General Mills: share price declines after strategic update

(CercleFinance.com) - On Tuesday, General Mills gave an update on its five-year 'Accelerate' strategy at the 'Cagny' (Consumer Analyst Group of New York) conference currently underway.


The American food group's CEO, Jeff Harmening, and CFO, Kofi Bruce, recalled that the company had in the meantime invested in its brands, reviewed nearly 30% of its portfolio and delivered financial results that had met or even exceeded its long-term objectives.

General Mills also declared itself to be in a sufficiently solid position to generate sustainable growth and offer "attractive" remuneration to its shareholders over the long term.

By improving these profit margins and strengthening its free cash flow, the group says it has already returned $11 billion to its shareholders in the form of dividends and share buybacks since the 2018/2019 financial year.

The owner of Cheerios, Nature Valley, Häagen-Dazs, Old El Paso and Yoplait, among others, says it intends to continue investing in its brands in fiscal 2024/2025, following a nearly 40% increase in its media investments over the period 2018/2019 to 2023/2024.

On Wall Street, the stock dropped 3.7% in early trading following this strategic update.

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