General Mills (GIS) said its first-quarter constant-currency adjusted operating profit increased 8 percent year-over-year, driven by higher adjusted gross profit dollars, partially offset by higher adjusted selling, general, and administrative expenses. Adjusted EPS increased 13 percent in constant currency, primarily driven by higher adjusted operating profit. Organic net sales increased 10 percent, driven by positive organic net price realization and mix, partially offset by lower organic pound volume, including the impact of a voluntary recall on certain international Häagen-Dazs ice cream products. Looking forward, the company increased its full-year outlook for net sales, operating profit, and EPS growth.
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