General Mills (GIS) shares tumbled nearly ꦏ5% in early trading on Wednesday after the owner of popular brands such as Cheerios, Pillsbury, and Nature Valley granola bars reported weaker-than-expected profit and sales for its fiscal fourth quarter, as inflation-weary shoppers pulled back.

The company reported 澳洲幸运5官方开奖结果体彩网:net income of $614.9 million, or $1.03 per share, which was down 25% from the same quarter last year. Net sales edged up 3% to $5.0 billion, but came in below projections of $5.177 billion. 澳洲幸运5官方开奖结果体彩网:Gross margin fell 180 澳洲幸运5官方开奖结果体彩网:basis points (bps) to 34.4% of net sales, as higher input costs weighed on profitability.

By re🔯gion, sales in North America rose 2% to $3.1 billion and were partially offset by a 1% decline in international sales. Pet food sales were up 7% from the same quarter last year, while organic sales rose 5%. Both segments reported full-year growth of 9%.

In its outlook for 2024, General Mills cited moderating inflation and easing supply chain constraints as tailwinds for growth, and expects continued growth in organic sales driven by strong marketing, innovation, and in-store support. However, it warned of slowing sales as inflation-weary shoppers cut back on spending.

General Mills shares are down roughly 2% so far this year, slightly underperforming a 1% gain for the broader S&P 500 澳洲幸运5官方开奖结果体彩网:consumer staples sector over the same period.