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ยฉ Reuters. Common Mills Incโs Cheerios and Honey Nut Cheerios are displayed on the shelf of a Complete Meals Market retailer in Venice, California, U.S., March 17, 2018. REUTERS/Lisa Baertlein
(Reuters) โ Cheerios maker Common Mills Inc (NYSE:) reported better-than-expected first-quarter gross sales on Wednesday, as sturdy progress in its pet meals enterprise cushioned a slowdown in demand for its cooking sauces and baking merchandise.
Purchases of pet meals, reminiscent of Common Millsโ premium model Blue Buffalo, have soared up to now 12 months as stuck-at-home clients adopted cats and canines to assist ease the stress of the pandemic.
On a reported foundation, web gross sales in Common Millsโ pet meals division elevated 25% to $488 million within the quarter.
Complete web gross sales rose to $4.54 billion within the quarter ended Aug. 29, from $4.36 billion a 12 months earlier, beating the analystsโ common estimate of $4.29 billion, in keeping with Refinitiv knowledge.
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