General Mills Expects Organic Net Sales Growth in Fiscal 2024
General Mills remains optimistic about its future growth despite challenges in the market, prioritizing supply chain efficiency and disciplined capital allocation.
General Mills Inc. (NYSE: GIS) announced that it maintains its outlook for fiscal 2024 organic net sales to rise by 3% to 4%. Despite a "resilient but increasingly cautious consumer" in the marketplace, CEO Jeff Harmening expressed confidence in the company's ability to adapt to the changing environment. General Mills will prioritize supply chain efficiency and disciplined capital allocation to navigate the current landscape.
Retail sales for at-home food categories in the first quarter have continued to experience growth rates surpassing pre-pandemic levels in the United States. However, these growth rates have decelerated from the double-digit increases witnessed during fiscal 2023. General Mills attributes this slowdown to the "increased value-seeking behaviors from consumers."
Ahead of its presentation at the 2023 Barclays Global Consumer Staples Conference, General Mills provided these statements. The company remains optimistic about its future growth despite challenges in the market.
Shares of General Mills increased by 1.2% in premarket trading on Wednesday. However, it is worth noting that the stock has declined by 21% since the beginning of 2023, compared to the S&P 500's 17.1% increase.
General Mills is determined to overcome these obstacles and continue delivering value to its shareholders while meeting consumer demands.