In the fourth quarter, General Mills said organic sales were broadly unchanged from last year, leading the group to report an operating loss of $2.1bn, down from the prior year's $3.3bn operating profit, reflecting non‑cash goodwill and brand‑intangible charges and a valuation loss linked to the planned divestiture of its Brazil business.
Adjusted operating profits rose 13% in constant currency to $705m, while diluted losses per share came to $3.74, compared with earnings per share of $0.53 a year earlier. On a constant currency basis, adjusted diluted EPS increased 27% to $0.95.
For the full year, net sales fell 5% to $18.4bn, including a six‑point drag from divestitures and acquisitions and a two‑point benefit from the 53rd week. Organic net sales were down 2%, while operating profits dropped 73% to $886m, driven by the same non‑cash charges.
FY adjusted operating profits declined 16% in constant currency to $2.8bn. Diluted losses per share came in at $0.16, versus EPS of $4.10 last year, with adjusted diluted EPS down 16% to $3.55 in constant currency.
As of 1400 BST, General Mills shares were up 4.48% in pre-market action at $36.36 each.
Reporting by Iain Gilbert at Sharecast.com