General Mills (GIS) official guidance

First, we will continue investing in the business with capital investment expected to be roughly 3%-4% of net sales.

Second, we remain fully committed to our dividend, and in the near term, we expect to maintain the current rate per share while we prioritize deleverage.

The other $1 billion will come primarily from our global transformation initiative, with the majority expected to be realized as we reimagine our supply chain to make it fit for future growth.

Adjusted diluted earnings per share are still expected to range between $3 and $3.20 per share.

Finally, we continue to expect free cash flow conversion of at least 95% of adjusted after-tax earnings.

Roughly $2 billion of the $3 billion target is expected to come from our longstanding holistic margin management program.

We continue to expect annual input cost inflation to be at the higher end of our 4%-5% range in fiscal 2027 due to increases in spot prices for freight, grains, and packaging during Q1, as well as recent new Canadian tariffs.

Adjusted operating profit is still expected to range between down 13% and down 8% in constant currency, driven largely by a nine-point headwind from mechanical items, including lapping the 53rd week in fiscal 2026, normalizing the corporate incentive expense, and the impact of fiscal 2026 divestitures.

I am encouraged by the momentum we have built in North America Foodservice and International, and with strong plans in place for the remainder of the year, both segments are poised to deliver solid top-line growth and margin expansion in fiscal 2027.

I am encouraged by the momentum we have built in North America Foodservice and International, and with strong plans in place for the remainder of the year, both segments are poised to deliver solid top-line growth and margin expansion in fiscal 2027.

We still expect organic net sales to be in the range of down 1.5% to up 0.5%.

We still expect a low single-digit headwind to full-year pet organic net sales growth from retailer inventory, including the impact of changes in customer mix.

With Thanksgiving in our Q2 this year versus Q3 last year, North America Retail is expected to see a one-point headwind to organic sales growth in Q2, offset by a one-point tailwind in Q3.

With Thanksgiving in our Q2 this year versus Q3 last year, North America Retail is expected to see a one-point headwind to organic sales growth in Q2, offset by a one-point tailwind in Q3.

I am encouraged by the momentum we have built in North America Foodservice and International, and with strong plans in place for the remainder of the year, both segments are poised to deliver solid top-line growth and margin expansion in fiscal 2027.

I am encouraged by the momentum we have built in North America Foodservice and International, and with strong plans in place for the remainder of the year, both segments are poised to deliver solid top-line growth and margin expansion in fiscal 2027.

We've deprioritized strategic acquisitions, and we do not expect to repurchase shares in the near term.

We are on track to deliver $750 million in savings this year between our holistic margin management program, our transformation initiative, and other efficiency efforts.

As we announced last quarter, we expect to generate at least $3 billion in cumulative cost savings by fiscal 2030, with $750 million coming this fiscal year.

For fiscal 2027, the company expects category growth to be consistent with recent trends and below its long-term historical growth rate, driven by a continued challenging consumer backdrop.