General Mills beats first-quarter sales estimates

Sept. 23 (Reuters) - General Mills GIS.N beat first-quarter sales estimates on Wednesday, helped by improved demand for pantry staples and breakfast cereals as more consumers choose to eat at home over dining out.

Consumers facing persistently high inflation have been opting to eat at home, lifting sales of pantry staples and packaged foods.

The company reported quarterly sales of $4.39 billion, compared with the average analyst estimate of $4.35 billion, according to data compiled by LSEG.

However, the Pillsbury maker's adjusted gross margin fell 90 basis points to 33.3% of net sales due to higher input costs.

It earned adjusted profit of 75 cents per share for the quarter, compared with 86 cents per share last year.