BUFFALO, N.Y. — General Mills Inc. (NYSE: GIS) reported an increase in net sales by 4% in its first quarter of fiscal 2024, which ended Aug. 27.
The company, which employs 400 people in Buffalo, brought in $4.9 billion in sales, but it reported an operating profit of $930 million, down 14%. Similarly, the company’s net earnings were also down 18% to $673 million.
In a recent call with investors, Chairman and CEO Jeff Harmening reaffirmed the company’s full-year fiscal 2024 outlook of 4% sales growth.
“Turning to our results, we delivered 4% organic net sales growth in Q1, fueled by strong carry-over net price realization from strategic revenue management actions we took in fiscal 2023 in response to significant input cost inflation,” he said. “This was partially offset by lower pound volume as elasticities have increased from historically low levels a year ago.”
Read more of this article from our partners Buffalo Business First.
