Page 1

FOR IMMEDIATE RELEASE March 24 , 2021 ● G ● ● General Mills News / Information Investor Relations P. O. Box 1113 Minneapolis , MN 55440 Contact : ( analysts ) Jeff Siemon : 763-764-2301 ( media ) Mollie Wulff : 763-764-6364 GENERAL MILLS REPORTS FISCAL 2021 THIRD - QUARTER RESULTS Net sales increased 8 percent to $ 4.5 billion ; organic net sales¹ increased 7 percent Operating profit increased 27 percent to $ 827 million ; constant - currency adjusted operating profit increased 5 percent Diluted earnings per share ( EPS ) totaled $ 0.96 , up 30 percent from the prior year ; adjusted diluted EPS of $ 0.82 increased 6 percent in constant currency Company provides outlook for full - year organic net sales growth and adjusted operating profit margin ; announces resumption of share repurchase activity beginning in the fourth quarter ¹ Please see Note 7 to the Consolidated Financial Statements below for reconciliation of this and other non - GAAP measures used in this release . MINNEAPOLIS , Minn . - March 24 , 2021 - General Mills ( NY SE : GIS ) today reported results for the third quarter ended February 28 , 2021 . " We continued to execute well and delivered profitable growth in the third quarter , " said General Mills Chairman and Chief Executive Officer Jeff Harmening . " We've made good progress on our fiscal 2021 priorities , including competing effectively , fueling investment in our brands and capabilities , and reducing our leverage . With our balance sheet in a strong position , we have resumed share repurchase activity in the fourth quarter . We're continuing to advance our Accelerate strategy , including yesterday's announcement of our proposed divestiture of our European Yoplait business . Looking ahead , we remain focused on strengthening our momentum and emerging from the pandemic a stronger company , even better positioned to drive long - term shareholder value . " 1