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Conference Call Extracts Report – May 2026

Conference Call Extracts Report – April 2026

Now...from the calls…

General Mills:

“At the same time, fiscal ’26 brought tougher conditions than we expected. The consumer backdrop became more challenging, with recent consumer sentiment in the U.S. hitting record lows. We saw slower category volume growth, impacting both our human food and pet food businesses. And as consumers remained pressured, we saw them buying more on promotion and less at everyday prices, driving a less profitable mix of volume through our P&L. As we move to fiscal ‘27, we are planning for the consumer environment to stay relatively consistent with fiscal ‘26. Rather than hope for the consumer to improve, we are moving with even greater urgency to meet consumers where they are and capture more of the growth that’s currently available.”

Constellation Brands:

“Consumer purchasing behavior remained dynamic throughout the quarter, as persistent inflation and broader economic uncertainty continued to shape spending patterns. The cumulative effects of a multi-year inflation cycle were further compounded by a significant increase in gas prices in the U.S., which rose more than 50% on average nationally from the beginning of the quarter. While we saw a resurgence of purchasing behavior amidst a more normalized start to the quarter, these financial pressures then drove a more discerning and value-conscious consumer mindset, most notably within lower-income households, contributing to a deceleration in retail food and beverage volume trends as the quarter progressed."

​*Please note that the information presented was obtained from sources believed to be reliable, but accuracy, completeness, and opinions based on this information are not guaranteed. Any information contained on these pages is for general informational purposes only and should not be construed as legal, accounting, tax, or other professional advice. You should consult directly with a professional if legal, accounting, tax, or other expert assistance is required. Under no circumstances is this an offer to sell or a solicitation to buy securities suggested herein. The writer may have an interest in the companies mentioned. All data, information, and opinions expressed are subject to change without notice.