For the quarter ended Feb. 24, profits rose to $430.1 million, or $1.23 per share, from $267.5 million, or 74 cents per share, from a year ago.
Chief Executive Officer Ken Powell said:
“This was a terrific quarter for General Mills, fueled by continued strong demand for our products in markets all around the world.” “Our product innovation and consumer marketing investments are driving strong growth on the top line,” Powell said, “and cost-savings efforts, together with pricing actions, are offsetting significantly higher input costs and protecting our margins."So profits are significantly higher because they've raised prices higher than their input cost increases. Hmmm.
And as distributors and retailers pass along higher transportation, labor and marketing costs to the final retail prices, consumers pay the price for these higher profits.
Source: General Mills
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