General Mills profit halves due to $260 million impairment charge

An assessment of its Green Giant brand showed the business's market value was now lower than its carrying value, the company said in a statement on Wednesday. General Mills has put up Green Giant for sale, people familiar with the matter told Reuters in March. General Mills' revenue in the quarter missed analysts' average expectations, mainly due to a strong dollar, but cost cuts helped profit beat estimates in the quarter.

General Mills profit halves due to $260 million impairment charge source: http://finance.yahoo.com/news/general-mills-profit-halves-due-120241664.html