Food giant General Mills — which counts pet brand Blue Buffalo among its stable cereal and snack brands — saw noticeable sluggishness in demand for pet food in its most recent quarter.
Sales were flat for wet pet food, often more expensive than dry food. Blue Buffalo's dry food sales rose by a mid-single-digit percentage. Despite pesky inflation gnawing at consumer budgets, General Mills is still seeing strength for snack foods and cereal.Organic net sales: +4%. Estimate: +4.15%North American retail sales: $3.07 billion, +2.8% year over year. Estimate: $3.06 billionInternational net sales: $715.8 million, +9.7% year over year. Estimate: $719.2 millionGeneral Mills reiterated its outlook for fiscal year organic net sales to increase 3% to 4%.