MINNEAPOLIS – Yogurt sales again fell sharply for General Mills over the summer, driving a broader plunge in sales and profits for its latest quarter. Executives said it will be another few months before new products begin to help.
The food processor beat investor expectations on profitability despite a 4 percent drop in net profit for the June-to-August period, its fiscal first quarter. But it missed on sales with a bigger-than-expected 7 percent decline.
Adjusted earnings per share were 78 cents, beating expectations. Consensus among 15 analysts tracked by Reuters predicted earnings of 75 cents per share.
The company met Wall Street’s forecast of $3.9 billion in net sales. This is a 7 percent decline compared to the same period last year. When adjusted for the sale of its Green Giant business, the impact of foreign exchange rates and other abnormal conditions, General Mills “organic” net sales declined 4 percent.
