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General Mills: reduces targets for 2023-24

( - On its quarterly earnings call, General Mills has
announced that it has reduced its annual guidance, now expecting only 4% to 5% growth in adjusted EPS and operating profit (at constant exchange rates), compared with a previous range of 4% to 6%.

The food group estimates that its organic sales should now fall by 1% or stagnate, compared with growth of 3% to 4% previously estimated, 'reflecting a slower recovery in volumes in FY 2023-24'.

It reported Q2 adjusted EPS of $1.25 and adjusted operating profit of $989m, up respectively 14% and 13% at constant exchange rates, on revenues of $5.1bn, down 2% organically.

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