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General Mills, Inc. (NYSE: GIS) is a global leader in the food processing sector, headquartered in Minneapolis, Minnesota. Operating in more than 100 countries, General Mills markets an extensive portfolio of over 100 consumer brands including household names such as Cheerios, Yoplait, Betty Crocker, Pillsbury, Häagen-Dazs, Nature Valley, Green Giant, Old El Paso, Progresso, Cascadian Farm, and Muir Glen.
The company produces a wide range of food products categorized into snacks, cereals, convenient meals, yogurt, dough, baking mixes and ingredients, pet food, and superpremium ice cream. In fiscal 2023, a significant 81% of the company's revenue was generated from the United States. However, General Mills maintains a robust international presence with operations in Canada, Europe, Australia, Asia, and Latin America.
General Mills' consumer base primarily comprises retail stores, but the company also provides products to foodservice channels and the commercial baking industry. The company is well-regarded for its commitment to quality, innovation, and sustainability, making it a trusted name in households worldwide.
Recent achievements include the expansion of its pet food line, particularly through the Blue Buffalo brand, which has seen substantial growth. Additionally, the company has invested in sustainable sourcing and production techniques, ensuring long-term environmental stewardship. Key partnerships with various retailers and distributors have further cemented General Mills' position as a market leader.
General Mills continues to focus on health-oriented products, meeting the growing consumer demand for nutritious and convenient food options. The company’s strategic initiatives and ongoing projects reflect its dedication to adapting to changing market dynamics while maintaining its legacy of delivering high-quality food products.
Pillsbury expands its partnership with Operation Homefront to support military families, announcing a new transitional home in Fort Worth and a nationwide donation campaign. This initiative includes a $1 donation for every Pillsbury product purchased via Instacart until November 10, aiming to raise up to $30,000. Since 2020, Pillsbury has invested over $5.6 million in support of military families, enabling the purchase of five homes through the Transitional Homes for Veterans program.
Pillsbury has launched a limited-edition holiday sweater featuring a scannable NFC chip that unlocks festive recipes, playlists, and baking tips. Available for $75, the sweater celebrates the brand's long-standing role in holiday traditions, highlighted by the iconic Doughboy's laugh, which can be activated by pressing the sweater. This initiative aims to enhance holiday joy while promoting Pillsbury products, including a variety of seasonal baked goods. The release reinforces Pillsbury's commitment to family traditions and easy holiday baking solutions.
General Mills expands its Old El Paso brand into the snack category with the launch of Fiesta Twists, featuring flavors like Queso, Zesty Ranch, and Cinnamon Churro. These corn twists aim to provide a unique snacking experience reminiscent of Tex-Mex cuisine. To promote this launch, Olympic athlete Shaun White will participate in a promotional event at Walmart in January. Old El Paso Fiesta Twists are available exclusively at Walmart for an MSRP of $3.48, enhancing General Mills' product offerings in the snack aisle.
Progresso, a brand owned by General Mills, is enhancing the soup season by partnering with chef Carla Hall to introduce creative soup pairings. Hall will inspire consumers with unique combinations for popular soups, including Traditional Chicken Noodle and Rich and Hearty Clam Chowder, aimed at making lunchtime more enjoyable. The soups are priced between $3.88 and $4.32 at select retailers. This collaboration emphasizes Progresso's commitment to quality ingredients and innovative culinary experiences.
General Mills introduces an augmented reality game, Journey to the Magic Gems, allowing families to interact with Lucky Charms and enhance local parks with LED lights. The game celebrates the return of the limited-edition Magic Gems cereal, which quickly sold out earlier this summer. Developed in partnership with Niantic, the mobile game encourages outdoor exploration while offering a sweepstakes to nominate parks for a glow-up. General Mills aims to engage consumers through innovative experiences, linking brand activities with community enhancement.
The Board of Directors of General Mills has declared a quarterly dividend of
General Mills (GIS) reported a 4% increase in net sales to $4.7 billion for the first quarter ended August 28, 2022. Organic net sales rose 10%, driven by positive price realization despite a voluntary recall affecting Häagen-Dazs products. Operating profit surged 29% to $1.1 billion, while diluted EPS climbed 32% to $1.35. The company is raising its fiscal 2023 outlook, projecting organic net sales growth of 6-7% and adjusted diluted EPS growth of 2-5%. However, inflationary pressures and supply chain disruptions remain concerns.
General Mills (NYSE: GIS) will report its fiscal 2023 Q1 results on September 21, 2022. The company intends to release a press statement, along with management comments and slides, followed by a Q&A session at 8:00 a.m. CT. Interested individuals can access the details and webcast through www.generalmills.com/investors. For fiscal 2022, General Mills reported net sales of $19.0 billion with additional joint venture net sales of $1.1 billion.
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