On Wednesday, General Mills reported quarterly sales below Wall Street expectations, and unveiled a disappointing outlook for its new fiscal year.

This morning, the American agrifood group reported net sales down 6% to $4.70 billion, including a 6% organic decline, for the fourth quarter of its offbeat fiscal year.

By way of comparison, analysts were expecting quarterly sales of $4.85 billion.

Operating profit fell by 5% to $779 million, giving a profit of $1.01 on an adjusted basis, against a consensus of 99 cents for the same period last year.

The owner of the Häagen-Dazs and Yoplait brands, whose priority is to relaunch its growth, said it was aiming for stable organic growth, or even a slight increase of 1%, in its new 2024/2025 financial year, which began at the end of May.

Earnings per share (EPS) are expected to range from a decline of 1% to an increase of 1% at constant exchange rates for the full year.

The Minneapolis (Minnesota)-based group also announced a 2% increase in its quarterly dividend to $0.60.

All these announcements were met with a cool reception on Wall Street on Wednesday morning, with the stock posting losses of over 4% in pre-market trading.

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