General Mills beats first-quarter sales estimates
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FILE PHOTO: Packages of Cheerios, a brand owned by General Mills, are seen in a store in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly/File Photo
Sept 23 (Reuters) - General Mills beat first-quarter sales estimates on Wednesday, helped by improved demand for pantry staples and breakfast cereals as more consumers choose to eat at home over dining out.
Consumers facing persistently high inflation have been opting to eat at home, lifting sales of pantry staples and packaged foods.
The company reported quarterly sales of $4.39 billion, compared with the average of analysts' estimate of $4.35 billion, according to data compiled by LSEG.
However, the Pillsbury maker's adjusted gross margin fell 90 basis points to 33.3 percent of net sales due to higher input costs.
It earned adjusted profit of 75 cents per share for the quarter, compared with 86 cents per share last year.
(Reporting by Sanskriti Shekhar in Bengaluru; Editing by Leroy Leo)
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