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General Mills Fiscal Year 2024 Sales and Income Dip

June 28, 2024
Full-year sales slid 1% and net earnings were down 3%.

General Mills had a tough fiscal 2024, which ended May 26. Net sales of $19.9 billion decreased 1% from the prior year. And while operating profit of $3.4 billion essentially matched year-ago results, reported net earnings dipped 3% to $2.519 billion.

North American retail and pet foods were the biggest drains, those segments down 5 and 7 percentage points for the year. International sales slid, too, but North American foodservice grew 2%.

“As we move into fiscal 2025, our top priority is to accelerate our organic net sales growth, and specifically our volume growth, by delivering remarkable experiences across our portfolio of leading brands,” said Chairman & CEO Jeff Harmening.

This last quarter was a little worse than the others, with net sales dropping 6%, “reflecting unfavorable net price realization and mix and lower pound volume,” the fourth-quarter report said. Full year sales dipped because of lower pound volume partially offset by favorable net price realization and mix. Fourth-quarter net sales for the International segment were down 10% “driven by unfavorable net price realization and mix and a 1-point headwind from foreign currency exchange, partially offset by higher pound volume.”

As for its fiscal 2025, just underway, the company is projecting sales to be flat to up 1%. “Amid a continued uncertain macroeconomic backdrop for consumers across its core markets, General Mills expects volume trends in its categories will gradually improve in fiscal 2025, though full-year category dollar growth is expected to be below the company’s long-term growth projections,” the report said. “Fiscal 2025 plans call for product news and innovation focused on taste, health, convenience, and value, supported with strong brand campaigns and omnichannel visibility.”

About the Author

Dave Fusaro | Editor in Chief

Dave Fusaro has served as editor in chief of Food Processing magazine since 2003. Dave has 30 years experience in food & beverage industry journalism and has won several national ASBPE writing awards for his Food Processing stories. Dave has been interviewed on CNN, quoted in national newspapers and he authored a 200-page market research report on the milk industry. Formerly an award-winning newspaper reporter who specialized in business writing, he holds a BA in journalism from Marquette University. Prior to joining Food Processing, Dave was Editor-In-Chief of Dairy Foods and was Managing Editor of Prepared Foods.

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