General Mills raises annual sales forecast powered by at-home dining demand -Breaking
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© Reuters. General Mills Inc’s Honey Nut Cheerios and Cheerios are on display at a Whole Foods Market in Venice, California. March 17, 2018, 2018. REUTERS/Lisa Baertlein(Reuters) – General Mills Inc (NYSE 🙂 raised its full year sales outlook on Tuesday. It was boosted by strong demand from Cheerios, the Cheerios manufacturer’s cereals and snacks, as well as baking products, during the at-home, pandemic-induced boom in home cooking.
The lockdown has induced consumers to continue cooking at home and eat out more, even though they have been able to go out to restaurants after COVID-19 restrictions were lifted. This increased sales for packaged food manufacturers.
General Mills was also helped by a surge of demand for pet treats, as more people adopted pets and animals last year in an effort to alleviate the stress caused by the pandemic. The company saw a 29% rise in its sales in the pet food section.
The core North America retail segment of Pillsbury’s dough manufacturer saw a 2% increase in sales during the quarter that ended on Nov. 28.
In fiscal 2022, the company expects organic net sales growth of between 4% to 5%. The company had previously forecast that annual organic sales would decline by 1% to 3.3%.
According to Refinitiv IIBES, net sales increased to $5.02 Billion in the quarter, up from $4.72 Billion a year ago. This beats estimates of $4.84 Billion.
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