General Mills reported fiscal 2027 first-quarter results on September 23, with net sales down 3% to $4.4 billion and adjusted diluted EPS down 13% in constant currency to $0.75, both slightly ahead of analyst expectations of $4.35 billion in revenue and $0.72 in adjusted diluted EPS. The company reaffirmed its full-year fiscal 2027 outlook, expecting organic net sales between a 1.5% decline and 0.5% growth and adjusted diluted EPS of $3.00 to $3.20, below the $3.55 reported for fiscal 2026. The sales decline was mainly attributed to the divestiture of the US yogurt business, completed in the first quarter of fiscal 2026, and General Mills also completed the sale of its Brazil business on September 2, 2026, after the end of the first quarter of fiscal 2027. The company is targeting $3 billion in cumulative cost savings by fiscal 2030 through its Holistic Margin Management productivity program and global transformation initiative, with $750 million of that expected in fiscal 2027. Management flagged continued pressure in the Totino's business and accelerating declines in the Wilderness pet dry dog food brand, while hedge fund holdings rose to 46 in the second quarter from 44 in the first and short interest stood at 10.91% of the float as of September 15.
General Mills IncQ1 sales fell 3% to $4.4B and adjusted EPS dropped 13%, but both slightly beat analyst estimates while full-year guidance was reaffirmed below prior-year EPS.
