• by Karlene Lukovitz  @KLmarketdaily, September 22, 2010

Recent product launches, including Chocolate Cheerios and Wheaties Fuel, along with growth in key brands such as Multigrain Cheerios and Fiber One, drove a 1% net sales gain and a net earnings gain of 13% for General Mills in its Q1 fiscal 2011 period, the company reported today.

General Mills increased its advertising and media spend by 8% during the period.

Analysts characterized the performance as good news for the food industry, particularly in the context of continued heavy price promotion activity.