Reinventing yogurt to suit millennial tastes doesn't seem to be paying off for General Mills.
The Twin Cities food giant's latest earnings report, released Wednesday, shows declines in key areas, including net sales, net earnings, and operating profit.
On top of that, their shares fell 4.3 percent to $53 in premarket trading Wednesday morning, CNBC reports.
This is despite huge investments in the yogurt market, including the rollout of a new brand – "Oui," a fancy, French-style take on the snack – this past summer.
Though Oui did help offset some of the losses, "net sales were down double-digits" in the yogurt division, thanks to "continued declines for Yoplait Greek and Yoplait Light," General Mills said in a news release.
The disappointing earnings report is part of a pattern that has dogged the company for years now, thanks largely to shifting millennial tastes. Data shows they're moving away from classic breakfast staples in favor of more natural, organic options.
But it's not just yogurt troubling General Mills. The company says net sales for cereal (which is perhaps what they're best known for, having created classics like Cheerios, Lucky Charms, and Cinnamon Toast Crunch) were also down this past quarter – by seven percent.
Naturally, the company is looking to rebound in 2018, with ambitious plans to improve in the aforementioned areas, and to keep investing in brands that have been successful – like Annie's Homegrown and Lärabar, both popular organics.