General Mills saw its profit soar 23% this summer, a continued reflection of the stay-at-home lifestyle that has come to define 2020.

The Golden Valley-based food company posted $4.36 billion in sales for its 2021 fiscal first quarter, which spans the June-August period. Adjusted earnings per share were $1, smashing analysts’ expectation of 87 cents.

The maker of foods with brands ranging from Nature Valley to Progresso to Old El Paso also announced a 4% quarterly dividend increase. The company’s stock rose 1% in early trading.

“We continued to drive exceptional results this quarter, highlighted by broad-based market share gains amid elevated at-home food demand due to the COVID-19 pandemic,” Jeff Harmening, chief executive of General Mills, said Wednesday morning. “Not only are we gaining share, we’re attracting new consumers in this environment. The current environment presents a once-in-a-generation opportunity to drive trial for our brands.”

Sales in U.S. retail — the company’s largest segment, representing more than 60% of all its sales — grew 14% during the quarter. Meals and baking, a category that includes brands like Totino’s, Gold Medal flour and Betty Crocker, grew sales 31%, followed by the company’s hallmark cereal category, which was up 10%.

Its foodservice and convenience store business continues to suffer as the pandemic kept people from eating at restaurants, and institutional cafeterias like schools and hotels. Sales were down 12% in that category.

This is the food maker’s second time reporting financial results since the start of the coronavirus pandemic, which has proved a boon to household names like General Mills and Campbell’s. Consumer staple stocks tend to be sleepier during strong economic periods, but thrive during recessions and crises.

When shelter-at-home and school closures took effect across the United States this spring, Americans stocked up on shelf-stable, familiar brands.

The company posted sales growth of 10% during the March-May period, marking the first time General Mills had seen double-digit revenue gains since the Great Recession in 2008.

Those surges moderated though as the pandemic lingered o and investor enthusiasm waned in recent weeks as many believed the company may have already reached its high water mark for the COVID-19 bump.

But Harmening insists General Mills is maximizing this unforeseen opportunity to reach more consumers than ever before.

“I’m more confident than ever that General Mills is poised to emerge from the pandemic a stronger company and in a position to generate consistent, profitable growth and top-tier returns for our shareholders,” Harmening said.

General Mills has added supply chain capacity internally and through contractors in order to meet the increased demand for at-home food. The company has also increased its marketing spending and shifted it toward digital channels where more consumers are spending time these days.

Ahead of the earnings report shares of General Mills were up 6.7% over the last 52 weeks.