General Mills announced on Wednesday to maintain its annual objectives, despite a decline in demand in North America, while sales in the first quarter recorded a lower than expected drop.
The company based in Minneapolis saw its quarterly volumes in North America back from 16 percentage points over a year. The group now expects the overall growth in the category to fall is lower than its long -term objectives.
The action of the Cheerios cereal manufacturer fell by around 2% in the forehead to Wall Street. Since the start of the year, the title has lost around 22%.
The group, also owner of Pillsbury and Häagen-Dazs, however maintained its annual sales and profits forecasts.
General Mills expects the adjusted profit for the whole year to decreases 10% to 15% and that organic net sales are between a drop of 1% and an increase of 1%.
The first quarter sales fell 6.8% over a year to reach $ 4.52 billion (3.82 billion euros), while analysts were tabling on a drop of 6.9% to 4.51 billion dollars, according to LSEG data.
The net turnover of the international segment increased by 6% during the closed quarter on August 24, with an increase in prices of 6 percentage points.
(Written by Anuja Bharat Mistry and Sanskriti Shekhar in Bangalore; Coralie Lamarque; edited by Augustin Turpin)
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