General Mills Reaffirms Key Fiscal 2017 Financial Targets

MINNEAPOLIS, Sept. 7, 2016 /PRNewswire/ -- In conjunction with a presentation today at the Barclays Global Consumer Staples Conference, General Mills (NYSE: GIS) reaffirmed its key financial targets for the fiscal year ending May 28, 2017. These targets include organic net sales growth between flat and down 2 percent; total segment operating profit growth between 6 and 8 percent in constant currency; 150 basis points of adjusted operating profit margin expansion; and adjusted diluted earnings per share growth between 6 and 8 percent in constant currency.  General Mills also commented on the 2017 first quarter, which will be reported on September 21, 2016.  The company expects organic net sales growth in the quarter ended August 28, 2016, will be below its full-year guidance range.  First quarter constant-currency adjusted diluted earnings per share are expected to be below last year's levels that grew 36 percent.  General Mills' complete presentation, which also includes highlights of its 2017 global business plans and details on Annie's and other natural and organic brands, can be accessed on the company's website:  www.generalmills.com/investors.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions and promotional activities of our competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory environment, including labeling and advertising regulations and litigation; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of significant accounting estimates; product quality and safety issues, including recalls and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing and promotional programs; changes in consumer behavior, trends and preferences, including weight loss trends; consumer perception of health-related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging and energy; disruptions or inefficiencies in the supply chain; effectiveness of restructuring and cost savings initiatives; volatility in the market value of derivatives used to manage price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. The company undertakes no obligation to publicly revise any forward-looking statements to reflect any future events or circumstances.

General Mills is a leading global food company that serves the world by making food people love. Its brands include Cheerios, Annie's, Yoplait, Nature Valley, Fiber One, Haagen-Dazs, Betty Crocker, Pillsbury, Old El Paso, Wanchai Ferry, Yoki and more. Headquartered in Minneapolis, Minnesota, USA, General Mills had fiscal 2016 worldwide sales of US $17.6 billion, including the company's US $1.0 billion proportionate share of joint-venture net sales.

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