General Mills’ fiscal 2027 first-quarter sales fell 3% year over year to $4.4 billion and adjusted EPS fell 13% in constant currency to 75 cents, but both beat analyst estimates. It reaffirmed its full-year outlook, including adjusted EPS of $3–$3.20.
General Mills said the US yogurt business divestiture was the main reason for the sales decline; it was completed in fiscal 2026’s first quarter and was the only significant transaction affecting year-over-year comparisons. The company also sold its Brazil business on September 2, after fiscal 2027’s first quarter ended. Its outlook projects organic sales ranging from a 1.5% decline to 0.5% growth, and adjusted EPS below the $3.55 reported for fiscal 2026.
The company is targeting $3 billion in cumulative cost savings by fiscal 2030, with $750 million expected in fiscal 2027, through productivity and transformation programs. Management said Totino’s declines had been cut in half but still needed further improvement. Dry dog food sales also weakened, with faster declines for the Wilderness brand; management said product, packaging and marketing changes were needed.
