General Mills' Rancid Cereals

Excerpt from today's Wall Street Journal annotated summary:

General Mills' Net Falls 52%

• Summary: General Mills' results for the quarter ending May 28th: revenue up 4.6% year over year to $2.85 billion, net income down 52% to $222 million due to a one-time gain on an asset sale last year. Yoplait yogurt division sales up 14%, meals division sales up 7%, cereals division sales down 1%, Pillsbury USA division sales down 1%. CEO Steve Sanger said General Mills raised prices on cereals too much and lost market share as a result.
• Comment on related stocks/ETFs: Jim Cramer views General Mills (GIS) as a consistent growth stock that will buy back stock and raise dividends.