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Cheerios-owner General Mills beats quarterly sales estimates By Reuters


© Reuters. General Mills Inc’s Honey Nut Cheerios and Cheerios can be seen on the shelves of Whole Foods Market in Venice, California (USA), March 17, 2018. REUTERS/Lisa Baertlein

(Reuters) – Cheerios maker General Mills Inc (NYSE:) reported better-than-expected first-quarter sales on Wednesday, as strong growth in its pet foods business cushioned a slowdown in demand for its cooking sauces and baking products.

General Mills Blue Buffalo is a premium pet brand. This has helped to boost the number of pets purchased by customers who have been unable or unwilling to adopt dogs and cats in order help with the panic caused by the epidemic.

The quarter saw net sales at General Mills’ pet food division rise 25% to $488million, according to reports.

According to data from Refinitiv, total net sales increased to $4.54 Billion in the period ended August 29, compared to $4.36 Billion a year ago. This beat the average analyst estimate of $4.29Billion.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.