General Mills: Pet food sales pop but snack demand down | CNN

Americans are splurging on food for their cats and dogs — but not snacks for them and their kids. That’s not great news for General Mills.

Shares of General Mills (GIS), the owner of Cheerios, Lucky Charms and Yoplait, fell 7% in early trading Wednesday after the company reported its latest quarterly results. That made General Mills the worst performing stock in the S&P 500.

Sales missed forecasts, despite soaring demand for the company’s Blue Buffalo pet food.

The weaker-than-expected revenue was largely because of a 2% drop in sales in its North American retail unit, the division that includes Annie’s branded cheddar bunnies, Chex, Fruit Snacks and the Fiber One and Nature Valley brands of bars.

Read More

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s