General Mills’ Accelerate strategy is seeing great success, especially as the company is increasing its momentum in the snacking and specialty space with another year of strong sales. In the company’s third quarter results, General Mills revealed that its net sales essentially matched year-ago results at $4.5 billion, leading the company to raise its full-year fiscal 2022 outlook.
“Our solid execution in a highly volatile environment enabled us to close the third quarter with improved momentum,” said Chairman and Chief Executive Officer Jeff Harmening. “Demand for our brands remains robust, and our team has shown great agility to overcome disruptions throughout the supply chain and deliver for our customers and consumers. We expect to drive strong growth in the fourth quarter, fueled by accelerating net price realization. With confidence in our plans and positive momentum on our business, we’re raising our guidance for fiscal 2022.”
According to a press release, the popular purveyor is executing its Accelerate strategy to drive sustainable, profitable growth and top-tier shareholder returns over the long term. The ambitious operational strategy focuses on four main pillars: boldly building brands, relentlessly innovating, unleashing scale, and being a force for good.
As it enacts this ongoing strategy, General Mills anticipates changes in consumer behaviors driven by the COVID-19 pandemic will result in ongoing elevated consumer demand for food at home, relative to pre-pandemic levels. The company will capitalize on these opportunities by addressing evolving consumer demands with its leading brands, innovations, and expanded capabilities as it eyes further growth.
To see more details of the financial report, click here.
Deli Market News will keep a pulse on this transformational strategy and others like it, so stay tuned for our next update.