General Mills Inc

Latest Results (24.10.2025):

General Mills Inc. reported its financial results for the fourth quarter and fiscal year ended May 28, 2023. The company achieved a net sales increase of 6% for the full year, reaching $20.1 billion, while organic net sales grew by 10%. Despite a slight decline in operating profit and diluted earnings per share (EPS) on a reported basis, adjusted figures in constant currency showed positive growth. Additionally, General Mills declared a nine percent dividend increase, reflecting its commitment to delivering strong returns to shareholders.

Full Year Net Sales Growth

For the fiscal year ended May 28, 2023, General Mills Inc. achieved net sales of $20.1 billion, marking a 6% increase from the prior year. Organic net sales surged by 10%, driven by positive price realization and product mix, although this was partially offset by a reduction in organic pound volume.

Fourth Quarter Financial Performance

In the fourth quarter, net sales rose by 3% to $5.0 billion, with organic net sales increasing by 5%. However, operating profit declined by 19% to $818 million, primarily due to higher selling, general, and administrative expenses and restructuring charges. Diluted EPS for the quarter fell by 24% to $1.03, although adjusted diluted EPS saw a marginal increase of 1% in constant currency at $1.12.

Adjusted Operating Profit and EPS

While the reported operating profit for the full year decreased by 1% to $3.4 billion, the adjusted operating profit rose by 8% in constant currency to $3.46 billion. Similarly, adjusted diluted EPS increased by 10% in constant currency to $4.30, highlighting underlying growth despite reported declines.

Dividend Increase

Reflecting its strong financial position and commitment to shareholders, General Mills Inc.'s Board of Directors approved a nine percent dividend increase. This increase is effective with the August 2023 dividend payment, underscoring the company's focus on delivering consistent shareholder returns.

Strategic Focus and Future Outlook

General Mills is executing its Accelerate strategy, emphasizing brand building, innovation, scale, and social responsibility to drive sustainable growth. Looking ahead to fiscal 2024, the company aims to continue competing effectively, enhancing operational efficiency, and maintaining disciplined capital allocation to achieve its long-term financial goals.