Kofi Bruce on financial results

About Kofi Bruce

Kofi Bruce, Chief Financial Officer of General Mills, discussed the company's fiscal 2025 fourth quarter and full-year results on June 24, 2025. He reported that fourth quarter net sales were $4.66 billion, down 3% organically, and adjusted operating profit fell 22% in constant currency, which he attributed to unfavorable trade expense timing and increased commercial investments. Bruce stated that the company expects input cost inflation of roughly 3% of cost of goods sold before tariffs, with newly enacted tariffs posing an additional 1-2% risk. He outlined fiscal 2026 guidance, including organic net sales expected to range between down 1% and up 1%, and adjusted operating profit and diluted earnings per share expected to decline 10-15% in constant currency. Bruce said the company plans to invest in consumer value, product innovation, and brand building, including a significant investment in the national launch of Blue Buffalo's Love Made Fresh fresh dog food line. In earlier interviews, Bruce addressed the impact of inflation on consumers and the company. He stated that General Mills' cost of goods sold had risen nearly 30% over two years, and that consumers were comparing prices more frequently, buying generic brands, and trading down. Bruce emphasized the importance of productivity and transparency, saying the company aims to "dampen the impact" of cost increases on consumers through efficiency efforts and targeted promotions. He also discussed the evolving role of the CFO, advising new CFOs to approach the role with humility and to focus on influencing organizational culture. Bruce noted that the company's capital allocation priorities remain consistent, with a focus on capital spending, dividends, and episodic M&A, and that share repurchase remains the most discretionary element.

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