GOLDEN VALLEY, Minn. - New numbers are out giving us a look at how Minnesota's own General Mills is doing financially. And it's a popular trend in yogurt that's contributing to their falling numbers.
General Mills was founded in 1866, eight years after Minnesota became a state. The company is celebrating 150 years, although more recently, it's been a tough few months. On Wednesday, the company's sales dropped again -- that's five straight quarters now.
"Part of the issue is they've gotten rid of under-performing products," said Dale Kurschner, of Twin Cities Business. "They also sold off their Green Giant line. So, when you see sales dropped as much as we hear they did, a lot of that was discontinued products."
Sales officially fell 7 percent. The one product that General Mills hasn't discontinued, Yoplait yogurt, is struggling to sell.
"People are really liking Greek yogurt," Kurschner said. "Meanwhile, Yoplait is kind of going off to the side. And, when you think about that, that's a $2.8 billion segment for that company. So, it's a big chunk of their business."
In a statement Wednesday, General Mills CEO Ken Powell said, "Our first-quarter profit margin expansion and EPS results reflect continued good progress on our productivity and cost-savings initiatives. However, our net sales performance did not meet our expectations."