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Revenue dipped 2.4% to $4.27 billion, from $4.37 billion last year. Wall Street analysts expected to see revenue of $4.38 billion.
The company saw downside in its U.S. Retail segment, but reported increased sales in its consolidated international businesses.
Although GIS reaffirmed its constant currency growth for 2015, it noted that the U.S. market has becoming much more challenging than originally expected.
The decline of the cereal market is far from breaking news. Overall, cereal sales have been falling for a decade as consumers are now reaching for quicker meals or healthier options.
On Wednesday, both General Mills and Kellogg Company were downgraded at Societe Generale. The firm lowered its rating on GIS from “Hold” to “Sell” and gave the company a $50 price target.
Kellogg Company was cut from “Buy” to “Hold” and was given a $66 price target. The analyst noted that K’s cereal business could take multiple years to turn around.
|VTSSX||Vanguard Total Stock Market Index Fund||1.58%||General Mills|
|VTSSX||Vanguard Total Stock Market Index Fund||1.24%||Kellogg Company|
|VFINX||Vanguard 500 Index Fund||1.04%||General Mills|
|VFINX||Vanguard 500 Index Fund||0.73%||Kellogg Company|
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