General Mills vows to expand promotions, price cuts to spur sales [Video]

MINNEAPOLIS — General Mills is promising more deals and promotions across several of its brands in the months ahead, as the company works to boost sales and hold onto price-conscious (and inflation-wary) customers.

“It’s clear that — from the beginning of the year until now… we’ve seen more prolonged value-seeking behavior (from consumers) than we anticipated back in June,” said General Mills CEO, Jeff Harmening, in a call with investors on Wednesday.

The company is now lowering its profit outlook for the rest of the fiscal year, expecting operating profits to fall 2% to 4%, as it expands short-term price cuts and promotions on items like Totino’s Pizza Rolls, fruit snacks and refrigerated baked goods.

“They’ve always done promotions, so I think what this means is that they’re gonna do promotions a …