General Mills CEO talks growth outlook tied to cereals, dry pet food

151,095 次觀看・8 個月前

General Mills (GIS) reported better-than-expected first-quarter earnings, narrowly outpacing adjusted earnings per share and revenue while seeing net sales trend higher. General Mills Chairman and CEO Jeff Harmening joins Yahoo Finance Executive Editor Brian Sozzi to discuss value trends hitting the sales of Blue Buffalo pet products and its cereal brands.

"In the short-term, it is clear that... pet parents are more mobile than they have been and going back to the office more. So they're treating less, little bit less wet pet food," Harmening says. "So, that was a drag on our sales. However, our dry pet food sales were up, so that's positive."

Harmening goes on to talk about its innovation and prominence in its snacking and cereal categories.

"We're always focused on market share because it's one of the things that we can control, and we've grown our market share in more than 50% of our categories for five years in a row. It's because we're focused on advertising," Harmening explains.

Lastly, Harmening comments on acquisitions in the food space and how the Cheerios-maker is addressing inflation.

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