General Mills Q1 sales $4.4B; reaffirms FY27 outlook

General Mills, Inc. reported fiscal 2027 first-quarter results for the period ended August 30, 2026 on September 23, 2026, saying net sales were $4.4 billion, down 3 percent, with organic net sales flat, while adjusted operating profit of $634 million was down 11 percent in constant currency and adjusted diluted EPS was $0.75, down 13 percent in constant currency. The company also reaffirmed its full-year fiscal 2027 outlook.

General Mills furnished a press release as Exhibit 99 to its Form 8-K AccNo 0001628280-26-063141 (Item 2.02). The reported net sales decline was attributed to the U.S. yogurt divestiture; organic net sales essentially matched year-ago levels.

What the quarter shows

GAAP operating profit of $634 million was down 63 percent, driven largely by a $1 billion gain on the yogurt divestiture in the year-ago quarter. Diluted EPS of $0.74 was down 67 percent. On the company’s adjusted measures, operating profit matched the $634 million GAAP figure and was down 11 percent in constant currency; adjusted diluted EPS of $0.75 was down 13 percent in constant currency.

Segment operating profit was down 15 percent for North America Retail and down 12 percent for North America Pet, while North America Foodservice rose 12 percent and International rose 14 percent as reported (15 percent in constant currency). Combined after-tax earnings from joint ventures totaled $19 million versus $7 million a year earlier.

Outlook reaffirmed — not raised or cut

Management reaffirmed full-year fiscal 2027 targets: organic net sales between down 1.5 percent and up 0.5 percent; adjusted operating profit down 13 percent to down 8 percent in constant currency; adjusted diluted EPS between $3.00 and $3.20; and free cash flow conversion of approximately 95 percent of adjusted after-tax earnings. Reaffirmation is not a new raise or cut of those bands.

Cash and subsequent events

Operating cash flow was $298 million versus $397 million a year ago. Capital investments were $90 million. Dividends paid were $330 million. The company did not repurchase shares in the quarter, versus $500 million of buybacks a year earlier.

Notes to the release say the Brazil business sale closed on September 2, 2026 — after the August 30 quarter-end — and that the company expects customary post-closing price adjustments in the second quarter of fiscal 2027. First-quarter results still classify Brazil-related assets and liabilities as held for sale and include a further non-cash pre-tax valuation loss of $24 million on that disposal group.

What this filing settles — and what it does not

The 8-K settles the company’s published Q1 GAAP and adjusted scoreboard and restates the same full-year bands it had already guided. It does not by itself print a stock-price reaction, peer-relative ranking beyond the issuer’s own retail-sales comments, or a revised outlook midpoint inside the reaffirmed ranges.