Shares of General Mills, Inc. (NYSE:GIS) ended Wednesday session in green amid volatile trading. The shares closed up +0.56 points or 0.87% at $65.26 with 5.47 million shares getting traded. Post opening the session at $64.06, the shares hit an intraday low of $63.15 and an intraday high of $65.37 and the price vacillated in this range throughout the day. The company has a market cap of $38.82 billion and the numbers of outstanding shares have been calculated to be 594.60 million shares.
General Mills, Inc. (GIS) on Sept. 21, 2016 reported results for the first quarter ended August 28, 2016.
First Quarter Results Summary
- Reported net sales declined 7 percent to $3.9 billion due to lower organic net sales, the divestiture of the North American Green Giant business, and the impact of foreign exchange. Organic net sales declined 4 percent, with increases in U.S. natural and organic brands and emerging markets more than offset by declines in Foundation businesses and U.S. Yogurt.
- Gross margin decreased from 36.9 percent to 36.3 percent of net sales. Adjusted gross margin, which excludes mark-to-market effects and certain other items affecting comparability, decreased 30 basis points from last year’s result that was up 290 basis points.
- Operating profit totaled $646 million, down 6 percent compared to the prior year. Operating profit margin increased 30 basis points to 16.5 percent of net sales. Adjusted operating profit margin increased 80 basis points to 19.2 percent of net sales.
- Total segment operating profit of $787 million was down 5 percent. Total segment operating profit was down 4 percent in constant currency, reflecting lower net sales.
- Net earnings attributable to General Mills totaled $409 million and diluted earnings per share (EPS) were $0.67, down 3 percent from $0.69 a year ago.
- Adjusted diluted EPS, which excludes certain items affecting comparability of results, totaled $0.78 in the first quarter, down 1 percent from the prior year. Constant-currency adjusted diluted EPS were also down 1 percent.
“Our first-quarter profit margin expansion and EPS results reflect continued good progress on our productivity and cost-savings initiatives,” said General Mills Chairman and Chief Executive Officer Ken Powell. “However, our net sales performance did not meet our expectations due to the challenging macro environment, a difficult year-over-year comparison, and a slower start to the year on certain businesses. We are taking actions to improve our net sales performance going forward, leveraging our Consumer First focus. At the same time, we have a number of encouraging examples across our global portfolio where our efforts to adapt to evolving consumer interests are driving positive results.”
Shares of VF Corp (NYSE:VFC) ended Wednesday session in green amid volatile trading. The shares closed up 0.58 points or 1.03% at $56.72 with 2.82 million shares getting traded. Post opening the session at $56.76, the shares hit an intraday low of $56.09 and an intraday high of $56.81 and the price vacillated in this range throughout the day. The company has a market cap of $23.34 billion and the numbers of outstanding shares have been calculated to be 414.74 million shares.
VF Corp (VFC) on August 8, 2016 announced the appointment of Jim Pisani to the position of Global Brand President, Timberland®, effective immediately. Pisani most recently served as President of VF’s Licensed Sports Group, which includes the Majestic® brand. He will report to Scott Baxter, Vice President, VF and Group President, Outdoor & Action Sports Americas.
“Jim is a tremendously talented and accomplished executive with a proven track record of delivering consistent business results and generating new growth opportunities,” said Baxter. “His passion, energy, and embodiment of the values deeply rooted in the Timberland brand and in VF make him the ideal leader to guide the brand into its next phase of global growth.”
Pisani joined VF in 2008 as President of VF Licensed Sports Group. The business unit’s Majestic® brand is the official on-field uniform provider for Major League Baseball. It also supplies apparel and fanwear through licensing agreements with U.S. and international professional sports leagues, colleges and universities, and lifestyle brands. Prior to VF, Pisani held a succession of leadership roles in branding, merchandising, sales and marketing at PepsiCo and Kraft Foods.
“I’m truly honored to be given the responsibility to lead this powerful and iconic brand with such rich history,” said Pisani. “There are so many opportunities in front of the Timberland brand and I look forward to partnering with the talented teams around the world to leverage our collective strengths and accelerate growth.”