General Mills ( GIS ) beat quarterly sales estimates on Wednesday, as price cuts taken in past on select products lifted demand.

However, the company said that category growth will likely be below its long-term targets amid a challenging consumer backdrop.

The Cheerios maker maintained its annual sales and profit forecasts.

The company expects full-year adjusted profit to decline by 10% to 15% and organic net sales to range from down 1% to up 1%.

It posted first-quarter sales of $4.52 billion, compared with analysts' estimates of $4.51 billion, as per data compiled by LSEG.