forecast annual profit below estimates on Wednesday and posted a bigger-than-expected drop in quarterly sales hurt by lower demand for its snack bars and pet food, as well as higher input costs.
The Minneapolis, Minnesota-based company has struggled with lower volumes and retailers cutting down on inventory, while facing ongoing competition from lower-priced private labels that have been eating into its market share. Peers WK Kellogg and Kraft Heinz have also reported pressured volumes, while competitor Campbell Soup reported an upbeat quarter and raised its forecast owing to demand recovery and improvement in volumes.
General Mills expects full-year adjusted profit to be between down 1 per cent and up 1 per cent, compared with analysts’ estimates of a 3.7 per cent rise, according to LSEG data.
Source: News Formal (newsformal.com)
Company Quarter Profit Volumes Volume Drop Food Kraft Heinz Campbell Soup General Mills
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