General Mills beats quarterly sales estimates

(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)