The
pandemic-driven uptick in grocery demand has held strong,
boosting sales at General Mills, as people stick to cooking more
at home at a time when restaurants have bumped up menu prices to
offset inflation.
The sustained demand, coupled with price hikes across the board,
has helped packaged food peers including Kraft Heinz, Kellogg
and Conagra Brands top profit expectations in recent months.
The company now expects organic net sales to rise by about 5% in
fiscal 2022. It had earlier forecast annual organic sales to
increase 4% to 5%.
The company forecast adjusted per-share profit to range between
flat and an increase of 2%, compared with its earlier range of a
2% decline to a 1% rise.
The company's net sales rose to $4.54 billion in the third
quarter ended Feb. 27 from $4.52 billion a year earlier.
Analysts on average had estimated sales of $4.55 billion,
according to Refinitiv IBES data.
(Reporting by Deborah Sophia and Mehr Bedi in Bengaluru; Editing
by Vinay Dwivedi)
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