General Millsâ pet segment brought in a net revenue of $569.3 million (â¬518.7M) in the 3 months to 26 November 2023. This is 4% less than last year when it posted $592.9 million (â¬538.9M).
Organic net sales also went down 4%. Sales of wet pet food declined the most, while treats noted a double-digit rise compared to the same period in 2022.
The American manufacturing giant attributed the dip to âlower pound volume, partially offset by favorable net price realization and mix.â
âWe have more work to do to navigate through the current challenging category dynamic and return the business to consistent topline growth,â says CEO and Chairman Jeff Harmening.
On the other hand, the segmentâs operating profit rose by 18% to $102.5 million (â¬93.3M). The companyâs global operating profit during the quarter increased by 2%.
In the 6 months leading to the end of November, net sales in the pet portfolio fell 2% to $1.14 billion (â¬1.03B) while operating profit increased by 2% to $213.7 million (â¬194.5M).
General Mills acquired dog and cat supplement company Fera Pets in November with the aim of bringing a âhealth-focusedâ dimension to the firmâs pet portfolio.
The latest articles
Digital boosts revenue of Petz in Q1 2024
The Brazilian pet retailer posted an online gross revenue increase of 16.6% vs. a drop of 6.1% in its physical stores.
Russia’s pet population has risen 11% since 2020
New data reveals that last year, more than half of households in the country owned a pet. GlobalPETS dives into the insights.
The American Kennel Club acquires grooming certification program
The Professional Grooming Credential is a voluntary scheme to validate pet groomers’ knowledge and technical skills.
Weekly newsletter to stay up-to-date
Discover what’s happening in the pet industry. Get the must-read stories and insights in your inbox.