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BUSINESS AGENDA

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    General Mills profits nearly double for fourth quarter

    By Dan Haugen | Published Wed, Jul 1 2009 10:02 am

    Americans are eating in more often, and that continues to be great news for Golden Valley-based General Mills.

    The company reported today that its fourth-quarter profits nearly doubled, compared with a year ago, with net earnings up 94 percent.

    Whether we're microwaving pizza rolls (Totino's and other frozen product sales up 12 percent for the year) or getting ambitous by making pancakes (Bisquick and other baking products up 18 percent for the year), our changing habits are helping General Mills.

    Overall, sales for the year were up 8 percent, but the company's profit was only slightly higher because of increased costs.

    “In today’s very challenging economic environment, our leading food brands offer the quality, convenience and value that consumers are looking for and, as a result, our businesses are showing strong growth," CEO Ken Powell said in the company's statement.

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    Business Agenda reports on what's going on at businesses in Minnesota. Business Agenda provides brief, quick-reading items about important companies in Minnesota and the people who work at those firms. Business Agenda features new items every day Monday through Friday. 

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