General Mills has reported a 4% increase in net sales and a 1% decline in operating profit in its first-quarter 2022 results, as the company continues to advance its strategy “to drive sustainable, profitable growth and top-tier shareholder returns over the long term”.
The US-based company posted Q1 net sales of $4.5 billion. Meanwhile, operating profit stood at $844 million, compared to the $854 million figure for last year – a drop mainly driven by “the comparison to net gains on certain corporate investments in the prior year”.
Q1 net sales for the company’s North America retail sector declined 3% to $2.64 billion, due to lower at-home food demand in comparison to the same period last year.
General Mills’ Europe and Australia segment increased its net sales 5% to $518 million. However, net sales growth for snack bars and yogurt was offset by a decline in ice cream.
In Asia and Latin America, the owner of Cheerios saw its net sales rise 8% to $413 million, with its performance being led by Yoki’s meals and snacks in Brazil and Häagen-Dazs ice cream in China.
“I’m proud of the way our team is performing in a dynamic and challenging operating environment,” said General Mills’ chairman and CEO, Jeff Harmening. “Our strong execution in the first quarter enabled us to deliver top- and bottom-line results ahead of our expectations.”
He continued: “We delivered these good results while continuing to advance our ‘accelerate’ strategy, including making important progress on portfolio reshaping in the quarter”.
© FoodBev Media Ltd 2022
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry.
Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial