General Mills Inc.: The Minneapolis-based cereal maker...

General Mills Inc.: The Minneapolis-based cereal maker and owner of Red Lobster and Olive Garden restaurants reported first-quarter profit of $115 million, down 47% from the previous year. However, the year-ago figures were skewed by a gain of $198.3 million from the sale of specialty retailing businesses; the gain was partially offset by a $70-million charge for an accounting change related to post-retirement health benefits. Sales totaled $1.5 billion, up 12%. The results reflect growing market share in breakfast cereals, especially for Cheerios, which has benefited from a health craze over oat bran and the introduction of two new flavors, and strong sales gains achieved by Hamburger Helper, Bisquick and Yoplait Light. In its restaurants, gains were reported in sales and operating profit of 18% and 21%, respectively.