At the end of the last decade, General Mills and its competitors were fighting for every penny as many consumers abandoned legacy packaged food brands.
Between 2016 and 2019, General Mills' annual revenue rose a total of 2%, while profit climbed just 3%. And even that modest growth required sweat and sacrifice: The Golden Valley-based food maker repeatedly cut costs and tightened up finances to stay in the black.
But at the end of its 2022 fiscal year in May, General Mills' revenue was up 13% over 2019. And its profit? Up 54%.
