General Mills plans to boost marketing spending for its fiscal fourth quarter to support new product launches in an effort to jumpstart sales.
General Mills on Tuesday reported disappointing sales for the third quarter ended Feb. 22. Net sales rose 2% to $2.7 billion for the quarter. Sales for the first nine months of fiscal 2004 rose 4% to $8.28 billion.
Chairman-CEO Steve Sanger called the third-quarter results “disappointing,” and blamed soft volume sales and increased supply-chain costs. Some new products set for a fourth-quarter marketing push are low-carb items, including Total Protein cereal, Nouriche Light yogurt beverages, 8th Continent Light soymilk and Progresso Carb Monitor soup.
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