General Mills, the maker of Cheerios cereal, reported a drop in sales and forecasted lower annual profits due to decreased demand for snack bars and pet food, as well as rising input costs. The company also anticipates slower growth in its business compared to its long-term goals, causing a 4% decrease in its shares. CEO Jeff Harmening acknowledged the impact of economic uncertainty on consumer behavior, leading to increased value-seeking habits. The company's North America retail segment saw a 7% decline in net sales, primarily due to decreased volume. Competitors like WK Kellogg and Kraft Heinz have also reported similar challenges, while Campbell Soup has experienced growth in demand and volume. General Mills faces pressure from higher input costs like sugar and labor, as well as supply chain disruptions. Despite beating estimates with an adjusted profit of $1.01 per share, the company expects full-year profit to be between down 1% and up 1%.