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General Mills today (Wednesday) reported big gains in its first quarter 2010 fiscal year earnings. The packaged goods maker attributed the growth to new product activity and an uptick in advertising spending.
The company, which makes Betty Crocker cake mixes and Totino’s microwaveable pizza snacks, said net income in the first quarter jumped 51 percent to $421 million, up from $270 million for the same period last year. U.S. retail sales, in particular, grew 6 percent, with net sales for its Big G cereals—a segment that’s performed well over consecutive quarters—up 9 percent.
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