Market Overview

General Mills Reaffirms Fiscal 2013 Earnings Guidance; Announces Two Upcoming Webcast Events


In conjunction with its presentation at the Barclays Capital Back-to-School Consumer Conference in Boston tomorrow (Sept. 6), General Mills (NYSE: GIS) reaffirmed its sales and earnings targets for the fiscal year ending May 2013. This includes targeted fiscal 2013 adjusted diluted earnings per share of approximately $2.65. General Mills also said it sees first-quarter results (to be reported on September 19, 2012) in line with company expectations, which called for adjusted diluted EPS to be below last year's first-quarter results. General Mills' complete presentation at the conference will be available on the company's website: through September 13, 2012.

General Mills also announced plans for two upcoming webcasts. The company plans to report results for its fiscal 2013 first quarter on Wednesday, September 19, 2012. A webcast discussion of those results with investors will be held that day, beginning at 7:30 a.m. Central time (8:30 a.m. Eastern time). General Mills also will webcast its 84th Annual Shareholders Meeting, to be held in Minneapolis on Monday, September 24, 2012, beginning at 11:00 a.m. Central time (12:00 p.m. Eastern time). Both webcasts can be accessed on the company's website and will be archived for one year.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our 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 laws and regulations, including labeling and advertising regulations; 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; 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 of our information technology systems; resolution of uncertain income tax matters; 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 statement to reflect any future events or circumstances.

General Mills
Kris Wenker, 763-764-2607
Kirstie Foster, 763-764-6364

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