General Mills on Wednesday forecast full-year profit largely below analysts' estimates as price hikes to counter inflation dent demand for its ready-to-eat cereals and meal kits.
, have been pushing up product prices for more than a year to offset inflation in labor, raw materials and transportation costs.
"We'll see some pricing this year because we still see inflation in the marketplace," General Mills CEO Jeffrey Harmening said. Brands of cereals owned by General Mills are seen in a store in Manhattan, New York, U.S., November 11, 2021. Picture taken November 11, 2021. REUTERS/Andrew Kelly "Inventory reductions of this magnitude...isn't necessarily the most positive indicator for consumer demand," J.P. Morgan analyst Ken Goldman said.
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