General Mills cut its annual sales and profit forecasts on Wednesday, as the Pillsbury owner takes a hit from choppy demand for salty snacks and pet food in North America amid competition from private-label rivals.

Cheerios maker General Mills Inc. cut its guidance for fiscal 2025 sales, citing retailer inventory and a snacking slowdown.

General Mills has turned more pessimistic about its outlook for the rest of the fiscal year as the US food major reported a drop in third-quarter sales and volumes. A “slowdown” in snacking in the US was one factor cited today (19 March) as General Mills forecast a decline in organic sales over the course of the full financial year,