General Mills planning to cut costs by $3 billion over next 4 years

In its latest financial report, Minnesota-based General Mills said it plans to "generate $3 billion in cumulative cost savings" by the end of the 2030 fiscal year.

The company did not share exact details of how it would cut costs, but said $2 billion will come through the "Holistic Margin Management productivity program" and the remainder  is "expected to be generated by the company's global transformation initiative and other cost efficiency efforts, including redesigning the supply chain network, further streamlining business processes, and driving improvement across other elements of its cost base."

General Mills reported net sales of $18.4 billion for the last fiscal year, which ended May 31. That's down 5%, the company said, though fourth-quarter net sales were up 1% at $4.6 billion.

Chairman and CEO Jeff Harmening said the company "finished fiscal 2026 on a positive note" and is "laser focused on increasing our efficiency to help offset elevated inflation, fund our growth investments, and generate stronger earnings and cash flow."

For the 2027 fiscal year, the company said it "expects category growth to be consistent with recent trends and below its long-term historical growth rate, driven by a continued challenging consumer backdrop." It expects to generate a quarter of its $3-billion savings goal during this period.

General Mills announced last year it would remove artificial coloring from all of its products by the end of 2027.