Not everyone skips breakfast, apparently. According to General Mills, people are not only not skipping breakfast, but they’re not even cutting back in light of the recession. The company just beat earnings and reaised its outlook for 2009:
[CEO Ken) Powell said, “The economic environment is challenging, but our brands are a good fit with consumers’ need for great-tasting, healthy, convenient foods at good value. We’ll continue to support the sales momentum in our businesses with product news, new product introductions and ongoing increases in consumer marketing investment.”
The company reaffirmed its 2009 input cost inflation estimate of 9 per cent and said that foreign currency translation is now expected to reduce reported sales and earnings for the year. Despite these headwinds, the company increased its full-year earnings guidance to $3.83 to $3.87 per share…
Meanwhile the stock only off about 15% from its highs — pretty remarkable in this market.