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General Mills, which gets about 60 percent of its sales from the
United States, said lower volume sales reduced sales growth by 8
percentage points in the quarter ended Feb. 28.
The company has been cutting jobs and selling plants and
less-profitable brands to reduce expenses.
The Minneapolis-based company is also investing in gluten-free
foods and cutting back on salt in its products to combat a shift
in consumer preferences to less-processed foods.
Net income attributable to General Mills rose to $361.7 million,
or 59 cents per share, in the third quarter, from $343.2
million, or 56 cents per share, a year earlier.
Excluding items, the company earned 65 cents per share.
The company's net sales fell 8 percent to $4 billion, falling
for the third quarter in a row.
Analysts on average had expected earnings of 62 cents per share
on revenue of $4.08 billion, according to Thomson Reuters
I/B/E/S.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by
Sriraj Kalluvila)
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