General Mills beat quarterly sales estimates Wednesday, as price cuts taken in past on select products lifted demand.

However, the company said that category growth will likely be below its long-term targets amid a challenging consumer backdrop.

The Cheerios maker maintained its annual sales and profit forecasts.

The company expects full-year adjusted profit to decline by 10% to 15% and organic net sales to range from down 1% to up 1%.

It posted first-quarter sales of $4.52 billion, compared with analysts' estimates of $4.51 billion, as per data compiled by LSEG.