General Mills sticks to 2024 outlook as inflation slows down and consumers grow 'increasingly cautious'

General Mills Inc. (GIS) said Wednesday it continues to expect fiscal 2024 organic net sales to grow by 3% to 4% as it navigates a "resilient but increasingly cautious consumer" in the marketplace. CEO Jeff Harmening said the company will continue adapting to the changing environment with a focus on supply chain efficiency and disciplined capital allocation. Retail sales in the first quarter for at-home food categories in the U.S. continue to grow above pre-pandemic rates in but have slowed down from double-digit growth rates in fiscal 2023 as the company faces "increased value-seeking behaviors from consumers." General Mills provided the comments ahead of its presentation at the 2023 Barclays Global Consumer Staples Conference. Shares of General Mills were up 1.2% in premarket trades on Wednesday. The stock is down 21% so far in 2023, compared to a 17.1% increase by the S&P 500 .

-Steve Gelsi

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09-06-23 0756ET

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