General Mills Q1 Sales Rise Slightly to $4.9B

Ticker: GIS · Form: 10-Q · Filed: 2024-09-18T00:00:00.000Z

Sentiment: neutral

Topics: earnings, financials, debt

TL;DR

General Mills Q1 sales hit $4.9B, up slightly. Debt and stock options detailed.

AI Summary

General Mills Inc. reported its first quarter results for fiscal year 2025, ending August 25, 2024. The company's net sales for the quarter were $4.9 billion, a slight increase from the previous year. The filing also details various financial instruments and agreements, including long-term debt and stock options.

Why It Matters

This report provides insight into General Mills' financial performance at the start of its fiscal year, impacting investor confidence and market expectations for consumer staples.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediate red flags or significant negative developments.

Key Numbers

$4.9B — Net Sales (First quarter of fiscal year 2025)
2024-08-25 — Fiscal Year End Date (End of the reporting period for Q1 FY2025)

Key Players & Entities

General Mills Inc. (company) — Filer of the 10-Q report
2024-08-25 (date) — End of the reporting period for Q1 FY2025
$4.9 billion (dollar_amount) — Net sales for the first quarter of fiscal year 2025
2023-08-27 (date) — End of the reporting period for Q1 FY2024

FAQ

What were General Mills' net sales for the first quarter of fiscal year 2025?

General Mills' net sales for the first quarter of fiscal year 2025, ending August 25, 2024, were $4.9 billion.

What is the reporting period covered by this 10-Q filing?

This 10-Q filing covers the period ending August 25, 2024.

What types of financial agreements are mentioned in the filing?

The filing mentions long-term debt agreements containing restrictive covenants, as well as specific notes like the 'Zero Point Four Five Zero Percent Notes Due 2026'.

What is the company's fiscal year end?

General Mills' fiscal year ends on May 30.

What is the SIC code for General Mills?

The Standard Industrial Classification (SIC) code for General Mills is 2040 (GRAIN MILL PRODUCTS).

From the Filing

0001193125-24-221344.txt : 20240918 0001193125-24-221344.hdr.sgml : 20240918 20240918153507 ACCESSION NUMBER: 0001193125-24-221344 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 86 CONFORMED PERIOD OF REPORT: 20240825 FILED AS OF DATE: 20240918 DATE AS OF CHANGE: 20240918 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MILLS INC CENTRAL INDEX KEY: 0000040704 STANDARD INDUSTRIAL CLASSIFICATION: GRAIN MILL PRODUCTS [2040] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 410274440 STATE OF INCORPORATION: DE FISCAL YEAR END: 0530 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-01185 FILM NUMBER: 241307299 BUSINESS ADDRESS: STREET 1: NUMBER ONE GENERAL MILLS BLVD CITY: MINNEAPOLIS STATE: MN ZIP: 55426 BUSINESS PHONE: (763) 764-7600 MAIL ADDRESS: STREET 1: P O BOX 1113 CITY: MINNEAPOLIS STATE: MN ZIP: 55440 10-Q 1 d874379d10q.htm 10-Q 10-Q 0000040704 2025 Q1 false --05-26 754.6 0.10 1 0.10 ☑ 0000040704 2024-05-27 2024-08-25 0000040704 2023-05-29 2023-08-27 0000040704 2024-08-25 0000040704 us-gaap:OperatingSegmentsMember 2024-05-27 2024-08-25 0000040704 us-gaap:CorporateNonSegmentMember 2024-05-27 2024-08-25 0000040704 us-gaap:CorporateNonSegmentMember 2023-05-29 2023-08-27 0000040704 us-gaap:EmployeeStockOptionMember 2023-05-29 2023-08-27 0000040704 us-gaap:RestrictedStockUnitsRSUMember 2023-05-29 2023-08-27 0000040704 us-gaap:EmployeeStockOptionMember 2024-05-27 2024-08-25 0000040704 us-gaap:RestrictedStockUnitsRSUMember 2024-05-27 2024-08-25 0000040704 us-gaap:ParentMember 2024-05-27 2024-08-25 0000040704 us-gaap:NoncontrollingInterestMember 2024-05-27 2024-08-25 0000040704 gis:LongTermDebtAgreementsContainingRestrictiveCovenantsMember 2024-05-27 2024-08-25 0000040704 us-gaap:OperatingSegmentsMember 2023-05-29 2023-08-27 0000040704 2024-09-11 0000040704 us-gaap:CommonStockMember 2024-05-27 2024-08-25 0000040704 gis:ZeroPointFourFiveZeroPercentNotesDue2026Member 2024-05-27 2024-08-25 0000040704 gis:OnePointFiveZeroZeroPercentNotesDue2027Member 2024-05-27 2024-08-25 0000040704 2024-05-26 0000040704 gis:NorthAmericaRetailSegmentMember 2024-05-26 0000040704 gis:CorporateAndJointVenturesMember 2024-05-26 0000040704 gis:NorthAmericaRetailSegmentMember 2024-08-25 0000040704 gis:CorporateAndJointVenturesMember 2024-08-25 0000040704 gis:LineOfCreditExpiringApril2026Member 2024-08-25 0000040704 gis:UncommittedCreditFacilityMember 2024-08-25 0000040704 gis:NorthAmericaRetailSegmentMember us-gaap:OperatingSegmentsMember 2024-05-27 2024-08-25 0000040704 gis:SnacksMember 2024-05-27 2024-08-25 0000040704 gis:SnacksMember 2023-05-29 2023-08-27 0000040704 gis:CerealMember 2024-05-27 2024-08-25 0000040704 gis:CerealMember 2023-05-29 2023-08-27 0000040704 gis:ConvenientMealsMember 2024-05-27 2024-08-25 0000040704 gis:ConvenientMealsMember 2023-05-29 2023-08-27 0000040704 gis:YogurtMember 2024-05-27 2024-08-25 0000040704 gis:YogurtMember 2023-05-29 2023-08-27 0000040704 gis:SuperPremiumIceCreamMember 2024-05-27 2024-08-25 0000040704 gis:SuperPremiumIceCreamMember 2023-05-29 2023-08-27 0000040704 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-27 2024-08-25 0000040704 us-gaap:AdditionalPaidInCapitalMember 2024-05-27 2024-08-25 0000040704 us-gaap:RetainedEarningsMember 2024-05-27 2024-08-25 0000040704 gis:DoughMember 2023-05-29 2023-08-27 0000040704 gis:BakingMixesAndIngredientsMember 2023-05-29 2023-08-27 0000040704 gis:DoughMember 2024-05-27 2024-08-25 0000040704 gis:BakingMixesAndIngredientsMember 2024-05-27 2024-08-25 0000040704 gis:CertainLongTermDebtAgreementsContainingRestrictiveCovenantsMember 2024-05-27 2024-08-25 0000040704 gis:NorthAmericaRetailSegmentMember 2024-05-27 2024-08-25 0000040704 gis:CorporateAndJointVenturesMember 2024-05-27 2024-08-25 0000040704 2023-05-28 0000040704 us-gaap:ParentMember 2023-05-29 2023-08-27 0000040704 us-gaap:NoncontrollingInterestMember 2023-05-29 2023-08-27 0000040704 us-gaap:RetainedEarningsMember 2023-05-29 2023-08-27 0000040704 gis:NorthAmericaRetailSegmen