Trends

General Mills earnings beat the Street with pet food and cooking-at-home trends expected to continue

General Mills Inc.
GIS,
-1.26%
shares rose 1.7% in Wednesday premarket trading after the food company reported fiscal first-quarter profit and sales that beat expectations. Net income totaled $627 million, or $1.02 per share, down from $638.9 million, or $1.03 per share, last year. Adjusted EPS of 99 cents beat the FactSet consensus for 89 cents. Sales of $4.54 billion were up from $4.36 billion last year and also ahead of the FactSet consensus for $4.30 billion. “General Mills expects changes in consumer behaviors driven by the COVID-19 pandemic will result in ongoing elevated consumer demand for food at home, relative to pre-pandemic levels,” the company said in its earnings release. Changes include working from home, more cooking and baking and a bigger pet population with consumers spending more on pet food. General Mills brands include Cheerios, Yoplait yogurt and newly-acquired pet product brands Nudges and True Chews. For fiscal

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