General Mills (GIS) reported fiscal Q1 adjusted earnings Wednesday of $0.86 per diluted share, down from $1.07 a year earlier.

Analysts polled by FactSet expected $0.81.

Net sales for the quarter ended Aug. 24 were $4.52 billion, down from $4.85 billion a year earlier.

Analysts surveyed by FactSet expected $4.52 billion.

For fiscal 2026, the company said it continues to expect adjusted EPS to drop 10% to 15% in constant currency, while organic net sales are still seen between down 1% and up 1%.

General Mills shares were down 1% in recent premarket activity.