General Mills Full-Year Report 2024
“We delivered on our updated guidance in fiscal 2024 by pivoting our plans and enhancing our efficiency in response to a more challenging operating environment,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “We drove improved volume performance in the second half of the year and generated industry-leading levels of Holistic Margin Management cost savings, allowing us to protect our brand investment while still delivering on our profit and cash commitments.
“As we move into fiscal 2025, our top priority is to accelerate our organic net sales growth, and specifically our volume growth, by delivering remarkable experiences across our portfolio of leading brands,” Harmening continued. “We plan to drive another year of strong HMM cost savings, allowing us to reinvest in exciting growth ideas that meet evolving consumer needs. I want to thank our entire General Mills team for their resilience and engagement in fiscal 2024, and I’m confident we’re ready to capitalize on new opportunities, advance our Accelerate strategy, and deliver for our consumers and our shareholders in the year ahead.”
Highlights
- Net sales of $19.9 billion decreased 1 percent from the prior year; organic net sales¹ were 1 percent below year-ago results that grew double digits
- Operating profit of $3.4 billion essentially matched year-ago results; adjusted operating profit of $3.6 billion was up 4 percent in constant currency
- Diluted earnings per share (EPS) of $4.31 essentially matched year-ago results; adjusted diluted EPS of $4.52 was up 6 percent in constant currency
