Dive Brief:
- General Mills, maker of Cheerios, Pillsbury, and Yoplait yogurt, lowered its sales and profit outlook for the year.
- The company cited the struggling food industry in the U.S. for its decision. Following this, General Mills' stock fell 4.2% Friday to $51.15.
- Sales are forecast to rise at a low-single-digit rate instead of a mid-single-digit rate as previously predicted.
Dive Insight:
General Mills had already promised to slash costs and announced job cuts, but that doesn't make the blow to the industry any less strong. And General Mills isn't the only company facing sales troubles.