General Mills Inc. GIS said Tuesday it’s raising its fiscal 2023 guidance to reflect continued strong in-market performance. The parent of brands including Cheerios, Nature Valley, Blue Buffalo pet products and Pillsbury, said it now expects adjusted per-share earnings growth of 7% to 8% in constant currency and sales growth of about 10%. The company offered the guidance in a statement issued ahead of the Consumer Analyst Group of New York, or CAGNY, conference for 2023. The company plans to keep investing in its North America retail business, in digital capabilities, strategic revenue management and supply chain digitization. At its pet food division, it expects to benefit from renovation and innovation on its Wilderness dry dog food line, a test of a new fresh line of refrigerated Blue Buffalo dog food, innovation and brand-building news on its market-leading natural pet treats portfolio, and expansion of its fully renovated Tastefuls natural cat feeding line. It also expects to expand its Blue Buffalo offering in China and to test the brand in other overseas markets. The stock was slightly higher premarket and has gained 13% in the last 12 months, while the S&P 500 SPX has fallen 6%.
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