General Mills reports $4.4 billion in first-quarter sales, reaffirms fiscal 2027 outlook

General Mills (NYSE: GIS) reported first-quarter fiscal 2027 net sales of $4.4 billion and diluted earnings per share of $0.74 for the period ended Aug. 30, according to an earnings release furnished with a Form 8-K on Wednesday. The company reaffirmed its full-year fiscal 2027 outlook, including adjusted diluted EPS of $3.00 to $3.20.

Net sales were down 3% from a year earlier, which General Mills attributed to the U.S. yogurt divestiture. Organic net sales were flat. Operating profit of $634 million was down 63%, driven largely by a $1 billion gain on the yogurt divestiture a year ago. Adjusted operating profit of $634 million was down 11% in constant currency. Adjusted diluted EPS of $0.75 was down 13% in constant currency.

North America Retail net sales fell 7% to $2.4 billion, including a 4-point headwind from the yogurt sale; organic net sales were down 3%. North America Pet net sales of $613 million essentially matched year-ago levels. North America Foodservice net sales rose 1% to $523 million, with organic net sales up 4%, and segment operating profit rose 12% to $79 million. International net sales increased 4%.

Dividends paid totaled $330 million. The company did not repurchase shares in the quarter, compared with $500 million of buybacks a year earlier.

For fiscal 2027, General Mills again guided organic net sales between down 1.5% and up 0.5%, adjusted operating profit down 13% to down 8% in constant currency, adjusted diluted EPS of $3.00 to $3.20, and free cash flow conversion of about 95% of adjusted after-tax earnings. It continues to expect at least $750 million in savings from Holistic Margin Management, its global transformation initiative, and other cost actions.

By the numbers

• Net sales: $4.4 billion (−3%); organic net sales: flat
• Diluted EPS: $0.74; adjusted diluted EPS: $0.75 (−13% constant currency)
• Operating profit: $634 million (−63%); adjusted operating profit: −11% constant currency
• North America Foodservice sales: $523 million (+1%); segment operating profit: $79 million (+12%)
• Dividends paid: $330 million; share repurchases: $0
• FY2027 adjusted diluted EPS outlook: $3.00–$3.20 (reaffirmed)

Sources

1. General Mills, Inc. Form 8-K, filed Sept. 23, 2026, accession 0001628280-26-063141
2. Exhibit 99 earnings release

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