General Mills laments decline in sales

The American pet food manufacturer General Mills has published its results for the fourth quarter and the past financial year 2024. According to the results, net sales of 19.9 billion dollars were achieved for the full year. The result reflects a decline of one per cent compared with the previous year, which had seen double-digit growth. However, the operating profit of 3.6 billion dollars rose by four per cent after currency adjustments.

In the fourth quarter, net sales fell by 6 per cent from USD 4.7 billion and operating profit of USD 800 million was down 10 per cent on a currency-adjusted basis.

"We met our updated guidance for fiscal 2024 by adjusting our plans and improving efficiencies in response to a more challenging operating environment," said Jeff Harmening, chairman and chief executive officer of General Mills. Looking ahead to the new fiscal year 2025, he emphasised that organic sales growth and volume growth will be accelerated.