General Mills (NYSE: GIS) announced financial results for the fourth quarter and fiscal 2020. Net sales of USD 5 Billion increased 21% compared to last year. Operating profits rose 16% to USD 830 Million as gross margin increased 10 basis points to 35.2% of net sales. Net earnings attributable to General Mills summed up to USD 626 Million or up 10% compared to a year ago.
For full year 2020, net sales increased 5% to USD 17.6 Billion. Operating profits amounted to USD 3 Billion, a 17% increase compared to the prior year. Net earnings Diluted earnings per share amounted to USD 3.56, a 23% increase.
“I’m proud of the way our organization has remained focused on serving the needs of our consumers and communities while protecting the health and safety of our employees throughout the COVID-19 pandemic,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “Amid significant challenge and change in the world around us, General Mills adapted and executed in fiscal 2020 to deliver outstanding financial results while fulfilling our purpose of making food the world loves. We’ve demonstrated extraordinary agility to meet the unprecedented increase in demand for food at home and to win across our categories.
“As we turn to fiscal 2021, we’ll maintain a sharp focus on the near-term opportunity to meet continued elevated demand while continuing to advance our long-term strategies by investing to build our brands, strengthen our innovation, and enhance our strategic capabilities. I remain confident that General Mills will emerge from the pandemic a stronger company.”