General Mills Sinks After Forecasting Slowdown in Coming Year
- CEO warned that consumers will be cautious about food choices
- Analyst says retailer inventory pullback hurting packaged food
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General Mills Inc. fell the most in the S&P 500 after the food producer’s annual forecast suggested that price hikes will no longer make up for slowing sales as inflation-weary shoppers cut back on spending.
“This caution could have an impact on their at-home versus away-from-home choices, the channels they shop, and the brands they choose,” Chief Executive Officer Jeff Harmening said in a statement.