What were the profits like for general mills like in the 4th-quarter?
General Mills Inc. said Wednesday that its fiscal fourth-quarter profit almost doubled as consumers stuck with its well-known brands such as Cheerios cereal and Yoplait yogurt. Adjusted earnings per share beat Wall Street estimates, although sales came in slightly short. The company also offered earnings guidance for 2010 above analysts’ expectations. Consumers have been pulling back on their spending at restaurants during the recession and heading to grocery stores. That trend is helping sales for Golden Valley, Minn.-based General Mills, though many consumers also are switching to less expensive in-house brands once they get to the store. To keep wooing shoppers, the food maker has been pushing new versions of its products _ like banana nut Cheerios _ and boosting marketing. General Mills increased its spending on marketing 19 percent in the fourth quarter, and that momentum will continue in fiscal 2010, said Ian Friendly, chief operating officer for U.S. retail. Sources:
