General Mills Reports Fiscal 2023 Fourth-quarter and Full-ye

General Mills Board of Directors Declares Nine Percent Dividend Increase


Full Year Highlights



Net sales of $20.1 billion increased 6 percent from the prior year; organic net sales1 were up 10 percent



Operating profit of $3.4 billion was down 1 percent; adjusted operating profit of $3.46 billion was up 8 percent in constant currency



Diluted earnings per share (EPS) of $4.31 was down 2 percent from the prior year; adjusted diluted EPS of $4.30 was up 10 percent in constant currency



Fourth Quarter Highlights



Net sales of $5.0 billion increased 3 percent; organic net sales increased 5 percent



Operating profit of $818 million was down 19 percent; adjusted operating profit of $889 million effectively matched year-ago levels in constant currency



Diluted EPS of $1.03 was down 24 percent; adjusted diluted EPS of $1.12 increased 1 percent in constant currency



1Please see Note 7 to the Consolidated Financial Statements below for reconciliation of this and other non-GAAP measures used in this release.

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