MINNEAPOLIS — Jeffrey Harmening, chairman and chief executive officer of General Mills Inc., said the food company is "off to an encouraging start in fiscal '27," as top-line results in the first quarter built on momentum in latter part of fiscal 2026.
"Our 'remarkability' playbook is working, driving improved top-line performance by delivering stronger product innovation and renovation focused on the benefits consumers are looking for today," Harmening said in reporting quarterly results on Sept. 23. "And we have more work to do."
For the quarter ended Aug. 30, net income fell 67% to $397 million, equal to 74¢ per share on the common stock, from $1.2 billion, or $2.22 per share, a year earlier. General Mills attributed the decrease primarily to lower operating profit.
Excluding a valuation loss on held-for-sale business, transaction and acquisition integration costs, asset impairments, and restructuring and transformation charges, among other items, adjusted net earnings fell 14% to $403.6 million, or 75¢ per share, from $469 million, or 86¢ per share, a year ago. The result topped Wall Street's average estimate for adjusted earnings per share of 72¢.
Operating profit ...