General Mills Q1 sales drops 3.3% to $4.4 billion

• General Mills (NYSE:GIS) reported first-quarter fiscal 2027 net sales of $4.4 billion, down 3% from the prior year.
• The company reported operating profit of $634 million and adjusted diluted EPS of $0.75, while profit declined due largely to prior-year gains from the yogurt business sale.
• General Mills reaffirmed its fiscal 2027 outlook, including organic net sales guidance of down 1.5% to up 0.5%.

General Mills (NYSE:GIS) reported first-quarter fiscal 2027 net sales of $4.4 billion, down 3% from the prior year due mainly to the impact of the U.S. yogurt business divestiture.

The company said organic net sales were approximately unchanged from the previous year, while operating profit declined to $634 million from the prior year’s results affected by a $1 billion gain from the yogurt divestiture.

General Mills reported net earnings attributable to the company of $397 million, down 67%, while diluted earnings per share declined 67% to $0.74, with adjusted diluted EPS at $0.75.

The company reported segment sales declines in North America Retail, where sales fell 7% to $2.4 billion, while North America Foodservice sales increased 1% and International sales increased 4%.

General Mills also reaffirmed its fiscal 2027 guidance, including organic net sales expected to range from down 1.5% to up 0.5%, adjusted operating profit expected to decline 13% to 8% in constant currency, and adjusted diluted earnings guidance of $3.00 to $3.20 per share.