潜水简介:
- 通用磨坊' net earnings this quarter totaled $343 million — a 20% decrease from last year,根据发布。The company错过了分析师的期望而且其营业利润也从前一年下降了23％5.47亿美元。
- 该公司的净销售额增长了5％，达到44.1亿美元，这是最近被收购的Blue Buffalo Pet产品的推动。但总的来说，米尔斯（General Mills）的有机净销售额下降了1％，这是由于其北美业务下降。
- “我们的成本和资本纪律已使上半年的利润增长提前增长。下半年我们要做的工作是加速我们的销售增长，同时保持同样的学科，” General Mills董事长兼首席执行官Jeff Harmening在发布。“我们正在采取行动来加强下半场toplinetrends in North America Retail, led by U.S. cereal and snacks."
潜水见解：
Despite new products and acquisitions, General Mills continues to struggle to lift its North American profits. The company's Q2 net sales in North America totaled $2.68 billion, dropping 3% from the year before. The decline was mainly caused by lower sales activity in its U.S. cereals and a drop in volume for its U.S. snacks.
That drop comes as consumers have turned to otherbetter-for-you breakfast选择而不是谷物。Slumping cereal salesacross the industry have led some manufacturers to reformulate products for consumers looking for healthier options. General Mills has instead continued todouble down on its indulgence factor，宣布新的含糖谷物 - 包括肉桂吐司脆性油条，果味幸运符和巧克力烤面包 -just this week。But if the company can't pull up its cereal sales soon, that strategy could change.
Like other big food companies, General Mills has beenreevaluating its portfolio为新的产品腾出空间 - 可能更有利可图的产品。为了进入蓬勃发展的宠物护理类别，通用磨坊购买了蓝色水牛今年早些时候，以80亿美元的价格成为一口气的自然宠物食品领域的美国领导者。n在过去六个月中，宠物类别的ET销售额为6.78亿美元，在备考基础上增加了2％。
宠物护理可以继续为通用工厂带来回报。根据研究公司Euromonitor的说法, retail pet food sales increased 3.7% last year, more than doubling the 1.2% increase in packaged food. In the earnings release, the company said it is planning significant expansion of Blue Buffalo, including doubling distribution and increasing its product assortment.
通用磨坊不是唯一的宠物食品空间中的大食物。雀巢有PurinaPetCare，嘉吉有动物营养段斯马克购买大心脏的宠物品牌和Ainsworth宠物营养。So although it could be a lucrative market for General Mills, it is increasingly competitive — and an area many food manufacturers are relying on to boost their margins.
通用磨坊' operating profit was hit hard by higher restructuring, impairment and other exit costs. That came to $209 million this quarter, compared to just $2 million last year. General Mills wrote off $193 million in impairment charges for its Progresso, Food Should Taste Good and Mountain High brands, largely because it now projects those brands to see weaker sales in the future.
为了降低成本并提高烘焙和酸奶部门的性能，通用磨坊最近削减625个工作。That move and potentially more cuts down the line could make room for additional savvy acquisitions.
The company said in its earnings release that it will continue focusing on its long-term goals of stronger innovation and reshaping its portfolio with acquisitions and divestitures.And despite its decline this quarter and recent struggles, the company still reaffirmed its guidance for 2019.
"I'm pleased that our results through six months keep us on track to deliver our full-year targets,"Harmening说。
