General Mills Reaffirms Annual Outlook and Shares Business Update at 2024 Barclays Global Consumer Staples Conference

At the 2024 Barclays Global Consumer Staples Conference, General Mills (NYSE: GIS) provided an update on its progress toward its three core priorities and reaffirmed its financial outlook for fiscal year 2025.

“We began fiscal 2025 with a strong focus on enhancing topline growth by delivering exceptional consumer experiences,” said General Mills Chairman and CEO Jeff Harmening. “While there’s still work to do, we’re off to a good start, with improving retail sales trends across many key categories.”

Harmening added, “As we navigate a dynamic environment, we remain committed to accelerating organic sales growth, achieving significant cost savings through HMM (Holistic Margin Management), and maintaining strong cash generation with a disciplined capital allocation approach. We’re confident in our ability to meet our financial goals for fiscal 2025.”

General Mills reaffirmed its fiscal 2025 financial targets:

  • Organic net sales are expected to remain flat or increase by up to 1%.
  • Adjusted operating profit is projected to be between a 2% decline and flat in constant currency, considering a 2-point impact from resetting incentive compensation following a below-average payout last year.
  • Adjusted diluted EPS is forecasted to range from a 1% decline to a 1% increase in constant currency.
  • Free cash flow conversion is expected to be at least 95% of adjusted after-tax earnings.

Accelerate Strategy

General Mills is executing its Accelerate strategy, aimed at driving sustainable growth and delivering top-tier shareholder returns. The strategy focuses on building strong brands, fostering innovation, leveraging scale, and prioritizing ethical practices. The company is focusing on core markets, global platforms, and high-potential local brands while reshaping its portfolio through strategic acquisitions and divestitures.

As part of the 2024 Barclays Global Consumer Staples Conference, Jeff Harmening and Dana McNabb, Group President of North America Retail, will participate in a fireside chat on Thursday, Sept. 5, 2024. General Mills will also release its fiscal 2025 Q1 results on Wednesday, Sept. 18, 2024.

About General Mills

General Mills, a global food company, follows its Accelerate strategy to build iconic brands like Cheerios, Häagen-Dazs, and Yoplait. In fiscal 2024, General Mills generated net sales of $20 billion, with an additional $1 billion from joint ventures. For more information, visit www.generalmills.com.

Forward-Looking Statements

This press release contains forward-looking statements, including those by Mr. Harmening, that are subject to risks and uncertainties. These include supply chain disruptions, competitive dynamics, economic conditions, and regulatory changes, among others. The company has no obligation to revise these statements based on future events.

Reminder on Non-GAAP Guidance

The fiscal 2025 outlook for organic net sales growth, adjusted operating profit, and other metrics are non-GAAP financial measures, as certain items like foreign currency fluctuations and acquisition impacts cannot be reasonably predicted.

For fiscal 2025, General Mills expects no material impact from currency rates, acquisitions, or restructuring charges.

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