General Mills is looking to shift gears after the company’s CEO shared that sales are down because Consumers are showing “stronger than anticipated value-seeking behavior.”
Jeff Harmening, the CEO of the Golden Valley-based company, shared that customers are simply looking for cheaper products, resulting in his company’s sales falling.
The surprising revelation from Harmening has resulted in an over 3.5% drop in General Mills’ stock, as investors noticed the poor performance.
There has also been a lot of recent chatter that the growth of new weight loss drugs could affect companies like General Mills, but Harmening says they’re seeing no signs of that yet and that their long-term growth continues to look better.