General Mills, Inc. (NYSE: GIS) today reported results for its first quarter ended August 30, 2026.
Net sales were down 3% to $4.4 billion, driven by the impact of the U.S. yogurt divestiture. Organic net sales essentially matched year-ago levels.
Operating profit of $634 million was down 63 percent, driven primarily by a $1-billion gain on the yogurt divestiture a year ago and lower gross profit dollars in fiscal 2027.
Operating profit margin of 14.4% was down 2,380 basis points. Adjusted operating profit of $634 million was down 11% in constant currency, driven by higher input costs and lower volume, partially offset by favorable net price realization and mix. Adjusted operating profit margin was down 130 basis points to 14.4%.
Net earnings attributable to General Mills of $397 million were down 67% and diluted EPS was down 67% to $0.74, driven primarily by lower operating profit. Adjusted diluted EPS of $0.75 was down 13% in constant currency, driven primarily by lower adjusted operating profit and higher net interest expense.
“We are off to an encouraging start in fiscal 2027, driving improved topline performance with stronger product innovation and renovation focused on the benefits consumers are looking for today,” said CEO Jeff Harmening.
“We are also executing with discipline in a volatile environment, including delivering industry-leading cost savings through our Holistic Margin Management program and our global Transformation initiative.”
GIS shares lost 42 cents, or 1.2%, to $35.05.
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