NEW YORK, July 9, 2013 /PRNewswire/ -- Addressing investors and analysts this morning at the New York Stock Exchange, General Mills executives detailed the company's growth and innovation plans for fiscal 2014.
"We'll be building on a strong track record of annual growth," said Ken Powell, chairman and CEO of General Mills. "Just five years ago only a quarter of our total sales, including our share of joint ventures, came from markets outside the U.S. Today, it's more than one-third. Our global business portfolio gives us confidence that we can keep growing at an attractive rate."
Today's investor presentation expanded on the fiscal 2014 guidance provided by General Mills on June 26. The company said it expects net sales to grow at a low single-digit rate in 2014 to exceed $18 billion, with mid single-digit growth in segment operating profit and fiscal 2014 adjusted diluted earnings per share in a range of $2.87 to $2.90 per share.
Innovation To Fuel Growth in Fiscal 2014The company said it will launch more than 200 new products worldwide in the first half of the fiscal year, with more to come later in the year.General Mills competes in five global product categories where sales are growing at mid-to high-single digit annual rates: cereal, yogurt, snacks, convenient meals, and ice cream. General Mills will focus its 2014 growth efforts on these five global categories. A $4 Billion Global Cereal BusinessGeneral Mills will launch new cereal innovation and brand building in the U.S. cereal market in 2014. Hershey's Cookies & Creme cereal will launch this summer, along with two varieties of Nature Valley granola cereal with 10 grams of protein per serving. The company also plans to expand the distribution of BFast, a convenient breakfast shake with the nutrition of a bowl of cereal and milk. "We're excited about our new product line-up," said Ian Friendly, executive vice president, chief operating officer, U.S. Retail. "We expect our cereal business to get off to a strong start this year." Outside the U.S., General Mills' joint venture with Nestle, Cereal Partners Worldwide (CPW), is building the cereal market in more than 130 countries.