General Mills’ latest quarterly results are down from last year, reflecting the ebbing of the pandemic and its motivation for consumers to eat at home.
Total sales were down 10%, to $4.5 billion, in the fourth fiscal quarter compared with last year. Organic net sales, of existing products, were down 6%. Operating profit was down 34%, to $548 million. Some of the difference was due to fourth quarter 2020 having one more week than 2021, but most of it was attributed to a drop in at-home meal consumption.
For the full year, net sales were up 3%, to $18.1 billion, and operating profit was up 6%, to $3.1 billion.
“We enter fiscal 2022 ready to compete and win in a highly dynamic consumer environment,” CEO Jeff Harmening said in a statement. “We’re taking actions to address near-term cost pressures while remaining focused on the long-term growth opportunities we will capture through our Accelerate strategy.”