BOCA RATON, FLA. — General Mills, Inc. has been leading performance across most of its categories in North America, but two businesses the company aims to improve its competitiveness and step up growth are US snack bars and US yogurt.
In a Feb. 21 presentation at the Consumer Analyst Group of New York conference in Boca Raton, Jeffrey L. Harmening, chief executive officer of Minneapolis-based General Mills, said retail sales in its US snack bars business increased 9% in the most recent 52 weeks, which trailed category growth of 11%.
“We’re focused on expanding our leadership in the all family segment by improving our brand messaging and innovation performance on Nature Valley, the No. 1 brand in the category,” Mr. Harmening said. “We’re going after differential growth opportunities in the kids segment, with our great lineup of treat bars that leverage our leading cereal brands. And we’re working to increase our presence in the fast-growing weight management and nutrition segments by innovating on core brands like Fiber One, Lärabar and Epic and by launching new platforms like our new :ratio Keto* Friendly snack bar line.”
General Mills also is eying growth in its US yogurt segment, which experienced 7% retail sales growth in the past year. Mr. Harmening said the segment’s growth fell shy of overall category growth of 13%. Now, the company is intent on strengthening its core original-style Go-Gurt and Yoplait lines with flavor news, product improvements and increased brand investment, he said.“We’re focused on increasing our presence in the low-sugar weight management space, which is leading the growth in the category, by expanding distribution on our highly successful :ratio product line that delivers high protein with lower sugar and lower net carbs,” Mr. Harmening said. “We’re also significantly stepping up our innovation pressure, including exciting new offerings, launching in early fiscal ‘24. And with yogurt being one of the few categories where on-shelf availability has lagged our competition, we’re working to reduce supply chain disruptions and improve our customer service.”