Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

General Mills Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Nov 24, 2019	Aug 25, 2019	May 26, 2019	Feb 24, 2019	Nov 25, 2018	Aug 26, 2018	May 27, 2018	Feb 25, 2018	Nov 26, 2017	Aug 27, 2017	May 28, 2017	Feb 26, 2017	Nov 27, 2016	Aug 28, 2016	May 29, 2016	Feb 28, 2016	Nov 29, 2015	Aug 30, 2015	May 31, 2015	Feb 22, 2015	Nov 23, 2014	Aug 24, 2014	May 25, 2014	Feb 23, 2014	Nov 24, 2013	Aug 25, 2013
Net sales	4,420,800)	4,002,500)	4,161,700)	4,198,300)	4,411,200)	4,094,000)	3,890,200)	3,882,300)	4,198,700)	3,769,200)	3,806,600)	3,793,200)	4,112,100)	3,907,900)	3,927,900)	4,002,400)	4,424,900)	4,207,900)	4,298,800)	4,350,900)	4,712,200)	4,268,400)	4,283,800)	4,377,400)	4,875,700)	4,372,700)
Cost of sales	(2,851,700)	(2,613,000)	(2,700,400)	(2,755,300)	(2,901,500)	(2,751,200)	(2,471,100)	(2,627,000)	(2,755,700)	(2,459,100)	(2,486,900)	(2,485,500)	(2,592,600)	(2,491,000)	(2,551,100)	(2,644,900)	(2,884,300)	(2,653,300)	(2,783,300)	(2,975,000)	(3,093,100)	(2,829,700)	(2,801,400)	(2,864,700)	(3,114,000)	(2,759,700)
Gross margin	1,569,100)	1,389,500)	1,461,300)	1,443,000)	1,509,700)	1,342,800)	1,419,100)	1,255,300)	1,443,000)	1,310,100)	1,319,700)	1,307,700)	1,519,500)	1,416,900)	1,376,800)	1,357,500)	1,540,600)	1,554,600)	1,515,500)	1,375,900)	1,619,100)	1,438,700)	1,482,400)	1,512,700)	1,761,700)	1,613,000)
Selling, general, and administrative expenses	(759,000)	(718,900)	(743,200)	(696,600)	(753,300)	(742,700)	(706,800)	(655,100)	(711,600)	(679,100)	(693,400)	(687,600)	(708,100)	(712,200)	(779,200)	(755,800)	(772,700)	(811,200)	(825,900)	(789,400)	(845,500)	(867,200)	(865,900)	(842,100)	(890,900)	(875,400)
Divestiture gain (loss)	—)	—)	5,400)	(35,400)	—)	—)	—)	—)	—)	—)	—)	—)	(13,500)	—)	(52,400)	1,500)	199,100)	—)	—)	—)	—)	—)	65,500)	—)	—)	—)
Restructuring, impairment, and other exit (costs) recoveries	1,100)	(8,200)	(7,400)	(59,700)	(209,400)	1,400)	(151,300)	(7,500)	(1,600)	(5,200)	(17,100)	(77,600)	(29,000)	(58,900)	(13,100)	(16,900)	(61,300)	(60,100)	(266,000)	(49,300)	(214,600)	(14,000)	(100)	—)	(700)	(2,800)
Operating profit	811,200)	662,400)	716,100)	651,300)	547,000)	601,500)	561,000)	592,700)	729,800)	625,800)	609,200)	542,500)	768,900)	645,800)	532,100)	586,300)	905,700)	683,300)	423,600)	537,200)	559,000)	557,500)	681,900)	670,600)	870,100)	734,800)
Benefit plan non-service income	30,200)	30,200)	24,600)	21,400)	21,000)	20,900)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Interest, net	(119,400)	(118,700)	(124,800)	(130,800)	(132,700)	(133,500)	(137,100)	(89,300)	(74,900)	(72,400)	(69,300)	(76,400)	(75,500)	(73,900)	(77,500)	(77,200)	(73,800)	(75,300)	(79,600)	(80,000)	(77,300)	(78,500)	(79,400)	(75,500)	(68,700)	(78,800)
Earnings before income taxes and after-tax earnings from joint ventures	722,000)	573,900)	615,900)	541,900)	435,300)	488,900)	423,900)	503,400)	654,900)	553,400)	539,900)	466,100)	693,400)	571,900)	454,600)	509,100)	831,900)	608,000)	344,000)	457,200)	481,700)	479,000)	602,500)	595,100)	801,400)	656,000)
Income taxes	(155,500)	(67,200)	(54,700)	(95,800)	(106,600)	(110,700)	(86,400)	432,500)	(234,900)	(168,500)	(144,200)	(107,000)	(227,400)	(176,600)	(87,500)	(157,600)	(311,500)	(198,600)	(164,300)	(116,500)	(153,400)	(152,600)	(203,700)	(200,900)	(266,700)	(212,000)
After-tax earnings from joint ventures	24,900)	21,800)	20,000)	11,800)	22,500)	17,700)	20,600)	16,600)	23,800)	23,700)	19,900)	11,100)	29,800)	24,200)	23,300)	16,200)	23,200)	25,700)	18,100)	13,100)	27,100)	26,000)	16,600)	22,800)	26,100)	24,100)
Net earnings, including earnings attributable to redeemable and noncontrolling interests	591,400)	528,500)	581,200)	457,900)	351,200)	395,900)	358,100)	952,500)	443,800)	408,600)	415,600)	370,200)	495,800)	419,500)	390,400)	367,700)	543,600)	435,100)	197,800)	353,800)	355,400)	352,400)	415,400)	417,000)	560,800)	468,100)
Net earnings attributable to redeemable and noncontrolling interests	(10,600)	(7,900)	(11,000)	(11,100)	(7,800)	(3,600)	(3,700)	(11,100)	(13,300)	(3,900)	(6,700)	(12,400)	(14,000)	(10,500)	(10,800)	(6,000)	(14,100)	(8,500)	(11,000)	(10,600)	(9,300)	(7,200)	(10,800)	(6,400)	(10,900)	(8,800)
Net earnings attributable to General Mills	580,800)	520,600)	570,200)	446,800)	343,400)	392,300)	354,400)	941,400)	430,500)	404,700)	408,900)	357,800)	481,800)	409,000)	379,600)	361,700)	529,500)	426,600)	186,800)	343,200)	346,100)	345,200)	404,600)	410,600)	549,900)	459,300)

Net Sales: Net sales exhibit a fluctuating pattern without a clear upward or downward trend over the periods. There are several peaks and troughs, with the highest values generally occurring in the fourth quarter of each year. Notably, after peaking around late 2013 and 2014, sales show some decline and stabilization, with occasional rebounds in late 2018 and 2019.
Cost of Sales: Cost of sales generally follows the trend of net sales, displaying similar fluctuations. The costs peak correspondingly during higher sales quarters and decline when sales decrease. There is a slight reduction toward the later periods in 2019, indicating some improvement in cost control or changes in the cost structure.
Gross Margin: Gross margin tends to move in line with sales, showing volatility throughout the quarters. Despite the fluctuations, margins remain relatively stable as a function of sales, indicating consistent profitability at the gross level. Some quarters such as early 2014 and late 2016 show notable dips, suggesting periods of margin pressure.
Selling, General, and Administrative Expenses: This expense category remains relatively stable with minor fluctuations around a consistent level. There is no pronounced upward or downward trend, indicating steady management of operating expenses over time, despite fluctuations in sales volumes.
Divestiture Gain (Loss): Divestiture gains appear sporadically, with notable positive impacts in May 2014 and between November 2015 and February 2016, followed by negative impacts in later periods. These gains and losses suggest occasional asset sales or restructuring activities impacting profits irregularly.
Restructuring, Impairment, and Other Exit Costs: Costs related to restructuring and impairments show volatility with significant spikes, particularly in late 2014 and mid-2015. These fluctuations indicate periods of operational adjustments, possibly involving asset write-downs or business transformation efforts. Later periods show decreases in these costs, suggesting the end or reduction of restructuring activities.
Operating Profit: Operating profit demonstrates variability correlated with overall sales and cost trends. Peaks generally align with strong sales quarters, particularly in late 2013, late 2015, and late 2019. There are dips during mid-periods such as 2015, pointing toward operational challenges or increased non-recurring expenses.
Benefit Plan Non-Service Income: This income is reported only in the final five periods, showing a gradual increase. Its introduction in later periods adds a positive contribution to the overall profitability, reflecting perhaps improved returns or changes in benefit plan accounting.
Interest, Net: Net interest expenses remain relatively stable, with minor fluctuations and a notable spike in interest expense in early 2018. This indicates steady financing costs with occasional increases, possibly linked to debt levels or interest rate changes.
Earnings Before Income Taxes and After-Tax Earnings from Joint Ventures: These earnings generally trend in sync with operating profit, showing similar volatility. Peaks correspond to the quarters with high operating profit, while lower earnings align with the weaker sales or higher costs periods.
Income Taxes: Income tax expenses vary substantially and do not always align with pre-tax earnings, notably a large positive tax figure in early 2018 indicating a tax benefit or adjustment. This irregularity points to the presence of unusual tax events or adjustments affecting net profitability temporarily.
After-Tax Earnings from Joint Ventures: These earnings are relatively small and stable, with limited variation, demonstrating a consistent but minor contribution to overall earnings.
Net Earnings: Net earnings show significant volatility with strong peaks in late 2013, late 2015, and especially in early 2018. The extraordinarily high earnings in early 2018 are likely influenced by one-time items such as tax benefits or gains. Excluding these extraordinary periods, net earnings fluctuate moderately in line with operating profit and sales trends.
Net Earnings Attributable to Redeemable and Noncontrolling Interests: These amounts remain negative throughout, indicating that a small portion of earnings is attributable to interests outside the main shareholders. The values fluctuate mildly and represent a consistent deduction from the reported net earnings.
Net Earnings Attributable to General Mills: This figure closely mirrors the overall net earnings trend excluding minor adjustments, showing the company's core profitability. The pattern is consistent with underlying sales and profit trends, with notable spikes in quarters of exceptional performance or one-time events.

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General Mills Inc. (NYSE:GIS)

Income Statement Quarterly Data

Income Statement
Quarterly Data