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Martin Moylan
ST. PAUL, Minn.

General Mills 1st-qtr sales rise on acquisitions

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General Mills' sales in its most recent quarter rose but net income fell compared to the same period a year ago.

Earnings fell because a year ago tax benefits and other one-time gains dramatically boosted the company's bottom line. In its fiscal first quarter, General Mills earned about $460 million on sales of $4.4 billion. The Golden Valley-based company, whose brands include Betty Crocker, Cheerios and Yoplait, has been working to revive its yogurt, cereal and other key businesses.

"We did ship lots of new products over the course of the quarter and, it takes a while for those to move through the channel and start to get counted at retail," chief executive Ken Powell said. "We're seeing some good trends across some important categories and we're encouraged by that."

Powell said prices have declined for corn, wheat and other supplies, but prices for dairy and other ingredients are up. By next May, the company expects overall supply chain costs to rise about 3 percent.

Net income was $459.3 million, or 70 cents per share, in the first quarter ended on Aug. 25, compared with $548.9 million, or 82 cents per share, a year earlier, the company reported Wednesday. Sales rose 8 percent to $4.37 billion.