General Mills says Q3 revenue decline attributed to gaps in pricing, promotions
"Our third-quarter results finished in line with our expectations and keep us on track to deliver the guidance we updated last month," said General Mills chairman and CEO Ken Powell. "Our net sales declined due primarily to gaps in pricing and promotional activity in key U.S. businesses. Our cost savings efforts helped us expand our adjusted operating profit margin and drive growth in adjusted diluted EPS. Looking ahead, we are highly focused on improving our topline performance while continuing to expand our margins. We've added support in the fourth quarter to strengthen key business lines, and we're pursuing global growth priorities that will further improve our sales trends beyond fiscal 2017."