General Mills pet segment up 25%
In its first quarter of fiscal 2022, its pet segment has reached $488 million in sales, on track to reaching $2 billion for the year.
Its profit jumped up by 28%, primarily driven by higher volume and a price increase.
Its brand Blue Buffalo saw strong retail sales growth and market share gains. Retail sales for the Tyson pet treat brands (Nudges, True Chews and Top Chews) collectively increased 20%, so its acquisition that closed on July 6th is starting to pay off.
“With our expanded portfolio, we are now the leading natural player in the dog treats segment, and we’ve strengthened our position as the number one overall natural pet food brand in the category,” said Jeff Harmening, chairman and chief executive officer of General Mills. “Our pet segment now generates $2 billion in net sales, with attractive margins and significant growth ahead.”