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• Net sales in fourth quarter increased 8 percent to $4.4 billion; driven by growth in new businesses
• Segment operating profit of $722 million, which was 2 percent below last year's result
• Adjusted diluted EPS declined 12 percent to $0.53
• Gross margin was down 80 basis points to the range of 31.6 percent and 36.1 percent; driven by the additions of Yoki and Yoplait Canada
• Advertising and media expense increased 5 percent
• Total expense at $115 million, driven by annual increase in pension expense.
Guidance for 2014
• Expect increase cash returns to shareholders
• Total capital investments expected to be around $700 million
• Targeted sales for the year is above $18 billion
• Operating profit is projected to grow at a mid-single-digit rate
• Adjusted diluted earnings per share expected to increase at a high single-digit rate to a range of $2.80 to $2.90 per share
• Significant ad campaigns behind Big G stalwarts including Lucky Charms, Reese's
Puffs, Cheerios
• Expanding the Cheerios franchise in Canada with new Honey Nut Cheerios hardy oak crunch
• Expanding the Fiber One franchise with an almond and cluster variety
• Increase consumer marketing activity focused on the cholesterol-lowering benefits of the whole grain oats cereal
• New flavors will be introduced with new package sizes and new points of distribution
• Strong product news and innovation on Old El Paso and Wanchai Ferry internationally
General Mills GIS opened on Wednesday at $48.07.
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