General Mills, Inc. reported financial results for its first quarter ended August 30, 2026, on September 23, 2026. The company reported net sales of $4.4 billion, a decrease of 3 percent compared to the prior year. This decline was driven by the impact of the U.S. yogurt divestiture, which was completed in the first quarter of fiscal 2026. Excluding the impact of divestitures and foreign currency, organic net sales were flat.
Operating profit for the quarter was $634 million, a decrease of 63 percent compared to the prior year. This decline was primarily driven by a $1.05 billion gain on the yogurt divestiture recorded in the first quarter of fiscal 2026. Adjusted operating profit was $634 million, down 11 percent in constant currency. Diluted earnings per share (EPS) were $0.74, a decrease of 67 percent, while adjusted diluted EPS was $0.75, down 13 percent in constant currency.
Segment results varied across the company. Net sales in the North America Retail segment were down 7 percent to $2.4 billion, while the North America Pet segment saw net sales of $613 million, essentially flat year-over-year. The North America Foodservice segment reported net sales of $523 million, up 1 percent. The International segment reported net sales of $794 million, up 4 percent.
General Mills reaffirmed its full-year fiscal 2027 outlook. The company expects organic net sales to range between down 1.5 percent and up 0.5 percent. Adjusted diluted EPS is expected to be between $3.00 and $3.20 per share. The company also expects to generate at least $750 million in savings from its Holistic Margin Management program and global transformation initiative in fiscal 2027.
