The US-based company posted Q1 net sales of $4.5 billion. Meanwhile, operating profit stood at $844 million, compared to the $854 million figure for last year – a drop mainly driven by “the comparison to net gains on certain corporate investments in the prior year”.
Q1 net sales for the company’s North America retail sector declined 3% to $2.64 billion, due to lower at-home food demand in comparison to the same period last year.
General Mills’ Europe and Australia segment increased its net sales 5% to $518 million. However, net sales growth for snack bars and yogurt was offset by a decline in ice cream.
In Asia and Latin America, the owner of Cheerios saw its net sales rise 8% to $413 million, with its performance being led by Yoki’s meals and snacks in Brazil and Häagen-Dazs ice cream in China.
“I’m proud of the way our team is performing in a dynamic and challenging operating environment,” said General Mills’ chairman and CEO, Jeff Harmening. “Our strong execution in the first quarter enabled us to deliver top- and bottom-line results ahead of our expectations.”
He continued: “We delivered these good results while continuing to advance our ‘accelerate’ strategy, including making important progress on portfolio reshaping in the quarter”.