Net sales increased 4 percent to $4.7 billion; organic net sales1 were up 10 percent. Operating profit increased 29 percent to $1.1 billion; adjusted operating profit was up 8 percent in constant currency. Diluted earnings per share (EPS) of $1.35 increased 32 percent from the prior year; adjusted diluted EPS of $1.11 was up 13 percent in constant currency.
General Mills has reported a 4% increase in net sales to $4.7 billion and 29% rise in operating profit in its first-quarter fiscal 2023 results.
Meanwhile, the company’s international segment saw a 30% decline, driven by currency exchange headwinds as well as lower pound volume, which in turn reflected the impact of yogurt and dough divestitures and an ice cream recall.
General Mills CEO, Jeff Harmening, said: “We continue to deliver strong performance in a highly volatile operating environment. Given the strength of our first-quarter results and confidence in our ability to adapt to continued volatility ahead, we are increasing our full-year outlook for net sales, operating profit and EPS growth.”
