(Reuters) – The American agrifood group General Mills said on Wednesday provides a clear annual profit drops due to a low demand for its refrigerated bakery products and its snacks in the United States in an uncertain macroeconomic context.

Economic uncertainty arising from the fluctuating customs policies of President Donald Trump weighed on consumer spending in the United States, undermining General Mills’ efforts to stimulate sales.

The company has tried to stimulate demand through new products but investments in marketing and acquisitions weigh on its margins.

The Company expects the adjusted profit for the whole year to be down 10%to 15%, while analysts expect a drop of 4.8%, according to data compiled by LSEG.

The actions of the Cheerios cereal manufacturer were down more than 2% in the front of Wall Street.

“We expect the operational environment to remain volatile, consumers being subject to generalized uncertainty linked to customs duties, global conflicts and the evolution of regulations,” said group general, Jeff Harmening.

“In this context of uncertainty, we expect consumers to remain cautious,” he added.

For the fourth quarter of his fiscal fiscal year closed on May 25, General Mills recorded a turnover of $ 4.56 billion (3.93 billion euros), shortly missing the estimates of analysts who tabled on $ 4.59 billion, according to data compiled by LSEG.

The net sales of its retail segment in North America, one of the main contributors to turnover, fell by 10%, which attenuated the gains from a 12% increase in sales of the Products of the Pet Segment of General Mills in the region.

The two segments had recorded respective drops of 7% and 8% a year ago.

However, the company recorded an adjusted profit of 74 cents per share for the reported quarter, greater than the estimates of analysts who were 71 cents per share.

(Neil J KATATT report in Bangalore; Mara Vîlcu for the , edited by Jean-Stéphane Brosse)

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