Reported 10 months ago
General Mills has lowered its annual profit forecast as the company increases promotions to attract budget-conscious consumers, resulting in a 3% dip in shares. The shift toward cheaper private label products has pressured the company, leading to a disappointing start for its Pillsbury sales during the holiday baking season. The CEO indicated that inadequate value delivery impacted consumer engagement and the revised outlook now anticipates a 1% to 3% decline in adjusted profit.
Source: YAHOO