ZH: General Mills becomes latest company to warn about faltering consumers

ZERO HEDGE writes:

Shares of Cheerios maker General Mills plunged the most in a year after new annual guidance indicated price hikes on ready-to-eat cereals and meal kits would no longer offset slowing sales as consumers pull back on spending. 

General Mills expects fiscal year adjusted profit growth at the mid-single-digits percentage for the fiscal year 2023, which ended on May 28 and totaled $4.30 per share, up about 10% in constant currency. 

Even though price hikes fueled top-line growth, volumes have sunk in recent quarters, a clear indication soaring prices have hit a wall of resistance among inflation-weary customers…

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