International Segment ResultsSecond-quarter net sales for General Mills’ consolidated international businesses grew 19 percent to reach $1.38 billion. Pound volume contributed 26 points of net sales growth, reflecting the addition of Yoki and Yoplait Canada. Price realization and mix reduced net sales growth by 4 points and foreign-currency translation subtracted 3 points of net sales growth. On a constant-currency basis, International segment net sales grew 22 percent overall, with sales more than doubling in Latin America including Yoki, and an increase of 16 percent in Canada including Yoplait. Constant-currency net sales grew 3 percent in Europe, and 8 percent in the Asia / Pacific region. (Please see Note 8 below for reconciliation of this non-GAAP measure). International segment operating profit grew 4 percent to $139 million including a $17 million investment associated with transitioning Yoplait Canada from the former licensee to direct ownership. Excluding this expense, which has been included in the company’s 2013 financial guidance, International segment operating profit would have grown at a double-digit rate.Through the first six months of 2013, International segment net sales grew 22 percent to $2.47 billion, and segment operating profit increased 24 percent to $265 million.
General Mills Reports Fiscal 2013 Second Quarter Results
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