General Mills: Simply Running It Back in FY27?

研报英文原文证据摘录

General Mills: Simply Running It Back in FY27?

Equity Research

U.S. Food

2 July 2026

General Mills

Simply Running It Back in FY27?

Given GIS’ plans to step up innovation in FY27 to improve

product remarkability sounds quite similar to its approach in

FY26, we can’t fault investors for thinking this is simply GIS EQUAL WEIGHT Unchanged

running back the same play book but expecting a different U.S. Food NEUTRAL

outcome, though perhaps there are some subtle differences. Unchanged

Price Target USD 36.00

Unchanged

At a high level, GIS' top priority for FY27 -- restoring consistent, profitable organic sales

Price (01-Jul-26) USD 37.77growth -- looks strikingly similar to its primary objective entering FY26, when the focus

Potential Upside/Downside -4.7%was on reestablishing volume-led organic growth. Over the past fiscal year, management has Source: Bloomberg, Barclays Research

worked to improve the competitiveness of its portfolio through a combination of pricing actions

and enhanced product 'remarkability,' including increased innovation, renovation, and a more

Market Cap (USD mn) 20158

consistent flow of product news. These efforts included reducing list prices across roughly two-

Shares Outstanding (mn) 533.71thirds of the North America Retail portfolio. Yet despite funding these investments with HMM

Free Float (%) 99.56savings of ~5% of COGS, an incremental ~$100mm of savings from its global transformation

52 Wk Avg Daily Volume (mn) 7.7initiative, and the benefit of a 53rd week, operating profit still declined -16% YOY. Meanwhile,

Dividend Yield (%) 6.46volume performance in North America Retail did improve a bit sequentially versus FY25's -2.5%

Return on Equity TTM (%) 23.80YOY decline but remained negative exiting the year despite significant pricing and brand