General Mills beats quarterly sales estimates

FILE PHOTO: General Mills cereals rest on a shelf inside of a grocery store in New York, U.S., March 20, 2017. REUTERS/Lucas Jackson/File Photo

(Reuters) – General Mills Inc GIS.N beat quarterly sales estimates on Wednesday, as people stuck at home due to the COVID-19 pandemic stocked up on its baking products and cereals.

Net earnings attributable to General Mills rose to $638.9 million, or $1.03 per share, in the first quarter ended Aug. 30, from $520.6 million, or 85 cents per share, a year earlier.

Net sales climbed to $4.36 billion from about $4 billion, beating analysts’ average estimate of $4.21 billion, according to IBES data from Refinitiv.

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