General Mills Inc (NYSE:GIS) stock fell 0.10% (As on June 29, 11:20:34 AM UTC-4, Source: Google Finance) after the company’s annual forecast suggested that price hikes will no longer make up for slowing sales as inflation-weary shoppers cut back on spending. North America Retail Revenues in the segment came in at $3,066 million, up 2% year over year. Organic net sales of the segment grew 5% year over year. The segment’s operating profit increased 2% to $779.5 million. International Revenues in the segment came in at $744.7 million, down 1% year over year. Organic net sales of the segment grew 6% year over year due to solid growth in Europe & Australia and China. The segment’s operating profit tumbled 12% to $66.8 million. Pet Revenues came in at $655 million, which ascended 7% year over year due to the positive net price realization and mix, partly hurt by the lower pound volume. Organic sales of this segment also rose 7%. Segment net sales benefited from strong growth in dry pet food and pet treats. The segment’s operating profit came in at $133.2 million compared with the $113.3 million reported in the year-ago period. North America Foodservice Revenues came in at $564.3 million, up 7% year over year. Net sales were mainly backed by a six-point gain from the TNT Crust buyout.

GIS in the fourth quarter of FY 23 has reported the adjusted earnings per share of $1.12, beating the analysts’ estimates for the adjusted earnings per share of $1.05, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 3 percent to $5.03 billion in the fourth quarter of FY 23, missing the analysts’ estimates for revenue of $5.18 billion. Organic net sales rose 5% due to the favorable organic net price realization and mix, partly countered by the reduced organic pound volume. The adjusted gross margin expanded 120 basis points (bps) to 35% due to the positive net price realization and mix. These were somewhat offset by elevated input costs, with input cost inflation being 9% in the quarter. General Mills ended the quarter with cash and cash equivalents of $585.5 million, long-term debt of $9,965.1 million and total shareholders’ equity of $10,449.6 million. GIS generated $2.8 billion in cash from operating activities in fiscal 2023. Capital investments amounted to $690 million during the same period. Free cash flow conversion was 80% of the company’s adjusted after-tax earnings in fiscal 2023.