Opposition material - City Clerk - City of Jonesboro
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General Mills CEO: People Eating Out Less, Grocery Shopping More - FOXBusiness.com# Page 1 <strong>of</strong> 1<br />
Home I Markets I Industries I Industrials<br />
Tuesdr:,y, Febnwry 17,2009<br />
General Mills CEO: People Eating Out Less, Grocery Shopping More<br />
Share This I Respond to Editor I Pm"<br />
F[JX:buslriv;;~~<br />
General Mills (GIS 52.55, 06. 1.15%) Chief Execullve Officer Ken Powell said Tuesday the economic downtum has<br />
sent consumers out <strong>of</strong> restauranls and back to the grocery store and ultimately the downturn has somewhat positively<br />
Impacled the cereal's company's business.<br />
The comments were made at a Boca Raton, Fla, Industry trade conference with FOX Business' Bllan Sullivan.<br />
Powell said the company has seen grow1h across all brands -- from ils Cheerios breakfast cereals to its Yoplalt yogurt-<br />
upwards <strong>of</strong> 5% year over year General Mills altests the purchase increases partially to the economiC decline<br />
"We're seeing consumers leave the restaurants and gOlOg more to the grocery store," Powell said. "We have an excellent<br />
brand portfolio and our brands are dOing well In this environment."<br />
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Powell said the company's gross margins will Increase for the upcoming fiscal year as commodity prices have decreased significantly and the company has increased<br />
producllvity. The company will not see any commodity pllce gains for this current fiscal year because <strong>of</strong> long-term conlracls General Mills had already enlered inlo<br />
For Ihe fiscal year thai ends May, the company expects earnings <strong>of</strong> $3.83 to $3.87 a share. excluding items.<br />
General Mills' Powell said generally the Obama Administrallon's economic package is a net positive for the company and he said "hopefully il will wo", "<br />
"A few extra bucks in the wallet In consumers will be certainly good for our business," he said "Consumers will hopefully pick up a few more Items althe grocery store and we<br />
believe they'll choose our products."<br />
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