General Mills Reports Mixed Q1 Fiscal 2027 Results Amid Cost Pressures
General Mills reported mixed results for fiscal first-quarter 2027 on September 23, 2026. Organic net sales remained flat year-over-year while reported sales declined by 3% to $4.4 billion due in part to the prior year's yogurt divestiture. Adjusted operating profit fell 11%, and adjusted earnings per share dropped 13% to $0.75, primarily driven by input-cost inflation and lower volume. Despite these challenges, retail sales trends improved across North America cereal brands like Cheerios and Pillsbury as well as in Foodservice and International segments, which saw a 4% organic increase. Pet food sales were flat due to strong cat-food performance offsetting weakness in dog food. The company reaffirmed its full-year outlook despite expecting input-cost inflation at the high end of its projected range. General Mills plans to focus on cost savings initiatives targeting $750 million by fiscal 2027 and will prioritize debt reduction over share repurchases or acquisitions. CEO Jeff Harmening described the results as an 'encouraging start' for the year, citing progress in innovation and supply-chain improvements.
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