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Markets News

REFILE-General Mills beats quarterly sales estimates

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Sept 23 (Reuters) - General Mills Inc beat quarterly sales estimates on Wednesday, as people stuck at home due to the COVID-19 pandemic stocked up on its baking products and cereals.

Net earnings attributable to General Mills rose to $638.9 million, or $1.03 per share, in the first quarter ended Aug. 30, from $520.6 million, or 85 cents per share, a year earlier.

Net sales climbed to $4.36 billion from about $4 billion, beating analysts’ average estimate of $4.21 billion, according to IBES data from Refinitiv.

Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli

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