GIS - Stock Market Sell-Off: Is General Mills a Buy?
2023-03-26 09:53:00 ET
So far in 2023, General Mills' (NYSE: GIS) stock has roughly tracked lower along with the broader market and the average consumer staples stock , using Vanguard Consumer Staples ETF as a proxy. But if General Mills' fiscal third-quarter earnings results are any indication, it is performing quite well in the face of broader adversity. It could be a safe haven in a storm, even though investors will likely be paying full price for the stock.
In the fiscal third quarter of 2023, General Mills saw organic sales increase by a huge 16% compared to the same stanza of fiscal 2022. Through the first nine months of fiscal 2023 organic sales are up 12%. These are very strong numbers, given that the company has been dealing with inflation , which has increased the costs of ingredients, salaries, and transportation, among many other things.
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Stock Market Sell-Off: Is General Mills a Buy?