North American Retail
In fiscal 2019’s fourth quarter, General Mills’ (GIS) North American Retail net sales fell 2% YoY (year-over-year) to $2.34 billion, and organic sales fell 2% due to lower pricing. Its organic volumes were flat, as were its US cereal, US yogurt, US meals, and baking net sales. Its US snack and Canadian net sales fell 5% and 7%, respectively.
Convenience Stores & Foodservice
The company’s Convenience Stores & Foodservice net sales rose 2% to $0.52 billion during the quarter due to higher pricing, and the segment’s organic sales and Focus 6 platforms rose 2% and 4, respectively. However, volumes were flat and bakery flour sales fell.
Europe and Australia
General Mills’ Europe and Australia net sales fell 10% YoY to $0.50 billion, reflecting a tough comparison with the prior year’s 14% growth. Snack bar sales grew healthily and pricing rose 2%, but organic net sales fell 3% due to volumes falling 5%. Ice cream sales in France were a drag.
Asia and Latin America
The company’s Asia and Latin America net sales fell 9% to $0.40 billion. Foreign exchange and sales of businesses impacted its top line by 6% and 4%, respectively. Organic net sales rose 1%, reflecting improved volumes.
General Mills’ Pet net sales jumped 38% to $0.41 billion, reflecting benefits from expanded distribution in the food, drug, and mass retailer channels.