General Mills profit falls 37 percent on weak US demand

General Mills, the maker of Cheerios cereal and Betty Crocker cake mixes, reported a 37 percent fall in quarterly profit hurt by weak demand in the United States and slowing growth in Europe and Canada.

The company said net income attributable to General Mills fell to $346.1 million, or 56 cents per share, in the second quarter ended Nov. 23 from $549.9 million, or 84 cents per share, a year earlier.

Revenue fell 3.4 percent to $4.71 billion.

Wall Street had expected General Mills to deliver earnings of 77 cents a share on revenue of $4.79 billion, according to a consensus estimate from Thomson Reuters.

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General Mills brands include Pillsbury, Green Giant, and Häagen-Dazs.

As yogurt gains popularity with Americans as a breakfast food, the company has attempted to counter the competition by bringing back old cereal brands such as French Toast Crunch and added new kinds, including gluten-free Chex granola.

In November, the food company elected to its board of directors David M. Cordani, president and CEO of health insurance firm Cigna.

Earlier this year, the food maker acquired organic food brand Annie's.

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CNBC's Evelyn Cheng contributed to this report.