QUARTERLY DATA (UNAUDITED)

12 Months Ended

May 29, 2016

QUARTERLY DATA (UNAUDITED) [Abstract]

NOTE 18. QUARTERLY DATA (UNAUDITED)

Summarized quarterly data for fiscal 2016 and fiscal 2015 follows:

In Millions, Except Per Share Amounts		First Quarter				Second Quarter				Third Quarter				Fourth Quarter
		Fiscal Year				Fiscal Year				Fiscal Year				Fiscal Year
		2016		2015		2016		2015		2016		2015		2016		2015
Net sales	$	4,207.9	$	4,268.4	$	4,424.9	$	4,712.2	$	4,002.4	$	4,350.9	$	3,927.9	$	4,298.8
Gross margin		1,554.6		1,438.7		1,540.6		1,619.1		1,357.5		1,375.9		1,376.8		1,515.5
Net earnings attributable to General Mills		426.6		345.2		529.5		346.1		361.7		343.2		379.6		186.8
EPS:
Basic	$	0.71	$	0.56	$	0.88	$	0.58	$	0.61	$	0.57	$	0.63	$	0.31
Diluted	$	0.69	$	0.55	$	0.87	$	0.56	$	0.59	$	0.56	$	0.62	$	0.30
Dividends per share	$	0.44	$	0.41	$	0.44	$	0.41	$	0.44	$	0.41	$	0.46	$	0.44
Market price of common stock:
High	$	59.55	$	55.56	$	59.23	$	53.82	$	60.14	$	55.11	$	65.36	$	57.14
Low	$	54.36	$	50.15	$	55.41	$	48.86	$	54.12	$	51.13	$	58.85	$	51.70

During the fourth quarter of fiscal 2016, we sold our General Mills de Venezuela CA subsidiary to a third party and exited our business in Venezuela. As a result of this transaction, we recorded a pre-tax loss of $37.6 million. In addition, we sold our General Mills Argentina S.A. foodservice business in Argentina to a third party and recorded a pre-tax loss of $14.8 million.

The effective tax rate for the fourth quarter of fiscal 2016 was 19.2 percent, primarily driven by tax credits and the impact of the divestiture of our business in Venezuela.

During the fourth quarter of fiscal 2015, we made a strategic decision to redirect certain resources supporting our Green Giant business in our U.S. Retail segment to other businesses within the segment. Therefore, we recorded a $260 million impairment charge in the fourth quarter of fiscal 2015 related to the Green Giant brand intangible asset. See Note 6 for additional information.

During the fourth quarter of fiscal 2015, we approved a one-time repatriation of $606.1 million of foreign earnings and recorded a discrete income tax charge of $78.6 million.