Shares of General Mills tumbled Wednesday after the Cheerios maker's quarterly revenue fell short of analysts' estimates as fewer Americans eat its snacks.
tumbled Wednesday after the Cheerios maker's quarterly revenue fell short of analysts' estimates as fewer Americans eat its snack foods.
Net sales for General Mills' North American retail segment, which accounts for more than half of the company's revenue, fell 2% during its fiscal-fourth quarter ended May 26. It partially attributed the drop to a decline in its U.S. snacks business, which includes its popular Chex Mix and Nature Valley granola bars.
The Minneapolis-based food giant has been trying to adapt to changing consumer tastes as its sales growth has slowed. The company did top Wall Street's estimates on earnings. General Mills reported adjusted earnings of 83 cents per share, beating analysts' expectations of 77 cents per share.
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