Dive Brief:
- General Mills Inc. profit decreased 37% for its second fiscal quarter due to low demand in the U.S. and sluggish growth in both Canada and Europe, the company reported.
- "Net income attributable to General Mills" dropped to $346.1 million as opposed to $549.9 million the same time last year, Reuters reported.
- Just yesterday, General Mills previewed over 50 new products, including "better-for-you snacks" and "gluten-free" items, among others, according to Consumer Goods Technology.
Dive Insight:
This has been a difficult time in the cereal industry as consumer habits change, but General Mills executives also tried to sound some positive notes. "The operating environment remains challenging but, as we move into the second half of our fiscal year, we expect to renew sales and profit growth," General Mills Chairman and CEO Ken Powell said in a release announcing the results. He cited the new products and some corporate-wide cost reduction moves as reasons for optimism.