General Mills (GIS) confirmed it's on track to meet its profit targets for fiscal 2009 as cash-strapped consumers continue to cut back on eating out and buy more packaged food in grocery stores.

Speaking to analysts at a midyear update, the company said its December net sales were up from the previous year, and its Pillsbury and baking products business had a strong holiday season.

The cereal maker has done well as the economy has slipped into recession since most of its products are so- called consumer staples. Chief Financial Officer Don Mulligan said that momentum continued in the third quarter. The company reaffirmed its expectation for fiscal 2009 earnings of $3.83 to $3.87 a share, excluding items.

-By Anjali Cordeiro; Dow Jones Newswires; 201-938-2408; anjali.cordeiro@dowjones.com

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