Why General Mills Stock Rallied 11.5% in March
Shares of consumer staples company General Mills (NYSE: GIS) rose steadily throughout March, gaining 11.5%, according to data from S&P Global Market Intelligence. It wasn't an unusual performance, with some of the company's closest peers also seeing gains in the 10% space. That said, toward the end of the month, General Mills showed why investors have been so upbeat.
Food makers like General Mills benefited from increased eating at home thanks to the economic closures and work-from-home trends that went along with the coronavirus pandemic. These trends boosted sales above what would normally have been expected. To put some numbers on that, the company's March 24 earnings release showed that fiscal third-quarter 2021 (which ended in February) organic sales were up 7% year over year, and adjusted earnings were up 6%. Both are strong numbers for a food maker.
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Source Fool.com
