No quick turnaround for struggling General Mills

Intense competition from rival yogurt makers hammered revenue and profit at General Mills in the second quarter.

General Mills reported lower-than-expected quarterly profit and revenue and shares of the yogurt and breakfast cereal maker fell as much as 4 percent to $60.52 on Tuesday.

In the U.S. market, where total retail sales slipped 9%, the decline was a steep 17% for yogurt. That’s far worse than the 3% drop for cereal, 7% decline for baking products, and 1% increase for snacks, according to Fortune.

General Mills said it expects 2017 sales, excluding acquisitions and divestitures, to decline 3-4 percent from 2016. It had previously anticipated sales would be flat to down 2 percent.

To read more about General Mills's troubles, click here.

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