General Mills First-Quarter Sales Reach $4.39 Billion

General Mills reported first-quarter sales of $4.39 billion, surpassing analyst expectations of $4.35 billion. The company attributed this growth to a rise in consumer demand for pantry staples and breakfast cereals, noting that high inflation has encouraged more people to eat at home instead of dining out.

Despite the increase in revenue, the company faced pressure on its profitability. Adjusted profit for the quarter fell to 75 cents per share, down from 86 cents per share in the previous year. This decline was mirrored in the adjusted gross margin, which dropped 90 basis points to 33.3 percent of net sales due to higher input costs.