8-K

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                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 8-K

              CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                       SECURITIES AND EXCHANGE ACT OF 1934

                          Date of Report: April 2, 2001
                        (Date of earliest event reported)


                         DREYER'S GRAND ICE CREAM, INC.
             (Exact name of registrant as specified in its charter)





              Delaware                   0-14190              94-2967523
                                                           
  (State or other jurisdiction of     (Commission           (IRS Employer
           incorporation)             File Number)         Identification No.)



5929 College Avenue, Oakland, California                        94618
(Address of principal executive offices)                      (Zip code)



Registrant's telephone number, including area code  (510) 652-8187


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Item 5. Other Events.

Attached and incorporated herein by reference as Exhibit 99 is a copy of a press
release of Dreyer's Grand Ice Cream, Inc. dated April 2, 2001, announcing that
its earnings for the first quarter of 2001 and for fiscal year 2001 will be
below expectations.

Item 7(c). Exhibits.

99 Press release of Dreyer's Grand Ice Cream, Inc. dated April 2, 2001,
announcing that its earnings for the first quarter of 2001 and for fiscal year
2001 will be below expectations.

                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


Dated: April 2, 2001          DREYER'S GRAND ICE CREAM, INC.


                              By: /s/ Timothy F. Kahn
                                  -------------------
                              Name:  Timothy F. Kahn
                              Title: Vice President-Finance and Administration
                                     and Chief Financial Officer





                                INDEX TO EXHIBITS




Number        Description
- ------        -----------
                   
99            Press release of Dreyer's  Grand Ice Cream,  Inc. dated April 2,
              2001,  announcing  that its  earnings  for the  first  quarter  of
              2001 and for  fiscal  year 2001 will be below expectations.

EX-99

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[DREYER'S LOGO]

                                                                      EXHIBIT 99

FOR IMMEDIATE RELEASE


             DREYER'S GRAND ICE CREAM, INC. TO HOLD CONFERENCE CALL
             MONDAY APRIL 2, 2001 AT 10:30 A.M. EDT (7:30 A.M. PDT)

(Oakland, CA, April 2, 2001) - Dreyer's Grand Ice Cream, Inc. (NNM: DRYR) today
announced that, despite a strong resurgence in March sales, earnings for the
first quarter of 2001 will be below current estimates. The shortfall is due
largely to the effect of high commodity and energy costs, particularly for dairy
ingredients. The Company currently estimates that it is likely to record a loss
for the first quarter in the range of ($.17) to ($.19) cents per share.

Price increases on premium ice cream implemented in the fourth quarter of 2000
dampened sales from December through February, especially in the West. However,
sales recovered nicely in March. On a preliminary basis, premium dollar sales
grew in March by about 17 percent versus prior year, and total sales grew by
about 20 percent. These strong growth trends reinforce the Company's belief that
its core strategies remain on track, and that it is continuing to build
long-term profitability despite the impact of short-term commodity fluctuations.

The cost of cream, the Company's primary ingredient, rose sharply during the
first quarter due to a variety of short-term factors, including lower U.S. fluid
milk production in February and March, and concerns over the European cattle
problems. The market price of butter, which is the benchmark used by the
government to determine cream prices, has consequently spiked from roughly $1.13
per pound at the beginning of the quarter to over $1.60 currently, compared with
average prices of roughly $1.10 per pound during the first quarter of 2000. The
Company is also incurring higher prices for other ingredients, including vanilla
and other flavorings.

While there is considerable uncertainty about the outlook for butter prices for
the balance of 2001, there is a market consensus that they will remain well
above prior year levels for most of the year. The average cost of butter in 2000
was $1.18 per pound, and current estimates from dairy forecasters range from
$1.41 to $1.54 per pound for the full year of 2001. In general, a $.10 change in
the average annual cost of butter would result in about a $.09 impact on the
Company's full-year earnings per share.

Energy issues, including electricity in California, where the Company produces
approximately 30 percent of its volume, are likely to add approximately $.06
per share

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to the Company's costs in 2001. Although some uncertainty remains
regarding the energy situation in California, these estimates are based on
currently available information.

The Company currently estimates that the combined impact of dairy and other cost
factors will result in full-year earnings in the range of $1.00 to $1.05 per
share, but cautions that this estimate is subject to further variability
primarily due to dairy volatility. Earnings of $1.00 per share in 2001 would
represent a 39 percent increase, following 118 percent in earnings growth last
year.

"As we previously indicated, we will be in choppy waters on ingredient and
energy costs for a while," said T. Gary Rogers, Chairman of Dreyer's Grand Ice
Cream, Inc. "It is now clear that these costs will be higher than originally
anticipated, at least in the short term. However, stocks of butter are solid
when compared with inventories during past price spikes, and fluid milk supply
historically bounces back quickly when prices are high."

"Our long term strategy is to build a preeminent company through a combination
of brand leadership and distribution clout. Even in these times, we continue to
gain competitive advantage from these two fundamental elements of our strategy.
While the current commodity cost environment is difficult for us, it is even
more difficult for our regional ice cream competitors who generally operate on
narrower margins than we do. So, taking the longer term view, this period is
likely to further accelerate the consolidation already underway in our industry
and strengthen our position as the nation's leading brand."

Dreyer's Grand Ice Cream, Inc. manufactures and distributes a full spectrum of
premium and superpremium ice creams. The Company's product lines are marketed
under the Dreyer's brand name throughout the thirteen western states, Texas and
certain markets in the Far East, and under the Edy's name throughout the
remainder of the United States. Taken together, Dreyer's and Edy's is the
best-selling brand of packaged ice cream and other premium frozen dairy dessert
products in the country. Brands currently manufactured and distributed by
Dreyer's include Homemade, Whole Fruit Sorbet, Starbucks(R), Godiva(R),
Dreamery(TM), M&M/Mars and Healthy Choice(R). For more information on the
Company and its products, please visit the Dreyer's website at www.icecream.com.

CONFERENCE CALL

Dreyer's Grand Ice Cream, Inc. (NNM: DRYR) will hold a conference call for
analysts and investors today, Monday April 2, 2001, at 10:30 a.m. EDT (7:30 a.m.
PDT) to discuss this news release. The call will be webcast in its entirety from
the Investor Information section of www.dreyers.com. A replay of the call will
be available from the audio archives at the same website location and is
incorporated by reference into this news release.

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FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release, the forthcoming conference
call, simultaneous webcast and audio replay are forward-looking statements made
pursuant to the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks and uncertainties,
which may cause the Company's actual actions or results to differ materially
from those contained in the forward-looking statements. Specific factors that
might cause such a difference include, but are not limited to, the following:
the Company's ability to achieve efficiencies in its manufacturing and
distribution operations without negatively affecting sales; the cost of energy
used in manufacturing and distribution; the cost of dairy raw materials and
other commodities used in the Company's products; competitors' marketing and
promotion responses; market conditions affecting the prices of the Company's
products; the Company's ability to increase sales of its own branded products;
and responsiveness of the trade and consumers to the Company's new products and
marketing and promotional programs.

For further information contact: Scott Webster 510/450-4545