General Mills, Inc. Q1 2027 Earnings Recap

General Mills’ fiscal Q1 showed sequential improvement in retail trends, but performance remained below growth, with work still needed in Totino’s and fruit snacks. The stock rose 1.0% after earnings, a roughly flat reaction.

Key Takeaways

• Retail consumption was down 2%; management cited a 2-point improvement in dollar sales and improved share performance in most categories, while noting the business had not returned to growth.
• Share declines narrowed year over year in cereal, from 0.9 points to 0.1, and in soup, from 0.4 points to 0.1.
• Totino’s declines were cut in half, but the company still expects further improvement; fruit snacks face increased competition from smaller brands in a category growing about 13%.
• Q1 inflation was around 4%, at the low end of the 4%–5% range; management expects roughly similar inflation in Q2 and Q3, with Q4 around 6%.
• General Mills maintained its expectation for a low-single-digit full-year pet inventory headwind. Whitebridge added about 1 point to pet growth and roughly 15 basis points to company growth in the quarter.