$GIS · GENERAL MILLS INC
General Mills reported Q1 FY2027 results for the quarter ended August 30, 2026. Net sales declined 3% to $4.4B due to the U.S. yogurt divestiture; organic net sales were flat. Adjusted diluted EPS of $0.75 fell 13% in constant currency, while adjusted operating profit of $634M declined 11% CC. The company reaffirmed its full-year fiscal 2027 outlook.
- Net sales of $4.4B were down 3% reported, driven by the U.S. yogurt divestiture; organic net sales were flat year-over-year.
- Adjusted diluted EPS of $0.75 was down 13% in constant currency, driven by lower adjusted operating profit and higher net interest expense.
- Adjusted operating profit of $634M was down 11% in constant currency; adjusted gross margin fell 90 bps to 33.3%.
- North America Retail organic sales fell 3%; North America Pet organic sales were flat; International organic sales rose 4%.
- Company reaffirmed FY2027 guidance: organic net sales -1.5% to +0.5%, adjusted EPS $3.00-$3.20.
Extended-hours trading shows shares at $35.75, up 0.85% from the regular close, suggesting a mildly positive initial reaction to the reaffirmed full-year outlook despite the 13% constant-currency adjusted EPS decline.
General Mills is navigating a post-divestiture reset: flat organic sales and double-digit adjusted profit declines, but the reaffirmed guidance signals management confidence in cost savings and brand-
General Mills' flat organic sales and reaffirmed guidance reflect the broader packaged-food sector's struggle to drive volume growth amid persistent inflation and cautious consumer spending, with cost savings programs offsetting input cost headwinds.
Higher input costs pressured adjusted gross margin by 90 bps. The company cites a "continued challenging consumer backdrop" and expects category growth below long-term historical rates. Retailer inventory changes remain a headwind for North America Pet.
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