Consumers continued to cook and eat more at home, even though they stepped out to restaurants and bars after COVID-19 restrictions were lifted, boosting sales for packaged food manufacturers.
General Mills has also seen a surge in demand for pet treats as more people adopted cats and dogs in the past year to alleviate the stress of the pandemic, which has allowed the company to record a 29% increase in sales for its pet food division.
Revenue from North American paste maker Pillsbury’s core retail business increased 2% in the second quarter, which ended November 28.
The company now expects organic net sales to increase 45% in fiscal 2022. It previously forecast annual organic sales to be in the upper end of a 1% 3% decline range.
Net sales reached $ 5.02 billion in the current quarter, from $ 4.72 billion a year earlier, exceeding estimates of $ 4.84 billion, according to Refinitiv IBES.