General Mills, Inc. (GIS) posted its third quarter earnings on Wednesday, March 19. The company’s stock fell by 3% after reporting lower-than-expected sales for the quarter.

Net sales totaled $4.84 billion for the quarter, down 5% from $5.10 billion one year ago. Quarterly revenue missed analysts’ estimates of $4.96 billion.

“Our third-quarter organic net sales finished below our expectations, driven largely by greater-than-expected retailer inventory headwinds and a slowdown in snacking categories,” said General Mills CEO, Jeff Harmening. “We are focused on improving our sales growth in fiscal 2026 by stepping up our investment in innovation, brand communication, and value for consumers. We will fund that investment with another year of industry-leading HMM productivity, coupled with expected new cost-savings initiatives designed to further boost our efficiency and enable growth.”

The company reported net income of $625.6 million or $1.12 per adjusted share for the quarter. This was down from $670.1 million or $1.17 per adjusted share during the same quarter last year.

General Mills reported that their operating profit decreased 2% to $891 million for the quarter. In the third quarter, General Mills reported $3.0 billion in net sales for its North America Retail segment, a 7% decline from the same time last year. The North America Pet segment remained relatively unchanged at $624 million during the quarter. The company’s International segment decreased 4% to $651 million in net sales. The company updated its full-year fiscal 2025 outlook and now anticipates organic sales to be down 1.5% to 2% year-over-year.

General Mills, Inc. (GIS) shares ended the week at $58.64, down 2% for the week.

Five Below Reports Earnings

Five Below, Inc. (FIVE) announced its fourth quarter and full year earnings on Wednesday, March 19. The Philadelphia-based discount retailer’s shares jumped by nearly 13% after the company reported better-than-expected revenue.

The retailer reported quarterly net sales of $1.39 billion. This was up from $1.34 billion at the same time last year in line with analysts' expectations of $1.39 billion. Full-year net sales came in at $3.88 billion, up 9% from $3.56 billion the previous year.

“It has been a busy three months at Five Below,” said Five Below CEO, Winnie Park. “We are executing our key strategies around product, value and store experience, and doing so with a sharpened focus on our core customer – the kid and the kid in all of us. We have a unique opportunity to deliver amazing value across a curated assortment featuring consistent newness with simplified pricing. Our focus on affordability and value is not just a strategy; it is a promise to our customers that Five Below is a place where they can find joy and excitement at WOW prices.”

For the fourth quarter, Five Below reported net income of $187.46 million or $3.39 per diluted share. This was down from $202.20 million or $3.65 per diluted share reported at this time last year. For the full year, the company reported net income of $253.61 million or $4.60 per diluted share.

The company’s comparable sales decreased 3% in the fourth quarter. Operating income was $246.8 million compared to $268.4 million in the same time last year. The company opened 22 net new stores for a total of 1,771 in 44 states. For the first quarter of fiscal 2025, the company anticipates net sales to be between $905 million and $925 million with earnings per diluted share between $0.44 and $0.55. The lower net sales expectations account for the expected impact of tariffs currently in place. For the full year of fiscal 2025, net sales are expected to be in the range of $4.21 billion and $4.33 billion.

Five Below, Inc. (FIVE) shares ended the week at $76.24, up 4% for the week.

Darden Restaurants Serves Up Earnings

Darden Restaurants, Inc. (DRI) posted its third quarter earnings report on Thursday, March 20. The parent company of restaurants such as Olive Garden, LongHorn Steakhouse and The Capital Grille saw its stock rise by almost 7% following the report’s release.

Revenue came in at $3.16 billion for the third quarter. This was up over 6% from $2.97 billion recorded during the same quarter last year but missed expectations of $3.21 billion.

"We had a solid quarter, and I am proud of how our teams managed their business and controlled what they could control," said Darden CEO, Rick Cardenas. "All of our segments grew total sales and segment profit margin, while several brands set sales records during the holidays and on Valentine's Day, reinforcing the strength of our portfolio and the loyalty of our guests. Our ability to deliver profitable sales growth in a challenging environment is a testament to the strength of our business model and adherence to our proven strategy."

The company reported net income of $323.4 million or $2.74 per adjusted share. Last year at this time, Darden posted net income of $312.9 million or $2.60 per adjusted share.

Darden’s same-restaurant sales were mixed across its brands in the quarter. Olive Garden saw a rise in same-restaurant sales of 0.6%. Their Fine Dining segment, which includes restaurants such as The Capital Grille, saw same-restaurant sales decline 0.8%. LongHorn Steakhouse, a strong breadwinner for Darden, experienced a 2.6% increase in same-restaurant sales. Darden declared a dividend of $1.40 per share of common stock, payable on May 1, 2025, to the stockholders of record on April 10, 2025.

Darden Restaurants, Inc. (DRI) shares ended the week at $199.93, up 8% for the week.

The Dow started the week of 3/17 at 41,460 and closed at 41,985 on 3/21. The S&P 500 started the week at 5,636 and closed at 56,668. The NASDAQ opened the week at 17,723 and closed at 17,784.

Treasury yields edged lower midweek as investors reacted to the Federal Reserve’s latest policy decision and their outlook for economic growth. Yields trended higher toward the end of the week as the latest employment data showed an uptick in unemployment claims filed.

On Wednesday, the Federal Reserve announced its second monetary policy decision of 2025, following the latest meeting of the Federal Open Market Committee (FOMC). At the meeting, policy makers agreed to hold the benchmark rate steady at a range of between 4.25% to 4.50%. Members signaled that rate reductions will likely occur later in the year but acknowledged growing uncertainty around the economic outlook.

“Revisions to FOMC members projections had a somewhat ‘stagflationary’ feel with forecasts for growth and inflation moving in opposite directions,” said global co-head and co-chief investment officer of fixed income and liquidity solutions at Goldman Sachs Asset Management, Whitney Watson. “For the time being, the Fed is in wait and see mode, as it monitors whether the recent growth slowdown develops into something more serious.”

The benchmark 10-year Treasury note yield opened the week of March 17 at 4.32% and traded as high as 4.25% on Thursday. The 30-year Treasury bond opened the week at 4.62% and traded as high as 4.56% on Thursday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment increased by 2,000 to 223,000 for the week ending March 15. This was less than the 224,000 claims analysts expected. Continuing claims increased by 33,000 to 1.89 million.

“The data continue to tell a story of relatively few private-sector layoffs but limited employment opportunities for those who are unemployed,” said lead U.S. economist at Oxford Economics, Nancy Vanden Houten.

The 10-year Treasury note yield finished the week of March 17 at 4.26% while the 30-year Treasury note yield finished the week at 4.59%.

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, March 20. The survey revealed that mortgage rates slightly increased but remained below 7%.

This week, the 30-year fixed mortgage rate averaged 6.67%, up from last week’s average of 6.65%. Last year at this time, the 30-year fixed mortgage rate averaged 6.87%.

The 15-year fixed mortgage rate averaged 5.83% this week, up from last week’s average of 5.80%. During the same week last year, the 15-year fixed mortgage rate averaged 6.21%.

“The 30-year fixed-rate mortgage has stayed under 7% for nine consecutive weeks, which is helpful for potential buyers and sellers alike,” said Freddie Mac’s Chief Economist, Sam Khater.

Based on published national averages, the savings rate was 0.41% as of 3/17. The one-year CD averaged 1.78%.

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