Breakfast foods maker General Mills, the brand behind familiar cereals, such as Cheerios, Lucky Charms and Wheaties, may not be a consumer favorite anymore as the company experiences slowing sales and increasing price hikes.
In the company's latest quarterly financial report, General Mills' CEO Jeff Harmening blamed the drop on "stronger-than-anticipated value-seeking behaviors," meaning that people are finding cheaper alternatives to high-priced cereals.
The pandemic turned around what had until then been a steady slide in cereal sales, as everyone ate breakfast at home. During 2020, General Mills reported a 5 percent boost in sales, but sales in 2021 fell 8.7 percent and nearly a further 4 percent last year.
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