09:17 AM EDT, 09/18/2024 (MT Newswires) -- General Mills' ( GIS ) fiscal first-quarter results declined less than market expectations year over year, while the Cheerios maker reiterated its full-year outlook.

The company's adjusted earnings slipped to $1.07 a share for the quarter ended Aug. 25 from $1.09 the year before, but topped the Capital IQ-polled consensus of $1.06. Sales fell 1% year over year to $4.85 billion, ahead of the Street's view for $4.8 billion. Organic net sales were also down 1% amid unfavorable organic net price realization and mix.

"Our top priority in fiscal 2025 is to accelerate our organic net sales growth, and we made expected progress on that goal in the first quarter along multiple fronts," Chief Executive Jeff Harmening said in a statement. "We strengthened our core by delivering more remarkable experiences to consumers, which translated into improved volume, net sales, and market share trends versus the previous quarter."

North America retail sales decreased 2% to $3.02 billion due to lower pound volume, which was partially offset by higher prices. Revenue was down by mid-single digit in the US snacks operating unit and low-single digit for US morning foods. North American foodservice sales were nearly flat year over year at $536.2 million.

Pet sales in North America came in at $576.1 million, down from $579.9 million in the prior-year quarter. The segment logged mid-single-digit and low-single-digit declines in net sales for pet treats and wet pet food, respectively, while dry pet food was flat.

International revenue edged higher to $717 million from $715.8 million last year, despite lower prices and a two-point foreign exchange headwind.

The packaged foods maker continues to project adjusted EPS to be down 1% to up 1% in constant currency for fiscal 2025. Full-year organic sales are still anticipated to range between flat and up 1%. The Street is looking for normalized EPS of $4.50 and revenue of $19.92 billion for the fiscal year.

"Looking ahead, we'll continue to work to improve our competitiveness and get back to leading growth in our categories," according to Harmening. "Having delivered expected improvement in (the first quarter), we are reaffirming our full-year outlook for fiscal 2025."

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