Blue Buffalo’s parent company, General Mills, reached US$610 million in fourth-quarter net sales for its pet segment in fiscal year 2022, an increase of 37%. This growth was driven by favorable net price realization and mix, along with pound-volume growth, according to a press release from General Mills.
During the first quarter of fiscal year 2022, General Mills acquired Tyson Foods’ pet treats business for US$1.2 billion in cash. The deal included the Nudges, Top Chews and True Chews brands. Net sales in Q4 FY22 included a benefit from the Tyson Foods’ pet treats acquisition. Organic net sales were up 22%. Pet food and treat segment operating profit increased 10% to US$113 million, driven primarily by favorable net price realization and mix and higher volume, including benefits from the pet treats acquisition, partially offset by higher input costs and higher selling, general and administrative expenses.
For the full year, General Mills pet segment net sales increased 30% to US$2.3 billion. Net price realization and mix added to net sales growth, including a favorable mix from the pet treats acquisition and the impact of SRM actions put in place in response to input cost inflation. Organic net sales were up 18%. Segment operating profit increased 13% to US$471 million, driven primarily by favorable net price realization and mix and higher volume, including benefits from the pet treats acquisition, partially offset by higher input costs and higher SG&A expenses.
General Mills pet food and treat segment net sales
- FY2022 - US$2,259.4 million, up 30% from FY2021 (US$1,732.4 million), a 2% change over FY2020 (US$1,694.6 million)
General Mills pet food and treat segment operating profit
- FY2022 - US$470.6 million, up 13% from FY2021 (US$415 million), up 6% from FY20 (US$390)
