General Mills
Back in March, cereal company General Mills mentioned that it saw a quarterly net increase of 11% to $660 million and spent $934 million on dividends this fiscal year after price hikes of up to 20% on hundreds of items in January.
Late last year, General Mills said they expected strong fourth-quarter numbers thanks to “ongoing elevated consumer demand for food at home.”
At the top of 2022, General Mills notified retail customers that they would be raising prices in mid-January across dozens of brands supposedly to contend with higher material and labor costs. However, the company proceeded to bring in over $3 billion in profits in 2021, up from the year before.