(Reuters) – Cheerios maker General Mills Inc reported better-than-expected first-quarter sales on Wednesday, as strong growth in its pet foods business cushioned a slowdown in demand for its cooking sauces and baking products.
Purchases of pet food, such as General Mills’ premium brand Blue Buffalo, have soared in the past year as stuck-at-home customers adopted cats and dogs to help ease the stress of the pandemic.
On a reported basis, net sales in General Mills’ pet foods division increased 25% to $488 million in the quarter.
Total net sales rose to $4.54 billion in the quarter ended Aug. 29, from $4.36 billion a year earlier, beating the analysts’ average estimate of $4.29 billion, according to Refinitiv data.
(Reporting by Deborah Sophia and Praveen Paramasivam in Bengaluru; Editing by Aditya Soni)
