General Mills’ CEO announced that the company is focusing on enhancing the fudginess of Betty Crocker brownies in order to increase sales. The company plans to introduce more flavorful products to appeal to cost-conscious customers and offset inflation impacts. Despite this effort, General Mills is projecting minimal sales growth in the coming year, causing a 4.6% drop in the company’s shares after reporting earnings.
In response to tough economic conditions and rising prices, General Mills aims to provide consumers with higher-quality products. CEO Jeff Harmening mentioned that popular items like Pillsbury biscuits, Annie’s mac and cheese, and Betty Crocker brownies will see improvements in taste to attract more customers. The trend of decreased sales growth in the past year is expected to continue, with estimates below investor expectations.
To address the challenges posed by inflation, General Mills plans to introduce value packs, offer more discounts through coupons, and collaborate with celebrities like the Kelce brothers and Pete Davidson for promotional efforts. The company is also sponsoring athletes from different countries in the upcoming Olympics to increase brand visibility. Like General Mills, other food companies are devising creative strategies to navigate the current economic climate and changing consumer behaviors.