General Mills (GIS) shares dropped over 2% in intraday tradꦡing Wednesday after the cereal giant missed sales estimates and cut its outlook as higher prices led consumers to shift to lower-priced brands.

The maker of Cheerios cereal, Blue Buffalo pet food, and other packaged food products reported second quarter fiscal 2024 revenue dropped 1.6% from a year ago to $5.14 billion, almost a quarter of a billion dollars below forecasts. 澳洲幸运5官方开奖结果体彩网:Earnings per share at $1.25 exceeded expectations.

Sales at its North American Retail division were😼 down 2% to $3.31 billion, short of estimates. Pet sales declined 4% to $569.3 million, and North American Foo🥃d Services sales were little changed at $582 million. International sales rose 1.7% to $683.1 million.

CEO Jeff Harmening explained that consumers “continue to display stronger-than-anticipated value-seeking behaviors across our key markets, and this dynaꦑmic is delaying volume recovery in our categories.”

General Mills instituted a series of price hikes to offset inflation over the past several years, and those have💮 sent shoppers seeking cheaper a𒅌lternatives.

The company lowered its full-year organic revenue outlook to betwee♏n flat to down 1%, compared to its earlier guidance of 3% to 4% growth. It anticipates EPS up 4% to 5% versus the previous 4% to 6%.

Shares of General Mills were down 2.3% as of about 1 p.🔥m. ET Wednesday and have lost more than one-fifth of their value this year.