General Mills posts robust Q1 performance

The American food giant General Mills continues to benefit from the high food demand driven by the pandemic. Continuing the pace of growth recorded in previous months, the company closed Q1 2020 with sales of € 4.4 billion (up 9% on the first quarter of the previous year) and an operating profit of €854 million (+29%).

More than half of all revenues were generated by the North America Retail segment (+14% to $2.71 billion), particularly in some of the most popular categories such as ready meals and baked goods (+31%), cereals (+10%) and yoghurt (+5%). In contrast, sales of snacks fell slightly (-2%).

The Pet segment confirmed its resilience with 6% growth to $392 million and a 12% increase in operating profit to $90 million.

The Convenience Stores & Foodservice segment suffered a 12% loss in revenue due to the decline in out-of-home dining.

The company performed strongly in the Europe & Australia segment (+8% to $491 million), driven by growth in the Old El Paso, Häagen-Dazs and Betty Crocke brands, as well as in Asia & Latin America (+3% to $383 million).

Image credits: facebook General Mills