General Mills’ net sales for the fourth quarter of fiscal year 2025 for its North America Pet segment were up 12% to UA$675 million, including a 9-point benefit from the North American Whitebridge Pet Brands acquisition. Organic net sales were up 3% and outpaced all-channel retail sales results by approximately 3 points, primarily driven by an increase in retailer inventory ahead of first-quarter customer activations. Including the Whitebridge acquisition, net sales in the quarter were up double digits for wet pet food and pet treats, and up mid-single digits for dry pet food. Segment operating profit of US$140 million was down 3%, driven by higher input costs and a double-digit increase in media investment, partially offset by favorable net price realization and mix and higher volume.
For the full fiscal year 2025, North America pet segment net sales were up 4% to US$2.5 billion. Organic net sales essentially matched year-ago levels, with higher organic pound volume partially offset by unfavorable organic net price realization and mix. The segment improved its competitiveness, including growing market share in dog feeding, which represented 60% of its U.S. retail sales. Segment operating profit increased 3% to US$501 million, driven primarily by cost savings, partially offset by a double-digit increase in media investment and unfavorable net price realization and mix.
“During the third quarter of fiscal 2025, we acquired NX Pet Holding, Inc., representing Whitebridge Pet Brands’ North American premium cat feeding and pet treating business, for a purchase price of US$1.4 billion,” General Mills executives wrote in a press release. “We financed the transaction with cash on hand and new debt. We consolidated Whitebridge Pet Brands into our consolidated balance sheets and recorded goodwill of US$1,087 million, an indefinite-lived intangible asset for the Tiki Pets brand totaling US$289 million, and a finite-lived customer relationship asset of US$31 million.
“During the fourth quarter of fiscal 2024, we acquired a pet food business in Europe for a purchase price of US$434 million, net of cash acquired,” they wrote. “During fiscal 2025, we paid US$8 million related to a purchase price holdback after closing conditions were met. We financed the transaction with cash on hand. We consolidated the business into our Consolidated Balance Sheets and recorded goodwill of US$318 million, an indefinite-lived brand intangible asset of US$118 million, and a finite-lived customer relationship asset of US$14 million.”
History of General Mills pet segment
In 2018. General Mills entered the pet food market when it acquired Blue Buffalo. The next major move came in May 2021, when General Mills acquired Tyson Foods’ pet treat business, including Nudges, Top Chews, and True Chews, for US$1.2 billion. The deal broadened its footprint in the pet treat market. In late 2023, the company acquired Fera Pets, adding natural, freeze‑dried pet food to its offerings. In April 2024, General Mills acquired the Belgian premium brand Edgard & Cooper, a high‑growth, digital‑first pet food maker with annual sales surpassing EUR100 million across 13 European markets. In November 2024, General Mills agreed to acquire North American assets of Whitebridge (including premium cat food brands Tiki Pets and Cloud Star) for about US$1.45 billion.
