Volume Growth Strategy: General Mills is prioritizing a return to volume growth, particularly in the North America Retail (NAR) segment. The company began investing in value for brand products like Pillsbury and Totino's in Q3 FY25, leading to improved results. They plan to continue this strategy with targeted investments in additional categories, supported by strong advertising and new product offerings.

Q1 FY26 Expectations: Guidance for organic sales growth in FY26 is set at down 1% to flat growth. Analysts can expect initial challenges, as the company experienced a 3% decline in volume, but management believes that investments in value and marketing will rectify this trajectory over the fiscal year, potentially leading to a return to growth in the second half.

Pricing and Margin Concerns: The call revealed expectations for pricing pressures, with the company observing down trends in price/mix that could negatively impact margins. While management is confident about rebuilding margins through pricing and productivity initiatives, the degree to which investments may impact near-term margins raises concerns.