General Mills shares rise after COVID-19 sales boost drives higher expectations
reporter covering retail and consumer-oriented companies
General Mills Inc. GIS, +1.15% said Monday that it now expects fourth-quarter organic net sales to rise double-digits as COVID-19-related stay-at-home orders drive increased sales, particularly in North American retail and the pet categories. The company now expects to exceed full-year organic net sales growth guidance of 1% to 2%. The FactSet consensus is for sales of $17.36 billion, implying 3% growth. General Mills says demand increased at "unprecedented" levels in March, up 45% according to Nielsen U.S. retail data, and held on to elevated demand in April, up 32%, according to Nielsen. General Mills brands include Cheerios, Yoplait and Betty Crocker. The company will present at the BMO Global Farm to Market Conference next Wednesday. General Mills stock rose 1.7% in Monday premarket trading, and has rallied 16% over the last year. The S&P 500 index SPX, -0.58% is up 1.7% for the past 12 months.