General Mills, based in Minneapolis, is a leader in the packaged food industry, with FY20 sales of $17.6 billion. The company's major brands include Wheaties, Cheerios, Haagen-Dazs, Betty Crocker, Pillsbury, Old El Paso, Progresso, Nature Valley, Yoplait and Lucky Charms, which generations of American children know to be 'Magically Delicious.' In April 2018, the company acquired, for $8 billion, Blue Buffalo, a maker of premium pet products. 'Accelerate Platforms' (Snack Bars, Ice Cream, Mexican Food, Natural & Organic), 25% of sales, Cereal 15%, Other Snacks and Meals 17%, Yogurt 12%, Baking Mixes and Dough 20%, and Pet Food 8%. By reporting segment, North America Retail generates 59% of sales, Europe & Australia 11%, Convenience Stores and Foodservice 12%, Asia & Latin America 10%, and Pet Food 8%. The company's fiscal year ends on the last Sunday of May. Fiscal 2020 was a 53-week fiscal year with the extra week falling in 4Q.
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Chris Graja, CFASenior Analyst: Retail