal 2013 First Quarter Results

Stocks in this article: GIS

A reconciliation of total segment operating profit to the relevant GAAP measure, operating profit, is included in the Statements of Operating Segment Results.

The reconciliation of International segment and region net sales growth rates as reported to growth rates excluding the impact of foreign currency exchange below demonstrates the effect of foreign currency exchange rate fluctuations from year to year. To present this information, current period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than the actual average exchange rates in effect during the current fiscal year. Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year.

 
Quarter Ended Aug. 26, 2012
 
   

Percentage Change in Net Sales as Reported (a)

 

Impact of Foreign Currency Exchange

 

Percentage Change in Net Sales on Constant Currency Basis

Europe 36 %   (15) pts   51 %
Canada 23 (5) 28
Asia/Pacific 17 (3) 20
Latin America   14     (6)     20  
Total International   27 %   (9) pts   36 %

(a) See Note 2.

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