General Mills: Cat food continues to lead pet portfolio growth

General Mills’ pet business generated $613 million (€533.3M) in net sales in the first quarter (Q1) of fiscal year (FY) 2027, which ended on 30 August 2026, up 0.5% from $610 million (€530.7M) a year earlier.

Organic net sales were flat but outpaced all-channel retail sales growth by approximately 1 percentage point (pp), partly due to an additional month of Whitebridge Pet Brands, which General Mills acquired in January 2025, following the alignment of its fiscal calendar.

Operating profit fell 12%, weighed down by higher input costs, lower volume, and higher selling, general and administrative (SG&A) expenses, partly offset by favorable net price realization and mix. 

Cat food leads

Cat food sales grew double digits, while pet treats increased in the low single digits. Dog food sales declined by high single digits.

According to Dana McNabb, the company’s Chief Operating Officer, this marked the 8th consecutive quarter of at least mid-single-digit retail sales growth in cat food, driven by its premium and differentiated product strategy.

Its Tiki Cat brand remains the main growth driver, delivering double-digit retail sales growth in Q1 while gaining share. Meanwhile, retail sales for Blue Tastefuls, Blue Buffalo’s natural cat food line, were up by the mid-single digits in Q1, driven by household acquisition in both wet and dry cat food, expanded distribution and strong innovation. 

“We have more exciting innovation and a product renovation planned for Tastefuls in the second half, supported by increased investment in a national media campaign to broaden awareness and reinforce the brand’s taste credentials,” McNabb told investors.

Mixed performance in dog food

In dog food, the Love Made Fresh line under the Blue Buffalo brand saw Q1 retail sales grow roughly 30% from Q4, driven by strong results for its stand-up resealable pouch and improved on-shelf availability. 

“Our focus this year remains on driving awareness and trial and further accelerating turns for Love Made Fresh, supported by sharper communications highlighting our natural and superior nutrition positioning,” the COO added.

However, the Wilderness dog food brand, focused on high-protein options, continued to face challenges, with retail sales declining in Q1 at a rate similar to FY2026. 

McNabb notes that General Mills is currently assessing all aspects of its offering, including product, packaging, positioning and value. 

“With a more comprehensive set of changes required, we expect our efforts to stabilize Wilderness will take time,” she said. “In the meantime, we will continue to lean into the attractive growth opportunities in our Pet portfolio across cat feeding, treating, Life Protection Formula, and Love Made Fresh.”

Company-wide results

Overall, General Mills’ net sales fell 3% to $4.4 billion (€3.8B), primarily reflecting the impact of the US yogurt divestiture, while organic net sales remained flat.

Net earnings also dropped 67% to $397 million (€345.4M), resulting in earnings per share (EPS) of $0.74 (€0.64).

The decline was primarily driven by lower operating profit, which fell 63% to $634 million (€551.6M) due to a $1 billion (€870M) gain from the yogurt divestiture in the year-ago period and lower gross profit dollars in FY2027.

Guidance

For the full year, General Mills expects category growth to remain consistent with recent trends. The company forecasts organic net sales growth of between -1.5% and 0.5% and adjusted operating profit growth of -13% to -8%. Meanwhile, adjusted EPS is expected at $3.00 (€2.61) to $3.20 (€2.78).

Kofi Bruce, General Mills’ Chief Financial Officer, says the company also expects annual input cost inflation to be at the higher end of its 4%-5% range in FY2027. This is driven by increases in spot prices for freight, grains and packaging during Q1, as well as recent new Canadian tariffs.

In pet food, retailer inventory is projected to remain a low-single-digit headwind to full-year organic net sales for North America Pet, including the impact of changes in customer mix.