General Mills Q2 net sales $5.2B (+4%), organic +11%; raises FY23 outlook

GENERAL MILLS INC

2023-Q2 EPS reported $2.36 revenue$9,938,300,000

Diluted EPS $1.01 (+4%); adjusted diluted EPS $1.10, up 12% in constant currency.
North America Retail segment net sales +11% to $3.4B; segment operating profit +24%.
Pet segment net sales flat at $593M, operating profit -34% due to input cost inflation and supply chain disruptions.
FY23 outlook raised: organic net sales now expected +8-9% (prev. +6-7%); adjusted operating profit +3-5% (prev. flat to +3%).
Ice cream recall in International segment impacted net sales and operating profit; no further material impact expected.

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