UPDATE: General Mills FQ1 Profit Drops 16.3%

General Mills

reported a drop in its fiscal first-quarter profit. General Mills' quarterly profit declined to $459.3 million, or $0.70 per share, versus a year-ago profit of $548.9 million, or $0.82 per share. Its net sales rose 7.9% to $4.37 billion. However, analysts were expecting earnings of $0.70 per share on sales of $4.3 billion. General Mills shares closed at $49.78 yesterday.