Consumer
General Mills Slumps as Shoppers Buy Less Packaged Food
- Company gives sales projection that misses expectations
- Shares decline the most intraday in more than two years
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General Mills Inc. shares sank on Wednesday following a disappointing sales outlook as shoppers continue to pull back amid climbing supermarket prices.
The maker of Cheerios and Old El Paso taco shells sees organic sales ranging between flat and up 1%, below the average analyst estimate of 1.2%, for the current fiscal year. Volume is seen gradually improving in the period, but growth in dollar terms is expected to be below long-term projections.