QUARTERLY DATA (UNAUDITED)

12 Months Ended

May 28, 2017

QUARTERLY DATA (UNAUDITED) [Abstract]

NOTE 18. QUARTERLY DATA (UNAUDITED)

Summarized quarterly data for fiscal 2017 and fiscal 2016 follows:

In Millions, Except Per Share Amounts		First Quarter				Second Quarter				Third Quarter				Fourth Quarter
		Fiscal Year				Fiscal Year				Fiscal Year				Fiscal Year
		2017		2016		2017		2016		2017		2016		2017		2016
Net sales	$	3,907.9	$	4,207.9	$	4,112.1	$	4,424.9	$	3,793.2	$	4,002.4	$	3,806.6	$	3,927.9
Gross margin		1,416.9		1,554.6		1,519.5		1,540.6		1,307.7		1,357.5		1,319.7		1,376.8
Net earnings attributable to General Mills		409.0		426.6		481.8		529.5		357.8		361.7		408.9		379.6
EPS:
Basic	$	0.68	$	0.71	$	0.82	$	0.88	$	0.62	$	0.61	$	0.70	$	0.63
Diluted	$	0.67	$	0.69	$	0.80	$	0.87	$	0.61	$	0.59	$	0.69	$	0.62
Dividends per share	$	0.48	$	0.44	$	0.48	$	0.44	$	0.48	$	0.44	$	0.48	$	0.46
Market price of common stock:
High	$	72.64	$	59.55	$	71.42	$	59.23	$	63.87	$	60.14	$	61.16	$	65.36
Low	$	62.78	$	54.36	$	60.65	$	55.41	$	59.23	$	54.12	$	55.91	$	58.85

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 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.