General Mills’ pet food sales rise 6% in FY2026 despite organic decline

General Mills’ North American pet portfolio closed the fourth quarter (Q4) of fiscal year (FY) 2026, which ended 31 May, with net sales of $702 million (€597M), representing a 4% year-over-year (YoY) increase.

Net sales for cat food reported double-digit growth while dog food posted low-single-digit growth. Pet treats, on the other hand, recorded a low-single-digit decline. 

Organic sales also fell 3% YoY while retail sales slipped by approximately 1% YoY. Operating profit for the period grew 14% YoY to $160 million (€136M). 

Full-year performance

For the full year, the segment reported $2.6 billion (€2.21B) in net sales, reflecting a 6% YoY increase.

The US manufacturer notes that this performance includes a 6-point benefit from the Whitebridge Pet Brands acquisition in January last year, which was reflected in the third quarter, as well as a 2-point benefit from the 53rd week.

Organic net sales, however, dropped 3% YoY. Dog and cat food accounted for approximately 80% of the segment’s retail sales and maintained their dollar share. Overall retail sales grew 1% YoY.

COO Dana McNabb notes that the gap between organic sales and retail sales was due to a consistent headwind from customer mix, with its fastest-growing customers in e-commerce and mass retail carrying significantly less inventory than its traditional customers.

She adds that the company saw significant growth in the Life Protection Formula cat food business and its fresh dog food line, Love Made Fresh.

Operating profit remained relatively stable at $499 million (€424M), compared with $501 million (€426M) last year. Higher input costs and selling, general and administrative (SG&A) expenses, including a double-digit increase in media investment, offset favorable net price realization, mix and higher volume.

Company-wide results

General Mills’ total net sales for Q4 rose 1% YoY to $4.6 billion (€3.9B). 

Operating loss was $2.1 billion (€1.8B), reversing from an operating profit of $504 million (€428M) last year. Operating loss margin was 45.4%, compared with an operating profit margin of 11.1% in FY2025.

Full-year net sales dropped 5% YoY to $18.4 billion (€15.6B). Organic net sales also fell 2%, due in part to weaker consumer sentiment and significant volatility that weighed on category volume growth and drove a higher share of consumer purchases on promotion, the company says. 

Operating profit fell 73% to $886 million (€753M). Operating profit margin fell 12.2 percentage points to 4.8%.

Outlook

For FY2027, General Mills expects organic net sales to range from a 1.5% decline to 0.5% growth. Adjusted operating profit is projected to decline between 8% and 13%, reflecting anticipated headwinds, including cost inflation of 4% to 5% of cost of goods sold.

The combined impact of divestitures, foreign currency exchange and the 53rd week is expected to reduce reported full-year net sales growth by approximately 2%.