General Mills Backs FY24 Outlook; Says Confident In Accelerate Strategy

(RTTNews) - General Mills, Inc. (GIS) Tuesday reaffirmed its fiscal 2024 outlook, and said it is confident in its Accelerate strategy that aims to drive sustainable, profitable growth and top-tier shareholder returns over the long term.

For fiscal 2024, the company continues to expect adjusted earnings per share and adjusted operating profit to increase 4 to 5 percent in constant currency. Organic net sales are expected to range between down 1 percent and flat.

Regarding its Accelerate Strategy, General Mills said it drove financial results that met or exceeded its long-term goals over the past five fiscal years.

General Mills is continuing to invest in brand building to support a portfolio of iconic brands, including nine brands that each generate more than $1 billion in retail sales. The company's media investment increased by 41 percent between fiscal 2018 and fiscal 2023. It was up high-single digits through the first half of fiscal 2024.

The company is increasing its level of new product innovation, and investing in a scaled digital infrastructure.

General Mills has also committed to advance regenerative agricultural practices on one million acres of land by 2030, with 500,000 acres already engaged in its programs through fiscal 2023.

Jeff Harmening, chairman and CEO, General Mills, said, "We are confident in our Accelerate strategy and remain focused on driving growth for our brands. We've responded with agility to an evolving consumer environment while investing in the capabilities needed to compete effectively in the years to come."