The week ahead: General Mills, ConAgra FYs; Hormel investor day
General Mills' plans to revitalise yoghurt sales in US will be focus of analyst attention this week
Tuesday 25 June
Belgium-based retailer Colruyt reports its annual results. In the first nine months of its financial year, Colruyt booked an increase in sales, with growth reported at both its retail and wholesale units. Colruyt said that its value focus enabled it to grow market share in Belgium.
Wednesday 26 June
General Mills posts its annual financial figures. The US group has already said it expects higher profits; earlier this month, it lifted its forecast for its annual earnings. In March, General Mills booked higher sales and profits for the first nine months of its financial year. Revenues were boosted by the group's acquisitions of Yoki Alimentos in Brazil and the Yoplait business in Canada. Looking ahead, analysts will be looking for General Mills' plans for its US yoghurt business, which is expected to have seen sales fall last year.
Hormel Foods holds its annual investor day. The US food group issued a profit warning this week after lower-than-expected results from its pork operations, higher input costs and softer sales of refrigerated foods. The Spam owner insisted it remained "bullish" about its "future earnings potential" and said it would use the investor day to provide more details on its outlook. The takeover offer for pork rival Smithfield Foods has also prompted some on Wall Street to speculate about Hormel's attractiveness to potential suitors.
Thursday 27 June
Another US food company, ConAgra Foods, reports to the market. The company posts its results for its last financial year, a busy 12 months for the business as it included the acquisition of Ralcorp Holdings - a deal that made it the largest private-label group in the US. The year also included the acquisiton of frozen food assets from Unilever. It has admitted it is on the look-out for more deals - and has been named as a possible interested party in Del Monte Foods' canned food business, which is rumoured to be up for sale.
Another notable events next week include annual results from UK firm The Real Good Food Co.
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