General Mills starts fiscal 2023 with 4% Q1 sales growth

General Mills has reported a 4% increase in net sales to $4.7 billion and 29% rise in operating profit in its first-quarter fiscal 2023 results.

Net sales for the company’s North America retail unit increased by 10% to $3 billion. US snacks were one driver, with sales up 14%. Meanwhile, net sales rose 10% in US meals and baking solutions, 9% in US morning foods and 4% in Canada.

General Mills’ North America foodservice segment witnessed a 21% increase in net sales to $496 million. Meanwhile, the company’s international segment saw a 30% decline, driven by currency exchange headwinds as well as lower pound volume, which in turn reflected the impact of yogurt and dough divestitures and an ice cream recall.

General Mills CEO, Jeff Harmening, said: “We continue to deliver strong performance in a highly volatile operating environment. Given the strength of our first-quarter results and confidence in our ability to adapt to continued volatility ahead, we are increasing our full-year outlook for net sales, operating profit and EPS growth.”