General Mills’ new growth strategy will focus on categories including cereal, pet food and ice cream

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General Mills Inc.
GIS,
+0.37%
has unveiled a growth strategy, Accelerate, that will focus on five categories: cereal, pet food, ice cream, snack bars and Mexican food. These platforms accounted for 45% of General Mills’ fiscal 2020 net sales. General Mills brands include Cheerios, Blue Buffalo, Häagen-Dazs, Cascadian Farms and Old El Paso. General Mills made the announcement ahead of the Consumer Analyst Group of New York (CAGNY) Conference this week. The company is also turning its attention to eight core markets, including the U.S., Canada and France. General Mills reaffirmed its fiscal third-quarter guidance for organic net sales similar to the second quarter. General Mills shares edged up 0.4% in Tuesday premarket trading, and have gained 7.2% over the past year. The S&P 500 index
SPX,
+0.47%
is up 16.4% for the las 12 months.

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