- Overall sales at General Mills (GIS +0.6%) fells 8% - the third straight quarter of lower revenue - while cereal sales fell 2%. For the nine months ending Feb. 28, cereal sales were flat with the same period one year earlier.
- Kellogg's (K +1%) had a volume gain of 0.5% for 2015.
- Cereal sales in the U.S. have fallen about 28% over the last 15 years. "Millennials," says Amanda Topper, senior food analyst at Mintel, "are also the most likely age group to say that cereal just gives them a sugar rush in place of actual energy ... [they're] more concerned than other groups with getting sufficient protein and fiber in the morning, and they aren’t likely to see cereal satisfying that need.”
- Previously: More on General Mills' FQ3 (March 23)
- Previously: General Mills beats by $0.03, misses on revenue (March 23)