General Mills reports Q2 adjusted EPS 85c, consensus 81c
Reports Q2 revenue $4.41B, consensus $4.51B. Organic net sales decreased 1%, driven by a decline in the North America Retail segment. General Mills Chairman and CEO Jeff Harmening said: "Our cost and capital discipline has driven profit growth ahead of our expectations in the first half. Our job to do in the second half is to accelerate our sales growth while maintaining that same discipline. We're taking actions to strengthen our second-half topline trends in North America Retail, led by U.S. cereal and snacks. On Blue Buffalo, we're driving strong in-market results, including year-to-date retail sales up 9 percent, and we'll fuel additional Blue growth in the second half by doubling distribution in the Food, Drug, and Mass channels. With strong first-half profit performance, good cost visibility, and confidence in our second-half growth plans, we are reaffirming our guidance for Blue Buffalo and for General Mills in total."