General Mills’ Revenue Breakdown by Segment (2017-2023)

This statistic highlights General Mills’ Revenue by Segment, split across Asia & Latin America, Convenience Stores & Foodservice, Europe & Australia, North America Retail, and Pet, reported on a quarterly basis from Q1 2017 onwards.

General Mills’ Revenue By Segment

(all figures are in millions, except percentages)

From the table, it is clear that there has been an increase in the total revenue of General Mills from $4,364 million in Q1 2021 to $4,539.9 million in Q1 2022, roughly by 4% on a year-on-year basis. Revenue slightly increased from $4,523.6 million in Q4 2021 to $4,539.9 million in Q1 2022, indicating a growth of 0.36% on a quarter-on-quarter basis.

Asia & Latin America

This segment consists of retail and foodservice businesses in Asia and South America. The products include meal kits, desserts, refrigerated and frozen dough products, premium ice cream, and wellness beverages. It also includes products manufactured in the US for export. Revenue from export activities is reported in the region where the end-users are located.

Revenue from this segment increased from $382.7 million in Q1 2021 to $413.1 million in Q1 2022, growing by 8% on a year-on-year basis. It increased by 1.5% on a quarterly basis, from $407 million in Q4 2021. This increase was primarily driven by an increase in contribution from volume growth and favourable net price realisation and mix.

Convenience Stores & Foodservice

Products included in this category are snacks, refrigerated yogurt, unbaked and fully baked frozen dough products, bakery flour, ready-to-eat cereals. It uses various channels such as food service, convenience stores, vending, and supermarkets to make the products available to customers.

Revenue increased from $391.6 million in Q1 2021 to $482.4 million in Q1 2022, roughly by 23% on a year-on-year basis. Revenue fell by 2.19% on a quarterly basis, from $493.2 million in Q4 2021 to $482.4 million in Q1 2022, as a result of a decrease in volume growth contribution.

Europe & Australia

This segment reflects retail and foodservice business in greater Europe and Australia. It offers products such as refrigerated yogurt, meal kit, premium ice cream, dessert, baking mixes, and refrigerated and frozen dough products. Revenue from franchise fees is recognised in the country where the franchise is located.

Revenue increased from $491 million in Q1 2021 to $517.5 million in Q1 2022, roughly by 5.4% on a yearly basis. This increase is driven by favourable foreign currency exchange and net price realisation and mix. On a quarterly basis, the revenue fell by 4%, from $537.8 million in Q4 2021.

North America Retail

This segment reflects business with a variety of grocery stores, membership stores, natural food chains, drug and e-commerce grocery providers. The product category involves ready-to-eat cereals, frozen yogurt, frozen pizza and pizza snacks, fruit snacks, snack bars, frozen and shelf-stable vegetables.

Revenue decreased from $2,707 million in Q1 2021 to $2,638.9 million in Q1 2022, falling by 2.5% on a year-on-year basis. On a quarterly basis, it fell by a mere 0.04%, from $2,640.1 million in Q4 2021. This decrease was driven by higher input cost partially offset by favourable net price realisation and mix.

Pet

This segment focuses on pet food products primarily sold in the US in the national pet superstore, grocery stores, regional pet stores, veterinary clinics, and hospitals. The product categories include products made with meat, fruit, vegetable, and high-quality ingredients.

There has been an increase in revenue from $391.7 million in Q1 2021 to $488 million in Q1 2022, growing by 24.6% on a yearly basis. Quarterly, the revenue increased by 9.8%, from $444.4 million in Q4 2021. This increase was driven by an increase in volume growth contribution.

About the Company

General Mills Inc. is a manufacturer and markets branded consumer foods via retail outlets. The company offers a wide range of products such as ready-to-eat cereal, fruit snacks, snack bars, pizza, soup, yogurt, wholesome natural pet products, etc. Brands under General Mills include Betty Crocker, Pillsbury, Bugles, Trix and many more. It is a publicly traded company and is listed on NYSE, with its headquarters in Golden Valley.

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