Sep. 23 at 11:21 AM
$GIS
General Mills reported this morning: sales
$4.39B, down 3% YoY, ahead of the
$4.35B estimate. Adjusted EPS 75c vs 72c expected, down 13% from last year.
GIS attributes the sales decline to the U.S. yogurt divestiture. Organic sales were flat.
The pressure is in margins: adjusted gross margin fell 90bps to 33.3% on input costs, and North America Retail operating profit dropped 15%.
Guidance reaffirmed. Premarket up about 1% near
$35.83 after a 24% decline this year.