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F500-2021-169-General Mills

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The food company's diverse portfolio includes Cheerios, Betty Crocker, Pillsbury, Haagen-Dazs, Green Giant, Muir Glen, and Yoplait.

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Founded in 1866, General Mills may be best known for its cereals, such as Cheerios, Cinnamon Toast Crunch, and Cocoa Puffs. But the company manufactures many other major food brands, including Häagen-Dazs, Bisquick, and Pillsbury. The company is organized into four divisions: North America retail, international, North America pet, and North America food service. It also operates Häagen-Dazs ice cream parlors in markets outside the U.S.

Q1 2026

Q4 2025

Q3 2025

General Mills (GIS): Company Profile, Stock Price, News, Rankings

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General Mills

general mills

Good morning, and welcome to General Mills' First Quarter Fiscal twenty twenty six Earnings Conference Call. All participants are in a listen only mode. After the speakers' remarks, we will conduct a question and answer session. As a reminder, this conference call is being recorded. I would now like to turn the call over to Jeff Siemon, Vice President, Investor Relations and Corporate Finance. Thank you. Please go ahead.

Thank you, Julianne, and good morning, everyone. Thanks for joining us today for this Q and A session on our first quarter fiscal twenty twenty six results. I hope everyone had time to review our press release, listen to our prepared remarks and view our presentation materials, which we made available this morning on our Investor Relations website. It's important to note that in this Q and A session, we may make forward looking statements that are based on management's current views and assumptions. Please refer to this morning's press release for factors that could impact forward looking statements and for reconciliations of non GAAP information, which may be discussed on today's call.

I'm here with Jeff Harmening, our Chairman and CEO Kofi Bruce, our CFO and Dana McNabb, Group President of North America Retail and North America Pet. Now let me turn it over to Jeff for some opening remarks. Jeff, go ahead.

Yes, thanks and good morning, everybody. Before we start the call today for questions, I'd just like to share a few thoughts summarizing some of our key messages. And I think it's pretty evident. There's a lot of change in the world, a lot of uncertainty. I mean the same could be said of the food category.

And there's even a lot of change within our business as you unpack the first quarter results and the Yoplait divestiture, which we're executing well as well as the Whitebridge acquisition, which we're also executing well. So there's a lot of change. But what I want you to hear from me is that amidst all of this, we are staying laser focused and clear on our strategy, which is returning to profitable organic growth as the best way to create value for our shareholders. And importantly, we are increasingly confident that our approach is working. And I'll take you back as a reminder to Q3 of last year, when we told you we're going to make some significant investments to address price cliffs and gaps.

And we said we're going to do that on Pillsbury and Totinos, and we saw really good results. And that gave us more confidence. So that in Q3 of last year, we told you that we would expand that to the cereal category as well as soup and fruit snacks. And again, we saw pound share growth on that in line or ahead of what we expected. And coming into this year, we had a heightened degree of confidence that our approach is working.

And at the same time, while addressing price is important, I mean, especially in this environment where consumers are looking for value, it's not sufficient to generate long term growth. And so coming into this year, we also said we are going to invest significantly in innovation and new product news, new brand campaigns and renovation across all of our top categories. And that we're going to support this with industry leading cost savings and transformational benefits. And so the question is how is that playing out? And the reason we're increasing the confidence playing out the way we thought that it would.

So far so good. We've strengthened our pound share in eight of our top 10 categories in Gnar. We're holding pound share in Pet. And we're continuing strong competitiveness in foodservice. And as you probably saw, we've increased our growth and competitiveness in international all at the same time.

On the P and L, I mean, we expected our profit results in Q1 will be pressured significantly by our increased investment profile, but also by the impact from the yogurt divestiture and a few phasing comparisons. And we think that will continue into Q2, but importantly, it will improve in the back half of this year, certainly in Q4, but throughout the back half of the year. So I want you to know from my perspective, just stepping back just a little bit, we're really encouraged by the early signs or improvements we're seeing, and we have great initiatives for Q2. I'm sure we'll talk about Freshpet food, but that's not the only thing. I mean, new product volumes are already up 25%.

We have some other good new products coming in the second quarter, also backed up by really strong plans in baking and soup and the fall and winter are key seasons for that. And we plan to improve continue our positive momentum in foodservice and international. And so again, with Q1 now in the rearview mirror and in line with what we expected and increased confidence, we reaffirmed our fiscal twenty twenty six guidance. So with that, Jeff, let's open it up for Q and A.

Great. Thanks. Julian, I think we can go ahead with the first question. Thank you.

Thank you. Our first question comes from Andrew Lazar from Barclays. Please go ahead. Your line is open.

Great. Thanks so much. Jeff, maybe picking up on your comments. The ongoing debate in the food space, right, continues to be whether or not the current sort of challenging volume environment is more structural this time around than it has been in the past or whether more of it is just a result of the significant pricing the industry was required to take combined with sort of a consumer that's under pressure. And I realize it's super early in your efforts, but as you've gotten some of the key price points in the right place and the other marketing levers can kind of start to work, As you said, you're starting to see some volume share improvement in a bunch of categories more recently.

Yet, I guess if we look at NAR, right, volume did not yet improve sequentially from fiscal 4Q. So I guess what I'm wondering is, do you think recent results sort of support the thesis that while there are some external factors for the industry, maybe some of them are a little bit structural, there's still a lot more that is in the industry's control and your control in terms of getting sort of volume back to Bright?

Yes, Andrew, I think it's a really good question, really fair question. And we believe it's largely in our control. I mean, if you look at the last year or volumes in our category are about flat, which is about 50 basis points below what we've seen historically, but not too far behind. We there are a number of factors for that. Probably the most important we believe is that we saw it in decades worth of inflation a couple of years.

And so consumers are still recovering that as wages have not yet caught up with all that inflation. And so we think that's the biggest driver. I mean GLP-1s has a we think has had a small impact so far and consumers seeking value and the stressed consumer maybe a little bit. But again, it's a 50 gap versus what we have seen historically. The bigger gap is actually in price mix.

And historically, see some price and mix. But in this environment that we where consumers are feeling the way they are, that's actually the more difficult piece rather than the volume piece. So volumes are pretty stable. And as we look at our year, we don't we need to be able to hold share in our categories to achieve the results we suggested for the year, but we don't need to gain massive amounts of share to hit the guidance that we already said and get back to flat or a little bit of growth. And so we think it's mostly up to our control.

Look, consumers, their habits change over time, and we've been really good at changing with them. I'll give you an example. Like I mentioned GLP-1s was a little bit of a headwind, but as a result of consumers looking for that, they want more protein. And there's a reason why Cheerios protein is off to such a great start or Progressive Pitmaster, which is high in protein is off to a really good start that we introduced Nature Valley Creamy Protein and we like what we've seen with that so far or that our granola business is doing well. And so even though you can see something as you can maybe say, is that a structural headwind, there are companies who are focused on the consumer as we are right now have means to seek opportunities in that and that's what we're doing.

Our next question comes from Robert Moskow from TD Cowen. Please go ahead. Your line is open.

Hi, good morning, Jeff. So a couple of questions. One is, I just want to make sure I understand the path back to volume growth. Are you still expecting that to happen by fourth quarter of this year? And I'm only trying reconcile.

So if your category volume is flat, but you're holding or gaining share in eight out of 10 categories, why is your volume reported down negative one? It would seem just optically that you would be a little bit above category volume growth, not a little bit below. That's my question.

Yes. So let me me have Dana McNabb kind of take that math question from you, which is probably an important one.

All right. Well, good morning, Rob. Thanks for the question. It is true what you're saying in terms of our volume. But if you look at our top 10 categories, the volume improved by about one point in Q1 versus Q4.

The total didn't, and that is because flower and desserts were down and they significantly over indexed on pounds, not on dollars. What's important, I think, is that where we're putting investments, we're encouraged in almost every case that we're getting the volume response we expected. And this is particularly on categories in Q1 like refrigerated dough, on fruit snacks, on salty snacks. And I'd also call out our snack bars. Even though we're comping a period where our competitor lost distribution, the elasticities we've seen on the investments are at or ahead of model.

So we again are feeling very confident that these investments are working. Now there's a few places where we still have work to do. Our keynotes business volume was down a little bit in Q1, but we are in the middle of a price pack architecture change right now where we're moving from a bag to a box. And so we need a little time to sort through that. And then of course, our cereal business, we did see an improvement second consecutive quarter of pound share growth, really good momentum behind, Cheerios protein, our granola business up double digits, our Cinnamon Toast Crunch business, when you get remarkably right and have great advertising and great product news, it works.

But the pounds in that category were down. Our performance was still down, and we have a little more work to do. But again, what we're encouraged is that in our top 10 categories, pounds have improved, and we believe our plans get better each quarter through the year.

Maybe, Rob, I'd just add one more point. If you get beyond North America Retail, we did see a shipment timing headwind in Pets to the tune of about four points. That's worth a little bit almost a full point to the company, about a little bit more than zero five point to the company. So that also weighed on total company pounds in the quarter.

Our next question comes from Leo Jordan from Goldman Sachs. Please go ahead. Your line is open.

Thank you. Good morning. Just wondering if you could provide more detail on your trends in dog food. I guess what do you attribute the slowdown in Wilderness to? And how are you thinking about your ability to drive an improvement there?

And then I was just also curious on trends on Pet Treats, just excluding Whitebridge acquisition there, just given its discretionary nature. Thank you.

Yes. So if I think about thanks for the question, our Blue Pet business, our core Pet business, our results in Q1 were generally in line with where we were last year. We held our pound share in Q1. Our dollar share was down just a little bit, about 15 basis points. In terms of what is working, we're really encouraged by our Blue Life Protection Formula business.

This is our biggest business. It grew dollars and pounds. We have the value right. We have really good comparative advertising and strong in store execution. Our cat feeding business is actually doing really well.

So Blue Tasteful, mid single digit growth. Again, we have a really good taste preference claim and the kibble and gravy new product that's working well for us. And then our Tiki Cat retail sales, they were up double digit. We've got good nutrition, a science formula that's launched across different cat life stages, really good omnichannel excellence. So these big businesses are working really well for us.

And then our treats business that has been a challenge, that inflected to some positive volume growth in Q1. So there are some things that we're really encouraged are working well on our Blue business. The two areas that you rightly referenced that we need to see improvement on our Wilderness business. And this business, we have to improve So we're coming with protein news and new products, comparative advertising, stronger in store execution, we have to get better there. And we believe our plans are much stronger this year, but again, more work to do. And then our Pet Specialty channel continued to be a challenge. And this year, we're bringing Edgar and Cooper. So that's the super premium business that we had in Europe.

We're launching an exclusive partnership with PetSmart, and that's already in market in Q1 and our turns are in line or a little bit ahead of expectation. So there's a lot that we like about our Pet business that's working and two areas that we know we need to get better and we're encouraged by the plans that we have in place.

That's very helpful. Thank you. And then I just wanted to step back and I have a higher level question. There just seems to be a bigger debate around the industry, scale versus complexity and what's the right balance. I mean, And you guys, you sound confident in the plan that you're putting forward today, but you've been battling a number of fronts over the last few quarters.

So just maybe how do you think about what's the right balance? And as you go through driving better marketability across your portfolio, what have been advantages or disadvantages with your portfolio mix today? Thank you.

Yes, I think the well, I'm going to turn the question a little on its side. So which is to say the most important thing is to focus on the consumers and what they're looking for and what they want and delivering that to them. And whether that's through better advertising or product news or new products or whatever the case may be, that is the most important thing, whether you're in one category or 15, that's the most important thing do. Scale has some advantages for us. It's allowed us to invest in our capabilities like digital technology, digitizing our supply chain and SRM and doing bundling consumer offerings across categories of stores, especially in the fall and back to school are really important for us.

So we do see some scale advantages from that, especially working across categories. I mean, we can understand the consumer, I think, more deeply than many others can who are only in one category because we see the consumer from many different angles. Having said that, we've never been a believer in scale just for the sake of scale. And I don't think that just because you have scale, it automatically accrues benefits. You have to be able to have to use the scale that you have to advantage and to make sure you're through all of the complexity that you have, that you're staying focused on what the consumer wants in that particular occasion and that particular demand space, if you will.

Our next question comes from David Palmer from Evercore ISI. Please go ahead. Your line is open.

Thanks and thanks for the great commentary in prepared remarks. It looks like you continue to expect very strong growth from innovation and contribution to growth from innovation. But it also looks like there's a little bit more of an elongated timetable of the price promotion investments stretching into the 2026, perhaps more than you might have thought a few months ago. Perhaps where are the biggest changes in your reality when it comes to certain categories where the price promotions or investments are sticking around a little longer? And perhaps what are the categories where you're perhaps seeing what you would hope to see where you can perhaps get a little bit more balanced with price versus volume? And I have a quick follow-up.

Thank you for the question. I think I'll start first with the price investment. And I think it's important to understand that initially, as Jeff said in his opening remarks, last year when we knew we had to improve value for the consumer, we had to move fast. And so the way we did that was we adjusted depth and frequency of promotion. And we are encouraged by the positive response that we saw.

And as we shifted to this fiscal year, our focus has been on adjusting our base shelf price, trying to get below key cliff or to make sure that we have a gap that's manageable to the competition. We need to do this across two thirds of our portfolio, and we got the majority of that done in Q1. And again, results are ahead of what we expected. And we saw really good results on bars, on fruit snacks, on salty snacks. We will complete the remainder of the base price adjustments in Q2, and that's going to make sure that we have the right market leading execution on our baking and on our soup season.

And all of this gives us a guidance that we're on the right track. But as you pointed out when you started the question, price is just one element of remarkability. Once we get the price right, we're really focused on elevating our work on new products. We're moving from about 3.5 of net sales on new products to 5%. We feel really encouraged about the performance that we're seeing on things like Cheerios Protein, our MOTS bars.

We have a lot of really good new products coming through the remainder of the year. And this just gives us confidence that this focus on remarkability and getting the total proposition right is the right thing to do.

Great. Thanks for that. And then just a follow-up on Pet. You mentioned the 5,000 coolers going into initially some a big competitor out there as well over 30,000. How does that work where you get past this first step?

I mean, is this a is it in the plans that this will continue to ramp? Or are you digesting this first sleeve of coolers, seeing how it goes and will modulate the growth from there? And I'll pass it on. Thank you.

Well, we are excited to be moving from the planning phase of the fresh launch to the execution phase. And the plant production has started up really well. Our initial products are looking really strong. And as you mentioned, we're in the middle of installing coolers as we speak. So we'll have 1,000 coolers in place by the end of this month, 5,000 coolers by the end of our fiscal Q2.

And our plan is to ramp up that distribution into the next calendar year in 2026. So again, so far everything is going really well. We are encouraged by what we're feeling with the cooler distribution. And I should remind you that we have over fifty years experience in the refrigerated channel when you think about our Pillsbury business and our yogurt business. And so we feel like we have a very strong product and a measured plan for getting coolers that will increase. And again, we're feeling very good

Our next question comes from Matt Smith from Stifel. Please go ahead. Your line is open.

Hi, good morning, Kofi and Jeff. Kofi, I wanted to talk about the margin performance in the quarter. It was above your expectations. Can you provide a little more detail on the gross margin composition? I believe you called out the international timing benefit was about three points of that segment's net sales or is that like 50 basis points to the overall company?

And then how we should think about the phasing of inflation investment through the year from here? Thank you.

Sure. Sure. Appreciate the question, Matt. So I think as you rightly pointed out, we did flag that our profit performance in the quarter was a little bit better than expected on operating profit and EPS, some of that coming through gross margin. The first factor, probably in slightly heavier measure, was that our inflation phasing was a little bit lighter than we expected in the quarter, probably closer to 2% and a little bit below the annual run rate of 3% that's sitting in our annual guidance.

So that factor first, followed by the trade expense timing benefit in international, which would put it at about $20,000,000 on the top and the bottom line. We expect both of these to kind of unwind largely in Q2. So given that these are timing related items, as we see them unwind in Q2, I'd expect our operating profit to be down more in Q2 than in Q1. And I expect that that doesn't change our outlook for the sort of first half aggregate profit looking roughly in line with Q4 of fiscal twenty twenty five. We do think kind of just as we look at the Q2 profit decline, it's important to think that supply chain phasing costs on inflation, I'd expect Q2 to be a little bit higher, probably maybe even above the annual run rate as we step into some of the inflationary pressure plus some inflation or some inventory absorption headwinds.

It's important to note we won't have any contributions from yogurt in the quarter as well. This quarter, we had one month of sales and profit in our results from the recently divested U. S. Yogurt business. We'll start to see normalization of our comp and incentive comp benefits in Q2.

And obviously, the international trade expense timing benefits will unwind. So there is a bit of a transitory effect here both on margin and profit growth as think about how to digest us.

Thanks, Kofi. And as a follow-up, you called out the trade expense phasing in North America Retail was about one point of drag in the first quarter. Is that similar as we get into the second quarter and then normalizes as we get into the second half? Thank you. I'll leave it there.

Yes. You have it largely right. I would expect it to be a big drag in Q1 and Q2 as we're comping last year where we had Q1 and Q2 with effectively no trade expense. So it was a benefit relative to the other quarters in last year. A modest headwind in Q3 last year and a huge headwind in Q4.

So we expect those comps to turn favorable as we step into Q3 modestly and then a pretty significant tailwind in Q4.

Our next question comes from Michael Lavery from Piper Sandler. Please go ahead. Your line is open.

Thank you. Good morning. Can you touch on what categories or brands drove the household penetration gains? And maybe how broad that was? And how much you feel like was driven maybe by pricing adjustments versus innovation or other factors?

Good morning. Thanks for the question. As you stated, we did see our household penetration grow overall for NAR for the first time since fiscal twenty twenty two, really encouraged by that result. In terms of where we saw penetration improvement, we saw it on bars, on fruit snacks, on salty snacks, on our cereal business. And we do believe that getting our price value and again, this is about getting below key clips on the shelf, making sure we have manageable gaps relative to the competition.

That was a driver of that penetration improvement. But also, it's not a coincidence that where we had a great remarkability approach, where we had good advertising, really good new product innovation or product quality, price pack architecture, that is where we saw the best results. We called out in the presentation Cinnamon Toast Crunch is a really good example. Really good product news, great advertising. We have the price right on that business and we gained pound dollar share and penetration.

So again, we still have more work to do, but we believe that we are on the right track with these investments and we're confident in what we're seeing so far.

Okay. That's helpful. And I just wanted to follow-up on some of the comments in the prepared remarks around demand planning. I think it can be maybe an underappreciated challenge, but it sounds like you've got improvement there. Can you maybe elaborate on kind of how that worked and what some of the benefits are?

And it's maybe a little surprising that the human touch seems unhelpful. Can you just kind of bring that to life a little bit?

Yes. So let me take that one a little bit, Michael. I'm going to start by saying, I mean, we have a phenomenal supply chain as you well know. I mean, during COVID, we showed that we continue to show we showed it in the Q1 this year, whether productivity or service or low cost. I mean, our supply chain is fantastic, and we've got a great marketing team too.

And over time, our forecasting has been pretty good, but it's just taken us a lot to get to an accurate forecast. And so what you see us doing now is that we're having you know, you were using AI and leveraging technology to get to good forecasting much more efficiently. And the importance of that then is it frees up our marketing team to do better demand generation. And I think that's why you're seeing some of these better ideas that we're talking about right now because our marketer are having more time doing marketing than forecasting. And then our supply chain people, they're they're not double checking, you know, numbers that people give and and spending all their times in meetings looking at forecast.

They're just trying to figure out, okay. Making the right stuff at the right time in the right place. And you see our waste elimination go improve. And so really what we wanted to highlight that, it seems small, but it's actually quite large, and it's a great way for technology to enable a little bit better accuracy, but a lot more efficiency. And that frees up the talented people we have.

We have a really talented team, really talented people to do what they do best. And that's what we want to highlight in this particular case.

Our next question comes from Alexia Howard from Bernstein. Please go ahead. Your line is open.

Great. Thank you very much for the question and good morning everybody. Can I ask about your efforts on reformulation? You're obviously ahead of the game on the elimination of the artificial dyes, getting rid of those by next summer. But there are other state level legislations that have been approved.

For example, in Texas, I think there's something that's already been ratified by the governor. It's gone through. That's about 44 additives. So it's a broader list. First of all, I guess as you've gone through your remarkable efforts with some of these brands, are the ingredient lists and additives coming up as concerns for some group of consumers?

And is that something that you're working through the portfolio to actively drive out, not just the dyes, but maybe other additives that people are concerned about? Or are you going to wait until the regulations and the legislation settles, which would be a year or two down the line, and then you'll do it once everything's very, very clear? Just trying to get a sense for how aggressively you're going after that or whether it's really not something beyond the artificial dyes that you're focused on at the moment? Thank you.

Yes, Alexia, I would start by saying we're always we always do our best when we follow what the consumers are looking for. And that's kind of our North Star and why we have this Remarkability Framework. As you know, ten years ago, took some certified colors out of tricks and that didn't work so well here in The U. S. By the way, worked really well in Canada.

Canadians mom loved it, it didn't work as well here. And that's because consumers in The U. S. Weren't quite ready for it yet. Ten years later, the reason why we made the commitments we have is that consumers are more ready for this.

An increasing number of consumers don't want the certified colors and some of their foods. And so that's why we look to remove those. And we have better technology now than we did years ago, and we can get consumers what they want, whether it's the colors they want or the shapes they want or the texture, what have you. And so that's why we're undertaking our efforts. When it comes to the regulatory environment, I'll start with a couple of things.

One is that, I mean, we've been around for January and navigating global federal and state regulation for more than a century. And so I have high confidence we can do that now. When it comes to things like colors, I mean, 8% of our K-twelve school offerings don't have certified colors now and 85% of our retail doesn't. So we're talking about a relatively small sample. What I will say without commenting on any particular state is that there are a lot of state regulations being brought up now.

And I think there's a challenge in that. And it's a challenge really for consumers because there's a cost associated with trying to do something state by state rather than a federal level. And ultimately consumers will pay the cost for that as well as confusion. How can something be good in one state and not good in another state? And so we've always been a believer working at a federal level, working with health and human services as we have been, working with the FDA and the USDA to work on federal legislation and regulation that really makes sense for consumers.

And we believe that's the best approach that we have right now. And so we're confident we can navigate this environment. We're making really good changes, really good progress. And but I think there's a challenge for the whole industry with this state by state approach. And it's certainly not just our challenge.

Ultimately, I think it's better if we can get to something that's consistent on a federal level.

Great. As a quick follow-up, thank you for that. You mentioned that the pace innovation is stepping up, think 25%, I believe that was in North American retail. Are you able to say what percentage of sales are now coming from new products introduced over the last year or over the last three years? Where are you at in absolute terms on that front?

Yes, I'm glad you asked. I'm really proud of the way our entire team is innovating. And we're at about five we're at roughly 5% of new products coming from new product innovation, where we were at 3.5% a year ago. But I think there are a couple of important things that lie beyond that, which I want you to know. First, it's not that we're introducing more things.

It's that really that what we're introducing, we think has are bigger and better ideas with more staying power, which is not only good for this year, but in years to come. And that's true in North America retail when you look at Cheerios protein, for example, some of the granolas that we were bringing to market, some of the Mott's fruit snacks that we're bringing to market, really good new product innovation. It's true in our pet food business, bringing fresh pet food to the market and investing behind that. It's true in international, where we look, we grew Haagen Dazs retail double digits in China in the first quarter. And the reason we did that was because we introduced stick bars.

And so now we're taking that all over China, and it's really working well. And in foodservice, we have we again, we picked up share in foodservice. Have continued great momentum there behind some biscuit innovation. And so while what I'm pleased with is not just one part of the company that's innovating better, we have all of the segments innovating better. And by better, I mean, I think bigger, more on consumer trend ideas and we're supporting those with investment. And so that's what's exciting to me.

Great. Thank you very much. I'll pass it on.

Our next question comes from Megan Klap from Morgan Stanley. Please go ahead. Your line is open.

Hi, good morning. Thanks so much. I have a quick follow-up and then another question for Kofi, if that's okay. So the first is just following up on some of the earlier line of questioning. Jeff, I think you mentioned you don't need massive share gains to hit the guide.

But based on some of the things I think Dana mentioned later, it sounds to me like maybe some category trends are softer than you expected. So could you just clarify how category performance has evolved thus far year to date relative to your initial expectations? And whether we need to see improvement in areas like cereal, for instance, to deliver on the guide? Just related as well, you brought it up, Jeff, can you maybe just expand a little bit on the GLP-one comment in terms of what you're seeing in the data that you track? Thank you.

Okay. I'm going to try to get to all your questions. You had a lot of good ones. I'm trying I to just forgot. But I would say that the year so far has played out a cut as we thought it would.

And the consumer environment is what we thought it would be. In terms of how our progress looks in Nielsen, our top 10 categories in North America Retail are about a point better than what we expected. And so it's when you get beyond that, like flour and Betty Crocker desserts and things like that, where you see a little bit softer. Look, for those key baking season starts in September. So we'll see when the weather gets colder.

But our top 10 are performing at or a little bit better, actually a little bit better than what we anticipated. So I would say broadly, consumer sentiment is what we anticipated. The growth in our categories is about what we anticipated and certainly our performance within those categories and growing share in our and Foodservice and International and holding it to Pet is kind of what we anticipated. So I would say so far so good as kind of as we expected. With GLP-one, there's been some impact on our categories, but not significant yet.

General Mills (GIS) Q1 2026 Earnings Call Transcript

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