Shares of General Mills (GIS) were lower Wednesday after the breakfast food giant said its profit fell as it lost market share, especially in North America.

The maker of Cheerios and Cocoa Puffs, as well as Blue Buffalo pet food and Betty Crocker baking products, reported fiscal 2024 first-quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.09, down 1% in constant currency from a year ago although above analysts’ estimates. Revenue rose 4% to $4.9 billion, also above forecasts.

Sales volume overall dropped 2 percentage points, with its North American Retail, Pet, and International segments each slipping 5 percentage points. Sales volume was up 7 percentage points at its North American Food Service unit.

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Jeff Harmening said the results were affected by “an evolving external environment characterized by moderating inflation, stabilizing supply chains, and a resilient but increasingly cautious consumer.”

澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) Kofi Bruce said that the dip in North American Retail sales volume reflected a challenging comparison to 2022, “when we benefited from significant inflation-driven pricing and advantaged on-shelf availability.” He added that the company expects 澳洲幸运5官方开奖结果体彩网:market share to improve “as we move through the year and get beyond the more challenging comparisons.”

General Mills reiterated its full-year outlook.

Shares of General Mills hit their lowﷺest level since March 2022 earlier this month, and are down more than 20% so far𒈔 this year. In midday trading Wednesday, shares were off about 0.5%.