Minneapolis / MN. (gm) In conjunction with remarks at the Goldman Sachs Consumer Products Symposium, General Mills Inc. said it remains on track to achieve its sales and earnings targets for the fiscal year ending May 29, 2011. The company reaffirmed fiscal 2011 earnings per share guidance of 2,46 USD to 2,48 USD excluding mark-to-market effects and a net gain related to certain tax items. At the Symposium the Company also said higher prices are materializing for its cereals and other products on supermarket shelves, a sign the operating environment is improving. The company said the price increases will be needed to offset increasingly escalating costs. CFO Don Mulligan said that the Company expects costs to be up four to five percent long term, though with volatility. Next fiscal year, General Mills expects costs to be above that range.
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