General Mills has approved a multi-year initiative aimed at enhancing the competitiveness of its supply chain. As part of this initiative, the company will close its North America Foodservice pizza crust manufacturing facility in St. Charles, Missouri, and two pet manufacturing facilities in Joplin, Missouri. The consolidation is expected to incur approximately $82 million in restructuring charges, including $17 million in cash costs, with a significant portion related to asset write-offs and severance.
The company anticipates recognizing $43 million in asset write-offs and $6 million in other costs during the second quarter of fiscal 2026. The restructuring actions are expected to be completed by the end of fiscal 2029. The estimates regarding costs and their timing are subject to various assumptions, and actual results may vary from current expectations. Additionally, unforeseen charges or cash expenditures may arise in connection with this organizational initiative.
linkOct 01, 2025 07:05:34
General Mills has approved a multi-year initiative aimed at enhancing the competitiveness of its supply chain. This includes the closure of its pizza crust manufacturing facility in St. Charles, Missouri, and two pet manufacturing facilities in Joplin, Missouri, as well as the consolidation of assets at other locations. The company anticipates incurring approximately $82 million in restructuring charges, with around $17 million expected to be cash expenses.
The restructuring is projected to result in asset write-offs of about $64 million and other costs, including severance, totaling approximately $18 million. The company plans to recognize $43 million in asset write-offs and $6 million in other costs in the second quarter of fiscal 2026. The completion of these actions is expected by the end of fiscal 2029, although actual costs and timing may vary based on future events.
linkOct 01, 2025 07:05:34
General Mills has initiated a multi-year organizational initiative aimed at enhancing the competitiveness of its supply chain. This plan includes the closure of its North America Foodservice pizza crust manufacturing facility in St. Charles, Missouri, and two North America Pet manufacturing facilities in Joplin, Missouri. The company anticipates incurring approximately $82 million in restructuring charges, with around $17 million expected to be cash-related expenses.
The restructuring charges will comprise around $64 million in asset write-offs and $18 million in other costs, including severance. The company plans to recognize $43 million in asset write-offs and $6 million in other costs during the second quarter of fiscal 2026, with the completion of these actions projected by the end of fiscal 2029. These estimates may be subject to change based on various assumptions and unforeseen events.
linkOct 01, 2025 07:05:34
General Mills, Inc. reported its financial results for the first quarter of fiscal 2026, ending August 24, 2025. The North America Retail segment experienced a 13% decline in net sales, primarily due to lower pound volume and the impact of yogurt divestitures, while organic net sales decreased by 5%. The North America Pet segment saw a 6% increase in net sales, aided by the acquisition of Whitebridge Pet Brands, although organic sales were down 5%. The company reaffirmed its commitment to restoring organic sales growth through investments in innovation and consumer value, despite anticipated headwinds from divestitures and rising costs affecting operating profit and earnings per share (EPS).
Cash flow from operating activities totaled $397 million, down from $624 million a year ago, reflecting lower net earnings. Capital investments also decreased, and dividends paid were slightly lower compared to the previous year. General Mills plans to enhance its market share and competitiveness through strategic investments in product development and advertising, while navigating challenges such as input cost inflation and the normalization of corporate expenses. The company expects these factors to impact adjusted operating profit growth in fiscal 2026.
linkSep 17, 2025 07:05:18
General Mills reported a decrease in net sales for fiscal year 2025, totaling $19.5 billion, down 2% from the previous year. The company's operating profit was $3.3 billion, a decline of 4%, while diluted earnings per share (EPS) fell to $4.10, down 5%. In the fourth quarter alone, net sales were $4.6 billion, a 3% decrease, with operating profit dropping significantly by 35% to $504 million and diluted EPS down 46% to $0.53. The company attributed these declines to lower pound volume and unfavorable pricing dynamics.
The Board of Directors declared a 2% increase in the quarterly dividend to $0.61 per share, reflecting a commitment to returning value to shareholders despite the financial challenges. Looking ahead, General Mills aims to restore organic net sales growth in fiscal 2026, with plans to invest in consumer value and innovation, although it anticipates adjusted operating profit and EPS to decline by 10% to 15%. The company expects various factors, including divestitures and acquisitions, to impact its financial performance in the coming year.
linkJun 25, 2025 07:06:09
General Mills Inc. has announced the promotion of Dana McNabb to Group President of North America Retail and North America Pet, effective June 1st. This new role includes oversight of the North America Pet segment, which is identified as a key growth area for the company. Liz Mascolo, the current Segment President of North America Pet, will report to McNabb following this change. The company aims to enhance its presence in the evolving pet food market under McNabb's leadership.
Dana McNabb has a history of leadership within General Mills, having served as Group President for North America Retail since 2023 and holding the position of Chief Strategy and Growth Officer prior to that. Her experience includes returning the Europe & Australia segment to growth and achieving U.S. cereal category leadership. General Mills reported net sales of $20 billion for fiscal 2024, with an additional $1 billion from non-consolidated joint ventures.
linkMay 19, 2025 17:17:55
General Mills reported a 5 percent decline in third-quarter net sales, totaling $4.8 billion, primarily due to retailer inventory reductions and a slowdown in snacking categories. Operating profit decreased by 2 percent to $891 million, with diluted earnings per share down 4 percent to $1.12. The company noted challenges in organic net sales and market performance in key segments, particularly in North America Retail, where net sales fell 7 percent, impacted by unfavorable net price realization and volume reductions.
On a positive note, General Mills experienced an increase in gross margin, which rose 40 basis points to 33.9 percent, driven by cost savings initiatives. The company also reported positive market share trends in its Pet, Foodservice, and International segments, highlighting improvements in specific product categories like Pillsbury refrigerated dough and Totino’s hot snacks. Despite the challenges, General Mills emphasized its commitment to innovation and efficiency initiatives to support growth in the upcoming fiscal year.
linkMar 19, 2025 07:10:04
General Mills has announced the retirement of Jon Nudi, Group President, North America Pet, International, and North America Foodservice, effective June 30, 2025, after over three decades with the company. Nudi is recognized for his significant contributions, including improvements in performance, net sales growth, and market share gains in the North America Retail segment. He expressed gratitude for the opportunities and relationships developed during his career at General Mills.
Liz Mascolo will succeed Nudi as Segment President, North America Pet, starting March 16, 2025. Mascolo brings 22 years of experience within General Mills, having held various roles, including Vice President of Strategy and Growth. Her background in both human food and pet food sectors is expected to enhance the company's leadership team. General Mills reported fiscal 2024 net sales of $20 billion, with an additional $1 billion from non-consolidated joint ventures.
linkMar 05, 2025 17:11:33
General Mills reported net sales of $5.2 billion for the fiscal 2025 second quarter, marking a 2 percent increase compared to the previous year. The operating profit rose significantly by 33 percent to $1.1 billion, and diluted earnings per share (EPS) also saw a notable increase of 39 percent, reaching $1.42. The company attributed these gains to higher gross profit and a reduction in shares outstanding, despite facing challenges such as input cost inflation and unfavorable net price realization. Additionally, the gross margin improved by 250 basis points, reflecting effective cost management strategies.
On the downside, the company noted that certain favorable timing benefits from the second quarter are expected to reverse in the latter half of the fiscal year, which could impact future performance. The outlook for organic net sales was adjusted to reflect lower expectations due to increased promotional investments, now anticipated to be flat to up 1 percent. Furthermore, adjusted operating profit is projected to decline by 2 to 4 percent in constant currency, which is a more pessimistic outlook compared to previous estimates. Overall, while the second quarter showed positive financial metrics, concerns about future growth and profitability remain.
linkDec 18, 2024 07:04:33
General Mills has announced the acquisition of Whitebridge Pet Brands’ North American premium cat feeding and pet treating business for $1.45 billion. This acquisition enhances General Mills' position in the growing U.S. pet food market, which is valued at $52 billion, and includes brands such as Tiki Pets and Cloud Star. The North American segment generated approximately $325 million in retail sales over the past year, indicating a strong presence in pet specialty and e-commerce channels. This deal is part of General Mills' Accelerate strategy, aiming for sustainable growth and increased shareholder returns.
On the negative side, General Mills plans to fund this acquisition through cash on hand and new debt, which may raise concerns about financial leverage. Additionally, the transaction is subject to regulatory approval and other customary conditions, which could delay the closing. The press release also highlights the competitive dynamics and market uncertainties that could affect future results, including supply chain disruptions and changing consumer preferences.
linkNov 15, 2024 15:00:31