General Mills reported mixed results Wednesday morning for its opening quarter of the new fiscal year, and its stock fell in premarket trading. The company grew its profit in the latest quarter, but failed to increase sales — something executives have said it needs to do this year. The Golden Valley-based food maker said its net profit rose 33% to $521 million for the quarter ended Aug. 25, thanks to a higher operating profit and lower effective tax rate. Adjusted earnings amounted to 79 cents a share, beating Wall Street’s expectations by two cents. Net sales decreased 2% to $4 billion, short of analysts’ expectations. The company’s stock price was down as much as 5% after the announcement but recovered closer to the start of regular trading. Investors are looking for General Mills to deliver on its promise of getting General Mills’ sales back to true growth. The company spent several years stabilizing its businesses through cost-cutting measures in the face of a broad consumer shift away from traditional packaged food toward fresher, wholesome foods. But executives have been focused recently on the company’s long term growth plans, which hinge on its ability to deliver consistent organic sales growth —… Read full this story
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