General Mills Reports 18% Decrease in Net Income for Q3 2023
Q3 2023 Revenue Increases by 4% Despite Challenging Conditions
General Mills, Inc.(GIS) has released its financ ial results for the third quarter of 2023, reporting a net income decrease of 18% while showing resilience with a 4% increase in revenue.
General Mills, Inc., a leading multinational food company, has announced its financial results for the third quarter of 2023. The company faced various challenges during this period, including rising costs and changing consumer preferences. Here is a closer look at the key financial figures for the quarter.
Net Income Decline of 18%
General Mills reported a net income of $673.5 million for the third quarter of 2023, reflecting an 18% decrease compared to the same period in 2022 when it stood at $820.0 million. This decline in net income can be attributed to several factors, including increased costs of sales and restructuring expenses.
