Pillsbury Maker General Mills Cautions About Economic Uncertainty After Q3 Revenue Dip

General Mills, Inc. (NYSE:GIS) shares are trading lower in premarket today.

On Wednesday, the company reported a third-quarter sales decrease of 5% year-on-year to $4.84 billion, missing the analyst consensus estimate of $4.96 billion. Organic net sales were down 5%.

North America Retail segment sales declined 7% to $3 billion. North America Pet segment sales remained flat Y/Y at $624 million, while International segment sales decreased 4% to $651 million.

Adjusted EPS of $1.00 beat the consensus estimate of $0.96.

Gross margin expanded 40 basis points Y/Y to 33.9%. Adjusted gross margin down 60 basis points to 33.4%.

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