Contradictions Uncovered: Insights from 2025 Q4 Earnings Call on Pricing, Inventory, and Blue Buffalo Performance

North America Retail Volume Growth:
- General Mills focused on returning to volume growth in North America Retail (NAR), with plans to expand value investments and new product launches.
- The strategies included value promotions for brands like Pillsbury and Totino's, which showed positive results.

Fresh Pet Food Market Expansion:
- General Mills is launching Blue Buffalo fresh pet food nationally, expanding into the fresh pet food market, which is expected to reach $10 billion in the next decade.
- The national launch aims to generate trial and awareness, backed by significant marketing investments to build a profitable and growing business.

Organic Revenue Outlook and Phasing:
- For fiscal 2026, General Mills anticipates organic top-line growth with a down 1% to plus 1% range, starting in the down 3% range.
- The growth is expected to improve as the year progresses, with investments in media and innovation, particularly in the second half of the year.

Innovation and New Product Strategy:
- General Mills is focused on innovation, with significant investment in new products, particularly in the protein trend seen across grocery stores.
- Emphasis is on protein-rich offerings, such as Cheerios Protein, which has exceeded expectations, and plans for new SKUs in major categories.

International and Segment Performance:
- The company's international businesses, including foodservice and healthcare, showed growth in share, contributing positively to overall performance.
- Blue Buffalo was identified as a key brand with potential to drive growth, leveraging humanization trends and a strong consumer proposition in the fresh pet food segment.