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The Cheerios-maker now expects annual organic net sales growth of about 10%, compared to prior forecast of a 8% to 9% rise, it said in a statement ahead of an industry conference.
Global packaged food manufacturers like General Mills and Procter & Gamble (NYSE:PG) Co have raised prices of their products in recent months to guard profit margins from spiraling costs of labor, raw materials, supply chain and transportation.
General Mills also expects full-year adjusted profit per share to rise between 7% and 8% on a constant-currency basis, compared to previous expectation of an increase of 4% to 6%.
The company, which has seen relatively little push-back from inflation-hit consumers, had in December warned of another round of price increases coming through at the beginning of 2023, especially for its pet care business.
Shares of the Minnesota-based packaged food manufacturer rose marginally to 1.3% in premarket trading.
