(Reuters) -General Mills forecast annual profit below expectations on Wednesday, as the Pillsbury-owner was weighed by weak demand for its refrigerated baked goods and snacks in the U.S. in a tariff-driven, uncertain macroeconomic background.
Economic uncertainty arising from President Donald Trump’s shifting tariff policies have weighed on consumer spending in the U.S., challenging General Mills’ efforts to drum up sales.
The company has been trying to boost demand through new products, such as a fresh version of its Blue Buffalo pet food for dogs, but investments in marketing and acquisitions are seen taking a toll on its margins.
The company expects full-year adjusted profit to be in the range of down 10% to down 15%, compared to analysts’ estimates of a 4.8% decline, as per data compiled by LSEG.
Shares of the Cheerios-maker were down nearly 2% before the bell.
(Reporting by Neil J Kanatt in Bengaluru; Editing by Leroy Leo)
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