General Mills Shares Progress Against Accelerate Strategy

Core Viewpoint - General Mills is committed to its Accelerate strategy aimed at achieving long-term sustainable growth and delivering top-tier shareholder returns while reaffirming its financial outlook for fiscal 2024 [1][5]. Group 1: Accelerate Strategy and Financial Performance - The Accelerate strategy has successfully driven sustainable, profitable growth, with financial results meeting or exceeding long-term goals over the past five fiscal years [2]. - The company has focused on core markets, global platforms, and local brands, demonstrating agility in response to changing consumer environments [2]. - General Mills has generated a 12 percent compound annual total return to shareholders over the past five years, outperforming its food peer median [4]. Group 2: Sustainable Growth Initiatives - The company is investing in brand building, with nine brands generating over $1 billion in retail sales, and media investment increased by 41 percent from fiscal 2018 to fiscal 2023 [3]. - New product innovation is being prioritized, with launches across various categories, supported by a robust digital infrastructure enhancing E-commerce and data-driven marketing [3]. - General Mills is committed to social responsibility, aiming to advance regenerative agricultural practices on one million acres by 2030, with 500,000 acres already engaged [3]. Group 3: Fiscal 2024 Financial Outlook - For fiscal 2024, organic net sales are projected to be down 1 percent to flat, while adjusted operating profit and adjusted diluted EPS are expected to increase by 4 to 5 percent in constant currency [5]. - Free cash flow conversion is anticipated to be at least 95 percent of adjusted after-tax earnings [5].