General Mills Reaffirms Annual Guidance and Provides Business Update at 2024 Barclays Global Consumer Staples Conference
General Mills (NYSE: GIS) reaffirmed its fiscal 2025 financial outlook at the 2024 Barclays Global Consumer Staples Conference. The company expects organic net sales to range between flat and up 1 percent, adjusted operating profit to range between down 2 percent and flat in constant currency, and adjusted diluted EPS to range between down 1 percent and up 1 percent in constant currency. CEO Jeff Harmening highlighted improving retail sales trends across key categories and emphasized the company's focus on accelerating organic net sales growth, generating cost savings, and maintaining strong cash generation. General Mills continues to execute its Accelerate strategy, prioritizing core markets, global platforms, and local gem brands for profitable growth.
General Mills (NYSE: GIS) ha confermato le sue previsioni finanziarie per l'anno fiscale 2025 durante la Conferenza Barclays Global Consumer Staples del 2024. L'azienda prevede che le vendite nette organiche si posizioneranno tra un valore stabile e un incremento dell'1 percento, il profitto operativo rettificato varierà tra una diminuzione del 2 percento e un valore stabile in valuta costante, e l'utile per azione diluito rettificato si attesterà tra una diminuzione dell'1 percento e un incremento dell'1 percento in valuta costante. Il CEO Jeff Harmening ha sottolineato i miglioramenti nelle tendenze delle vendite al dettaglio in categorie chiave e ha enfatizzato l'impegno dell'azienda nell'accelerare la crescita delle vendite nette organiche, generare risparmi sui costi e mantenere una forte generazione di liquidità. General Mills continua a attuare la sua strategia Accelerate, dando priorità ai mercati core, alle piattaforme globali e ai marchi locali di valore per una crescita profittevole.
General Mills (NYSE: GIS) reafirmó sus perspectivas financieras para el año fiscal 2025 en la Conferencia Barclays Global Consumer Staples 2024. La compañía espera que las ventas netas orgánicas se sitúen entre estables y un aumento del 1 por ciento, el beneficio operativo ajustado esté entre una disminución del 2 por ciento y estable en moneda constante, y las ganancias por acción diluidas ajustadas oscilen entre una disminución del 1 por ciento y un aumento del 1 por ciento en moneda constante. El CEO Jeff Harmening destacó las tendencias de ventas al por menor en mejora en categorías clave y enfatizó el enfoque de la empresa en acelerar el crecimiento de las ventas netas orgánicas, generar ahorros de costos y mantener una fuerte generación de efectivo. General Mills continúa ejecutando su estrategia Accelerate, priorizando mercados clave, plataformas globales y marcas locales valiosas para un crecimiento rentable.
General Mills (NYSE: GIS)는 2024 Barclays Global Consumer Staples Conference에서 2025 회계연도 금융 전망을 재확인했습니다. 회사는 유기적인 순매출이 보합세에서 1% 증가범위에 이를 것으로 예상하고 있습니다, 조정된 운영 이익이 2% 감소에서 보합세 사이의 범위에 이를 것이며, 조정된 희석 주당 순이익은 1% 감소에서 1% 증가 범위에 있을 것으로 예상합니다 (상수 통화 기준). CEO Jeff Harmening은 주요 카테고리에서 소매 판매 트렌드가 개선되고 있음을 강조하며, 유기적 순매출 성장을 가속화하고 비용 절감을 달성하며 강력한 현금 생성을 유지하는 데 회사의 초점을 맞추고 있음을 강조했습니다. General Mills는 핵심 시장, 글로벌 플랫폼, 수익성 있는 성장을 위한 로컬 브랜드에 우선 순위를 두는 Accelerate 전략을 계속 실행하고 있습니다.
General Mills (NYSE: GIS) a réaffirmé ses prévisions financières pour l'exercice 2025 lors de la Conférence Barclays Global Consumer Staples 2024. La société s'attend à ce que les ventes nettes organiques se situent entre stables et une augmentation de 1 pour cent, le bénéfice d'exploitation ajusté varie entre une diminution de 2 pour cent et un niveau stable en monnaie constante, et le résultat par action dilué ajusté se situe entre une diminution de 1 pour cent et une augmentation de 1 pour cent en monnaie constante. Le PDG Jeff Harmening a souligné l'amélioration des tendances des ventes au détail dans des catégories clés et a insisté sur l'engagement de l'entreprise à accélérer la croissance des ventes nettes organiques, à réaliser des économies de coûts et à maintenir une forte génération de liquidités. General Mills continue de mettre en œuvre sa stratégie Accelerate, en donnant la priorité aux marchés clés, aux plateformes mondiales et aux marques locales prometteuses pour une croissance rentable.
General Mills (NYSE: GIS) hat seine Finanzprognose für das Geschäftsjahr 2025 auf der 2024 Barclays Global Consumer Staples Conference bekräftigt. Das Unternehmen erwartet, dass die organischen Nettoumsätze zwischen stabil und einem Anstieg von 1 Prozent schwanken werden, der angepasste Betriebsgewinn zwischen einem Rückgang von 2 Prozent und stabil liegen wird in konstanter Währung und der angepasste, verwässerte Gewinn pro Aktie zwischen einem Rückgang von 1 Prozent und einem Anstieg von 1 Prozent in konstanter Währung liegen wird. CEO Jeff Harmening hob die sich verbessernden Einzelhandelsverkaufszahlen in Schlüsselkategorien hervor und betonte den Schwerpunkt des Unternehmens auf die Beschleunigung des Wachstums der organischen Nettoumsätze, die Generierung von Kosteneinsparungen und die Aufrechterhaltung einer starken Liquidität. General Mills setzt seine Accelerate-Strategie fort und priorisiert Kernmärkte, globale Plattformen und lokale Nischenmarken für profitables Wachstum.
- Reaffirmation of fiscal 2025 financial guidance, indicating confidence in meeting targets
- Sequentially improving retail sales trends across key categories
- Focus on accelerating organic net sales growth
- Commitment to generating strong levels of HMM cost savings
- Expected free cash flow conversion of at least 95 percent of adjusted after-tax earnings
- Projected flat to modest 1% organic net sales growth for fiscal 2025
- Adjusted operating profit expected to range between down 2% and flat in constant currency
- 2-point headwind from resetting incentive compensation after below-average payout in prior year
- Adjusted diluted EPS projected to range between down 1% and up 1% in constant currency
“We started fiscal 2025 focused on improving our topline growth by delivering remarkable experiences to consumers,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “And while we still have work to do, we are off to a good start, with sequentially improving retail sales trends across many of our key categories.
“As we continue to navigate an evolving operating environment, we remain committed to our key priorities for this year, which are to accelerate our organic net sales growth, create fuel for investment by generating strong levels of HMM cost savings, and drive strong cash generation while maintaining our disciplined approach to capital allocation,” Harmening continued. “We remain in a strong position to deliver on our fiscal 2025 financial guidance.”
General Mills reaffirmed its full-year financial targets for fiscal 2025¹:
- Organic net sales are expected to range between flat and up 1 percent.
- Adjusted operating profit is expected to range between down 2 percent and flat in constant currency, including a 2-point headwind from resetting incentive compensation after a below-average payout in the prior year.
- Adjusted diluted EPS is expected to range between down 1 percent and up 1 percent in constant currency.
- Free cash flow conversion is expected to be at least 95 percent of adjusted after-tax earnings.
¹ Financial targets are provided on a non-GAAP basis because certain information necessary to calculate comparable GAAP measures is not available. Please see below for discussion of the unavailable information.
Accelerate Strategy
General Mills is executing its Accelerate strategy to drive sustainable, profitable growth and top-tier shareholder returns over the long term. The strategy focuses on four pillars to create competitive advantages and win: boldly building brands, relentlessly innovating, unleashing scale, and standing for good. The company is prioritizing its core markets, global platforms, and local gem brands that have the best prospects for profitable growth and is committed to reshaping its portfolio with strategic acquisitions and divestitures to further enhance its growth profile.
As part of the company’s attendance at the 2024 Barclays Global Consumer Staples Conference, Jeff Harmening, chairman and chief executive officer, and Dana McNabb, group president, North America Retail, will participate in a webcasted fireside chat on Thursday, Sept. 5, 2024, from 12:45-1:30 p.m. ET. In addition, General Mills plans to report results for its fiscal 2025 first quarter on Wednesday, Sept. 18, 2024, and will webcast a question-and-answer session on those results at 8:00 a.m. CT on that day. Interested parties can access the webcasts of the Barclays conference and the company’s discussion of its first-quarter results at www.generalmills.com/investors.
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About General Mills
General Mills makes food the world loves. The company is guided by its Accelerate strategy to boldly build its brands, relentlessly innovate, unleash its scale and stand for good. Its portfolio of beloved brands includes household names like Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Totino’s, Annie’s, Wanchai Ferry, Yoki and more. General Mills generated fiscal 2024 net sales of
Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations and assumptions. These forward-looking statements, including the statements made by Mr. Harmening, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: disruptions or inefficiencies in the supply chain; competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions, and promotional activities of our competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of significant accounting estimates; product quality and safety issues, including recalls and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health-related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, energy, and transportation; effectiveness of restructuring and cost saving initiatives; volatility in the market value of derivatives used to manage price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances.
Reminder on Non-GAAP Guidance
Our fiscal 2025 outlook for organic net sales growth, constant-currency adjusted operating profit, adjusted diluted EPS, and free cash flow conversion are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability, including the effect of foreign currency exchange rate fluctuations, restructuring charges, acquisition transaction and integration costs, acquisitions, divestitures, and mark-to-market effects. We are not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates and commodity prices or the timing or impact of acquisitions, divestitures, and restructuring actions throughout fiscal 2025. The unavailable information could have a significant impact on our fiscal 2025 GAAP financial results.
For fiscal 2025, we currently expect: foreign currency exchange rates (based on a blend of forward and forecasted rates and hedge positions) and acquisitions and divestitures completed prior to fiscal 2025 will have no material impact to net sales growth and restructuring charges to be immaterial.
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(Investors) Jeff Siemon: +1-763-764-2301
(Media) Chelcy Walker: +1-763-764-6364
Source: General Mills
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