WASHINGTON (dpa-AFX) - General Mills (GIS) has raised its financial expectations for the fourth quarter of fiscal 2020 to reflect stronger than anticipated at-home food demand in March and April, with an expectation that trends will moderate in May but remain significantly ahead of pre-COVID-19 levels.
The company expects fourth-quarter organic net sales to increase double digits versus the prior year, led by strong growth in North America Retail and Pet.
It projects fourth-quarter constant-currency adjusted operating profit to grow faster than organic net sales, reflecting benefits from operating leverage, partially offset by increased costs related to COVID-19.
The company now expects to exceed each of its previous full-year fiscal 2020 guidance ranges of 1 to 2 percent organic net sales growth, 4 to 6 percent growth in constant-currency adjusted operating profit, and 6 to 8 percent growth in constant-currency adjusted earnings per share.
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