General Mills, Inc. (NYSE: GIS) reported fourth quarter 2021 earnings results today.
Net sales fell 10% year-over-year to $4.5 billion. Organic net sales were down 6%.
GAAP net income declined 33% to $417 million, or $0.68 per share, from last year. Adjusted EPS dropped 19% to $0.91.
Organic net sales are expected to decline 1-3% in fiscal year 2022. Constant-currency adjusted EPS is expected to range between flat and down 2% from the base of $3.79 earned in FY2021.
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After showing weakness at the beginning of the week, benchmark stock indexes made steady gains even as economic recovery gathered steam. On Friday, the S&P 500 index crossed the 4,400-mark