Sept 18 (Askume) – Cheerios maker General Mills (GIS.N) reported on Wednesday that quarterly sales fell less than expected as higher prices for some snacks helped offset weak consumer demand.
The company reiterated its forecast for fiscal year 2025, citing the uncertain economic backdrop facing consumers in its key markets.
However, the Company expects sales trends to gradually improve in fiscal 2025, although full-year category dollar growth is expected to be lower than the Company’s long-term growth forecast.
General Mills’ stock price fell nearly 1% due to a drop in gross profit margin in the quarter. The company’s gross margin was 34.8% due to higher input costs and unfavorable inventory mix.
The company’s quarterly sales fell 1% from the same period last year to $4.85 billion. Analysts on average expected a 2.11% decline to $4.8 billion, according to LSEG.
