Shares of General Mills, Inc. (NYSE: GIS) are down about 2% on Wednesday after the food manufacturer posted mixed first quarter financial results.
The Golden Valley, Minnesota-based Company said net sales declined 2% to USD 4.003 Billion during the three months ended August 25, short of Wall Street’s forecast of USD 4.08 Billion.
It delivered earnings of USD 0.79 per share, topping the average estimate of USD 0.77. This compares to earnings of USD 0.71 per share a year ago.
“Our first-quarter net sales performance included encouraging improvement in North America Retail and strong growth in Pet, driven by good innovation and effective brand-building investment,” said Chairman and Chief Executive Officer Jeff Harmening. “We got off to a slower start in our other segments, and we’re taking actions to drive topline improvement for those segments and the company starting in the second quarter.”
The Company said first quarter net sales for its Pet segment increased 7% to USD 368 Million. General Mills in April bought pet food brand Blue Buffalo in a USD 8 Billion deal.
For full-year fiscal 2020, the maker of Hamburger Helper and Chex Mix is forecasting organic net sales to rise 1% to 2%. On a constant currency basis, adjusted earnings are expected to increase 3% to 5% compared to USD 3.22 per share earned in 2019.
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