Shares of General Mills (GIS) slumped Wednesday after the consumer foods giant posted weaker-than-expected revenue and gave soft guida🐬nce on lower prices and volumes.

The maker of Cheerios cereal, Betty Crocker cake mixes, and Blue Buffalo pet food reported fiscal 2024 fourth-quarter sales of $4.71 billion, a 6.3% year-over-year decline and below the consensus estimate of $4.85 billion of analysts surveyed by Visible Alpha. Adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.01 exceeded forecasts by $0.02.

North American retail sales dipped 6.9% to $2.85 billion♛. Pet sales slid 8.1% to $602.1 million, while international sales tumbled 10.4% to $667.5 million. The only unit with positive growth was North American foodservice, which saw revenue rise 4.4% to $589.0 million.

The company blamed the slide to “unfavorable net price real🐼ization and mix and lower pound v🤡olume.”

Volumes slipped 2 percentage points, with t🉐he North American retail and pet segments falling 6 and 7 percentage points, respectively. The North American foodservice group had volumes increase 3 percentage points, and international volumes gained 1 percentage point.

CEO Says Company Faced 'A More Challenging Operating Environment'

CEO Jeff Harmening said General Mills faced “a more challenging operating environment.” The 𓆏company expects fiscal 2025 adjusted EPS to be down 1% to up 1% in constant currency from the $4.52 earned in fiscal 2024, short of forecasts.

General Mills announced that its board raised its quarterly dividend by a penny to $0.60 pe♚r share, which will be payable August 1 to shareholdeℱrs of record on July 10. 

The news sent General Mills shares down 5.3% to $63.70 as of 10:07 a.m. ET Wednesday and into negative territory for 2024.