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“Results were better then feared. Consumer stocks have been beaten up quite harshly in recent weeks because of continued concerns about margins and growth,” Edward Jones analyst Brittany Weissman said. “If General Mills’ margin pressures had continued I think that would have added to worries for the industry,” Weissman said formal cufflinks uk online. Adjusted gross margin was 34.5 percent for the second quarter ended Nov. 25, beating the average estimate of 33.76 percent, according to IBES data from Refinitiv. General Mills said its recent acquisition of the high-margin Blue Buffalo pet food company also drove margins..
General Mills is typically the first U.S. packaged food company to issue a quarterly report, and its results often set the tone for the rest of the industry. ConAgra Brands Inc (CAG.N) is scheduled to post earnings on Thursday. “What’s changed over the last six months is we’re seeing about 2 percent price increases across the industry,” Chief Financial Officer Donal Mulligan told Reuters. Retailers have accepted higher prices because they too are seeing the same jump in costs for logistics, raw materials and labor, he said formal cufflinks uk online.
“We continue to have a frugal mindset in spending,” Mulligan said formal cufflinks uk online. The company has been cutting costs across its supply chain – reassessing how and where it makes products as well as with what ingredients. Mulligan said the company was on track to save $450 million in expenses by the end of the fiscal year. General Mills, which also makes Yoplait yogurts and Nature Valley granola bars, earned 85 cents per share excluding items, 4 cents above the average analyst estimate. Net sales rose 5 percent to $4.41 billion, but missed the average estimate of $4.51 billion..
BRUSSELS (Reuters) – A group whose members include Amadeus (AMA.MC) and Expedia (EXPE.O), stepped up their fight against German airline Lufthansa (LHAG.DE) on Wednesday, urging EU regulators to investigate booking fees it levies on travel agents. In its complaint to the European Commission’s antitrust watchdog, the European Technology and Travel Services Association (ETTSA) alleged that Lufthansa’s fees have cost consumers using independent distribution channels more than 1 billion euros ($1.1 billion) since 2015 formal cufflinks uk online.
German online travel agent VIR is a joint complainant with ETTSA in the case. The association’s other members are Odigeo, Opodo, bookers, eDreams (EDRE.MC), Sabre (SABR.O), Travelport (TVPT.N) and hotels.com, among others. “LH (is) leveraging its dominant position on air transport services markets in Austria and Germany to control and manipulate the present and future distribution channels for LH and ultimately other carriers’ tickets,” the association said in its complaint. It said this penalized EU consumers in the short term as well as in the long run formal cufflinks uk online.