General Mills Q1 Adjusted EPS Beats at 75 Cents; Shares Slip 1% Despite Reaffirmed Fiscal 2027 Outlook

General Mills (NYSE: GIS) reported first-quarter fiscal 2027 adjusted earnings of 75 cents per share on September 23, 2026, topping analyst estimates of 72 cents, but shares fell 1% in early trading as net sales declined 3% to $4.39 billion. The quarter, ended August 30, absorbed a 4-point drag from the divested U.S. yogurt business; organic net sales were flat. Adjusted gross margin contracted 90 basis points to 33.3% on higher input costs, and adjusted operating profit fell 11% in constant currency to $634 million. North America Retail sales dropped 7% to $2.45 billion, while International rose 4% to $794 million on India and China growth. The company reaffirmed fiscal 2027 guidance: organic net sales down 1.5% to up 0.5%, adjusted operating profit down 13% to 8% in constant currency, and adjusted diluted EPS of $3.00 to $3.20. The September 2 Brazil divestiture is expected to cut full-year reported net sales growth by about 4%.