General Mills Reports Positive Growth

The CEO sees the convenience channel as providing “good momentum” for the company’s bottom line.

December 22, 2017

MINNEAPOLIS – General Mills CEO Jeff Harmening has been working hard to push the food maker back into growth mode, TheStreet reports. In an interview with TheStreet, Harmening outlines his plan to reinvigorate the company, which reported $4.2 billion in revenue led by cereal. “I think we can continue to grow our cereal business if we count the convenience and foodservice space, which is growing by mid-single digits,” he said.

Harmening pointed to “good momentum in the convenience store channel” as one the positive trends the company is experiencing. While yogurt sales have been slow a bit, “we think we can compete effectively in yogurt. The innovation we released in the second quarter show we can compete effectively, whether that’s in the U.S. or developing markets,” he said.

The CEO also said General Mills isn’t feeling pressured to acquire or merge with another company, despite the spat of acquisitions this fall. Harmening said that General Mills has been accelerating growth in previously acquired companies like Annie’s and Epic. “But we are going to stay disciplined. We aren't going to buy things just because somebody else is buying something. It has to be the right fit for us,” he said.

Earlier this week, the snacking sector received a shakeup as The Hershey Company announced its acquisition of Amplify Snack Brands Inc., and Campbell Soup Company’s acquisition of Snyder’s-Lance.

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