General Mills released prepared remarks from its fiscal 2026 third-quarter earnings call, attended by Vice President of Investor Relations and Corporate Finance Jeff Siemon, CEO Jeff Harmening, and CFO Kofi Bruce. Management reaffirmed fiscal 2026 guidance, projecting organic net sales down 1.5% to 2% and adjusted operating profit down 16% to 20% in constant currency. For Q3, the company reported net sales of USD 4.4 billion and adjusted operating profit of USD 547 million, with adjusted EPS of USD 0.64. Harmening said organic net sales fell 3% and trailed Nielsen-measured retail sales by about 1.5 percentage points, citing retailer inventory headwinds in North America Retail and Pet that the company expects to partially reverse in Q4. Bruce said Q4 is expected to benefit from a 53rd week and a tailwind from trade expense timing comparisons, alongside a partial reversal of Q3 retailer inventory impacts.

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