Net Sales Slump At General Mills' Europe Operation In First Quarter
Sales at the European arm of food giant General Mills fell in the first quarter of the group's financial year, with the company citing unfavourable foreign currency exchange rates, as well as a 'challenging retail environment' in some markets.
The group's Europe & Australia division saw net sales fall 9% to $454 million (€411.3 million) in the period, however it said that its performance was slightly offset by benefits from net price realisation and mix.
Organic net sales at the division were down 5%, with the group citing challenges in the French market for its yoghurt and ice cream brands, as well as differences in merchandising phasing.
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