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    Leah Jordan

    Research Analyst at Goldman Sachs Group, Inc.

    Leah Jordan is an analyst at Goldman Sachs specializing in equity research, recently initiating coverage on companies such as Cal-Maine Foods, Inc. with nuanced recommendations and targeted price projections. Known for her rigorous approach to stock analysis, she provides both quantitative and qualitative insights that inform investor decision-making, including downgrading Cal-Maine Foods to a Neutral rating with a $110 price target in August 2025. While detailed historical performance metrics and a complete career timeline are not publicly available, Jordan is notable for her expertise in the consumer staples sector and for providing current coverage of leading food producers. Her professional credentials and prior work history have not been independently verified, but her current role at Goldman Sachs underscores her standing within the analyst community.

    Leah Jordan's questions to HORMEL FOODS CORP /DE/ (HRL) leadership

    Leah Jordan's questions to HORMEL FOODS CORP /DE/ (HRL) leadership • Q3 2025

    Question

    Leah Jordan of Goldman Sachs asked why overall retail pricing wasn't a top-line driver despite a turkey price hike, and inquired about the company's strategy for managing elasticity with future pricing actions planned for Q4 and 2026.

    Answer

    President John Ghingo explained that retail pricing has a longer lag time and requires balancing costs, consumer response, and brand health. He noted the Jennie-O pricing was successful due to brand strength. Recently announced targeted pricing will benefit late Q4 and into 2026, and the company's measured approach has allowed consumption for flagship brands to continue growing over 3%.

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    Leah Jordan's questions to Grocery Outlet Holding (GO) leadership

    Leah Jordan's questions to Grocery Outlet Holding (GO) leadership • Q2 2025

    Question

    Leah Jordan from Goldman Sachs asked for more detail on the opportunity to drive further SG&A leverage, including specific areas of optimization and a potential timeline.

    Answer

    President and CEO Jason Potter and CFO Chris Miller addressed the question. Potter pointed to future opportunities from optimizing systems post-stabilization, which will simplify processes and reduce costs. Miller added that the company is pleased with its cost reduction progress and is looking at all areas, including supply chain and freight. While some savings will be reinvested, he expects a meaningful net contribution to leverage in 2026.

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    Leah Jordan's questions to Grocery Outlet Holding (GO) leadership • Q1 2025

    Question

    Leah Jordan asked about the trade-off between defending market share and maintaining margins, especially with a lower comp outlook, and how quickly the company can react on pricing.

    Answer

    CEO Jason Potter described his approach as having 'one foot on the gas and one foot on the brake.' The strategy is to improve the cost base to create optionality for reinvestment. He views current initiatives as 'no regret moves' that will drive sales and stated that comp growth is the #1 metric, indicating a willingness to balance margin for sales.

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    Leah Jordan's questions to Grocery Outlet Holding (GO) leadership • Q4 2024

    Question

    Leah Jordan of Goldman Sachs questioned why the 2025 comparable sales growth guidance of 2-3% is below the company's historical mid-single-digit rate, especially in a normalized food environment, and asked if the competitive landscape has fundamentally changed.

    Answer

    An unnamed executive stated that they do not feel the competitive environment has fundamentally changed, noting that the promotional landscape remains rational and at pre-COVID levels. They expressed confidence in their value proposition and the flexibility of their model, asserting that competition is not the reason for the current comp guidance.

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    Leah Jordan's questions to Grocery Outlet Holding (GO) leadership • Q3 2024

    Question

    Leah Jordan questioned why the Q4 gross margin guidance doesn't reflect a benefit from lapping last year's initial system disruption and why the company isn't seeing a greater lift from the closure of closeout competitors.

    Answer

    Interim CFO Lindsay Gray explained that while system visibility has improved, ongoing inefficiencies are still a drag on margin, and the cautious guidance reflects this reality. Interim President and CEO Eric Lindberg added that while they are benefiting from competitor closures through stronger opportunistic buying, they are choosing to reinvest those gains back into price to restore their value proposition and drive sales momentum.

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    Leah Jordan's questions to TYSON FOODS (TSN) leadership

    Leah Jordan's questions to TYSON FOODS (TSN) leadership • Q3 2025

    Question

    Leah Jordan from Goldman Sachs inquired about the near-term outlook for cattle supply and costs in the Beef segment, given management's comment that heifer retention has begun. She also asked for details on input cost pressures and pricing flow-through in the Prepared Foods segment, noting its narrowed AOI guidance.

    Answer

    President & CEO Donnie King stated that heifer retention has likely started, with herd rebuilding expected in earnest in 2026 and benefits seen around 2028. Group President Brady Stewart added that the company is managing the cycle through operational discipline. Regarding Prepared Foods, King acknowledged a $60 million unplanned raw material cost increase in the quarter, which was offset by strong operational execution. CFO Curt Calaway noted the guidance implies a strong Q4 performance.

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    Leah Jordan's questions to Sprouts Farmers Market (SFM) leadership

    Leah Jordan's questions to Sprouts Farmers Market (SFM) leadership • Q2 2025

    Question

    Leah Jordan of Goldman Sachs inquired about the Sprouts Rewards loyalty program, asking for key learnings and surprises from the rollout, and sought details on digital sales trends, including partner performance and the growth of shop.sprouts.com.

    Answer

    CEO Jack Sinclair explained that loyalty program sign-ups and customer scanning are exceeding expectations, with a focus on execution and a full rollout by October. CFO Curtis Valentine added that digital sales growth is balanced across all partners, with shop.sprouts.com growing fastest from a lower base, and noted basket size differences between partners like Instacart and DoorDash.

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    Leah Jordan's questions to Sprouts Farmers Market (SFM) leadership • Q1 2025

    Question

    Leah Jordan inquired about the sustainability of strong gross margin expansion in light of decelerating comp guidance and macro uncertainty, asking about potential reinvestment plans and the balance between top-line and bottom-line growth. She also asked about the competitive landscape, questioning if other retailers are adopting health and wellness trends and how Sprouts can maintain its differentiated position.

    Answer

    CFO Curtis Valentine clarified that investments are focused on long-term growth drivers like loyalty, supply chain systems, and talent, similar to last year. He noted that while comps and margins will moderate, he expects continued EBIT margin expansion in Q2. CEO Jack Sinclair added that Sprouts remains focused on its health enthusiast customer within a large and growing $290 billion target market, which provides ample room for growth. He emphasized that Sprouts' differentiation comes from doubling down on specific product attributes that larger competitors do not focus on.

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    Leah Jordan's questions to Sprouts Farmers Market (SFM) leadership • Q4 2024

    Question

    Leah Jordan inquired about the expected magnitude of gross margin expansion for 2025 and the company's progress toward its long-term 10% store growth target, including any developer-related challenges.

    Answer

    CFO Curtis Valentine projected 25 to 30 basis points of gross margin expansion for the full year, driven by shrink improvements and supply chain leverage. CEO Jack Sinclair confirmed the company remains focused on disciplined new store growth, acknowledging some ongoing constraints with developers and interest rates but expressing confidence in the plan for at least 35 new stores in 2025.

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    Leah Jordan's questions to Sprouts Farmers Market (SFM) leadership • Q3 2024

    Question

    Leah Jordan asked about basket trends, including volume recovery and the inflation outlook, and also inquired about the current competitive environment, especially in produce.

    Answer

    CFO Curtis Valentine noted that on a core, like-for-like SKU basis, units are now flat, with overall units growing year-over-year. CEO Jack Sinclair added that inflation has settled into a more normalized, volatile state typical for fresh categories. He also stated that while they monitor produce pricing closely, they have not seen aggressive, broad-based competitive activity that causes concern.

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    Leah Jordan's questions to Kraft Heinz (KHC) leadership

    Leah Jordan's questions to Kraft Heinz (KHC) leadership • Q2 2025

    Question

    Leah Jordan requested more detail on sales trends in emerging markets and the drivers of a timing shift for inflation and promotions from Q2 into Q3.

    Answer

    CEO & Director Carlos Abrams-Rivera highlighted that 8% top-line growth in emerging markets was driven by both volume and price, giving him confidence in a double-digit exit rate for the year. EVP & Global CFO Andre Maciel quantified the timing shift's impact at 30-40 bps, attributing it to standard inventory recognition timing.

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    Leah Jordan's questions to HERSHEY (HSY) leadership

    Leah Jordan's questions to HERSHEY (HSY) leadership • Q2 2025

    Question

    Leah Jordan asked for details on the phasing of pricing actions through the back half of 2025 and into 2026, and questioned the rationale for such a large price increase now, given the elasticity risk.

    Answer

    Chairman, President & CEO Michele Buck justified the pricing as necessary to recover margins from sustained cocoa cost pressures and to fund brand investment. SVP & CFO Steve Voskuil detailed the phasing, noting a two-point impact to the enterprise top line this year, mostly in Q4, and a mid-teens impact next year. He added that about 80% of the profit benefit will be realized in 2026, with Easter 2026 being the first season impacted.

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    Leah Jordan's questions to HERSHEY (HSY) leadership • Q2 2025

    Question

    Leah Jordan asked for details on the phasing of pricing actions through 2026 and questioned the rationale for such a large increase now, given the risk of losing consumers.

    Answer

    Chairman, President & CEO Michele Buck justified the pricing as a strategic necessity for long-term margin recovery from cocoa inflation, emphasizing the portfolio's compelling value. SVP & CFO Steve Voskuil detailed the phasing: a ~2 point impact to 2025 top-line (mostly Q4) and a mid-teens impact in 2026, with Easter 2026 being the first season affected.

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    Leah Jordan's questions to HERSHEY (HSY) leadership • Q2 2025

    Question

    Leah Jordan of Goldman Sachs asked for details on the phasing of pricing actions through 2026 and the strategic rationale for such a large increase now, given the elasticity assumptions.

    Answer

    Chairman, President & CEO Michele Buck explained the pricing is necessary to recover margins from sustained cocoa cost pressures and allows for continued brand investment. SVP & CFO Steve Voskuil detailed that the pricing will have a ~2 point impact on 2025 top-line, mostly in Q4, and a mid-teens impact in 2026, with about 80% of the profit benefit realized next year. The first season impacted will be Easter 2026.

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    Leah Jordan's questions to HERSHEY (HSY) leadership • Q1 2025

    Question

    Leah Jordan asked for an update on the international competitive environment and inquired about the company's appetite for resuming share buybacks if the business outlook improves.

    Answer

    CEO Michele Buck reported that the competitive environment in key markets like Brazil has normalized, and Hershey gained share in India, Brazil, and Mexico. SVP and CFO Steve Voskuil stated that while M&A is the near-term focus, share repurchases remain a part of their long-term capital allocation strategy.

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    Leah Jordan's questions to Albertsons Companies (ACI) leadership

    Leah Jordan's questions to Albertsons Companies (ACI) leadership • Q1 2025

    Question

    Leah Jordan inquired about the drivers behind e-commerce profitability nearing breakeven and asked for details on the cadence of ID sales and the guided deceleration for Q2.

    Answer

    President & CFO Sharon McCollam clarified that e-commerce profitability is driven by volume leverage, labor efficiencies from new tools, and transportation cost management, noting its P&L is separate from the media collective. Regarding guidance, McCollam attributed the expected Q2 slowdown to tougher pharmacy growth comparisons and a strike impact, while reiterating expectations for progressive grocery unit improvement in the second half of the year.

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    Leah Jordan's questions to Albertsons Companies (ACI) leadership • Q1 2025

    Question

    Inquired about the drivers of improving e-commerce profitability, the role of the media collective in that, the cadence of ID sales in Q1, and the reasons for the guided deceleration in Q2.

    Answer

    E-commerce profitability is improving due to volume leveraging fixed costs, operational efficiencies, and better transportation costs; the media collective P&L is separate. The guided Q2 ID sales deceleration is attributed to tougher pharmacy growth comparisons and a strike impact. The company expects to be at the low end of its guidance range for Q2, with grocery units expected to improve sequentially through the year.

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    Leah Jordan's questions to Albertsons Companies (ACI) leadership • Q4 2024

    Question

    Leah Jordan inquired about Albertsons' price investment strategy, current price gaps amid a dynamic consumer environment, and how share buybacks are factored into the fiscal 2025 guidance.

    Answer

    CEO-elect Susan Morris stated that consumer behavior hasn't shifted dramatically, but there's a clear move toward value. She explained that price investments are surgical, varying by market and category, and guided by new analytical tools. President and CFO Sharon McCollam clarified that the guidance assumes a ratable repurchase of the $1.9 billion authorization over three years, equating to about $0.06 of EPS accretion annually.

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    Leah Jordan's questions to Albertsons Companies (ACI) leadership • Q3 2024

    Question

    Asked about the company's view of its current store footprint and opportunities for optimization. Also requested more detail on the retail media opportunity, competitive positioning, and timeline to becoming a meaningful profit driver.

    Answer

    The company sees opportunities for new store openings based on enhanced data analytics. They also plan to resume 'general hygiene' of the real estate portfolio, which could mean more store closures than in recent years. The retail media business, brought in-house in 2022, is growing fast and is expected to become a material contributor within the next three years, fueled by the growth of their digital platforms.

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    Leah Jordan's questions to Albertsons Companies (ACI) leadership • Q3 2024

    Question

    Leah Jordan asked for management's view on the current store footprint and future optimization opportunities. She also requested more detail on the retail media opportunity and Albertsons' competitive positioning.

    Answer

    President and CFO Sharon McCollam noted strong new store openings driven by enhanced data analytics, but also anticipated an increase in store closures for portfolio 'hygiene' over the next few years. CEO Vivek Sankaran and McCollam explained that the Albertsons Media Collective (AMC) is growing rapidly and is poised to become a material contributor, fueled by investments in their four digital platforms which create the necessary ad inventory.

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    Leah Jordan's questions to CONAGRA BRANDS (CAG) leadership

    Leah Jordan's questions to CONAGRA BRANDS (CAG) leadership • Q4 2025

    Question

    Leah Jordan of Goldman Sachs questioned the elasticity assumptions embedded in the guidance for planned pricing actions and asked about the confidence in taking price amid consumer value-seeking behavior.

    Answer

    President & CEO Sean Connolly explained that Conagra's elasticity is historically slightly better than competitors, and they have assumed a standard elasticity of nearly -1 for the grocery business. He detailed a bifurcated strategy: investing margin to drive volume in the growth-oriented Frozen and Snacks businesses, while taking necessary, inflation-justified pricing in the cash-generating canned food business where cash flow is the priority over volume.

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    Leah Jordan's questions to CONAGRA BRANDS (CAG) leadership • Q3 2025

    Question

    Leah Jordan asked about Conagra's confidence in achieving its 3x leverage target by the end of next year and sought details on the recent $40 million reduction in the current year's CapEx guidance.

    Answer

    CFO Dave Marberger stated that while cash flow remains strong and debt paydown is a priority, an update on the 3x leverage target will be provided in July. He clarified the CapEx reduction is purely a timing issue, with spending shifting into the next fiscal year. CEO Sean Connolly added that the company remains committed to its multiyear supply chain modernization investment plan.

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    Leah Jordan's questions to KROGER (KR) leadership

    Leah Jordan's questions to KROGER (KR) leadership • Q1 2025

    Question

    Leah Jordan of Goldman Sachs asked for details on growth trends in Retail Media, CPG partner engagement, and its profit impact. She also inquired about the drivers and magnitude of the improvement in shrink and the remaining opportunity for the year.

    Answer

    EVP & CFO David Kennerly noted that while CPGs remain cautious with spending, Kroger's retail media business continues to grow at a healthy rate, aided by its 'closed-loop measurement' capabilities. On shrink, he attributed progress to investments in AI-enabled technology and new processes. Interim CEO & Chairman Ronald Sargent added that higher sales and more store hours also contribute to lower shrink.

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    Leah Jordan's questions to KROGER (KR) leadership • Q1 2025

    Question

    Leah Jordan of Goldman Sachs asked for details on growth trends in Retail Media, including partner engagement and its profit impact. She also inquired about the drivers and magnitude of the improvement in shrink and the remaining opportunity for the year.

    Answer

    EVP & CFO David Kennerly stated that while CPG partners remain cautious with spending, the retail media business continues to grow at a healthy rate, driven by a strong product suite and differentiated 'closed-loop measurement' capabilities. On shrink, Mr. Kennerly attributed the continued improvement to investments in AI-enabled technology and new processes. Interim CEO & Chairman Ronald Sargent added that higher sales and more store hours also contributed to better shrink results.

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    Leah Jordan's questions to KROGER (KR) leadership • Q4 2024

    Question

    Leah Jordan inquired about the long-term path to improving digital profitability and how effectively lower costs and retail media growth can offset ongoing investments, such as price reductions, in the digital channel.

    Answer

    Interim CFO Todd Foley highlighted that Q4 delivered the best digital profit improvement to date, driven by progress in both pickup and delivery. He stated that while they are not yet at their target, the trajectory is positive. He also noted that value creation from levers like alternative profits, Our Brands, and productivity initiatives provides the necessary funds to continue investing in competitive pricing and associate wages.

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    Leah Jordan's questions to KROGER (KR) leadership • Q3 2024

    Question

    Leah Jordan from Goldman Sachs Group, Inc. asked for the outlook on food inflation into next year based on vendor conversations. She also requested more details on the new RFID tag initiative in the bakery, including the sales lift, current store rollout, and future plans.

    Answer

    Interim CFO Todd Foley indicated that while it's early, they expect inflation to remain relatively stable, possibly with a slight expansion, but nothing meaningfully different from the current rate. Chairman and CEO Rodney McMullen added that CPGs are offering more trade dollars. On RFID, McMullen described it as a promising test with positive early results for freshness and in-stock levels, but noted it's too early to quantify the lift and that tag costs need to come down before a broader rollout.

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    Leah Jordan's questions to KROGER (KR) leadership • Q2 2024

    Question

    Leah Jordan requested commentary on Kroger's market share trends during the quarter, with a specific interest in the performance of the Fresh category.

    Answer

    CEO Rodney McMullen reported that Fresh trends outpaced the center store. While stating they feel 'okay' about their current position, he noted they are not satisfied. He emphasized that strong growth in total and loyal households is a positive leading indicator for future market share gains.

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    Leah Jordan's questions to UNITED NATURAL FOODS (UNFI) leadership

    Leah Jordan's questions to UNITED NATURAL FOODS (UNFI) leadership • Q3 2025

    Question

    Leah Jordan of Goldman Sachs asked about UNFI's long-term strategy for the conventional segment following the Key Food termination and the drivers behind the quarter's strong volume growth amidst macro uncertainty.

    Answer

    CEO Sandy Douglas explained that UNFI's strategy targets a $90 billion addressable market of differentiation-focused retailers, and the Key Food exit was a unique, profitability-driven decision. President & CFO Giorgio Matteo Tarditi detailed that the 7.5% sales growth was driven by 400 bps from volume, 150 bps from inflation, and 200 bps from positive category mix, noting strong underlying momentum in the natural business.

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    Leah Jordan's questions to UNITED NATURAL FOODS (UNFI) leadership • Q1 2025

    Question

    Leah Jordan from Goldman Sachs asked about the drivers behind the implied sales deceleration for the remainder of the year, given strong Q1 volume, and questioned which categories are driving new business gains.

    Answer

    President & CFO Matteo Tarditi stated the guidance balances strong natural customer trends against modest conventional declines and DC optimization impacts. CEO Sandy Douglas added that growth is coming from differentiated retailers, particularly those with a multicultural focus, and from categories like fresh, natural, and professional and digital services.

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    Leah Jordan's questions to UNITED NATURAL FOODS (UNFI) leadership • Q4 2024

    Question

    Leah Jordan from Goldman Sachs Group, Inc. inquired about the key drivers for the fiscal 2025 gross margin outlook, including vendor promotions, and asked for an update on the retail segment's performance.

    Answer

    President & CFO Matteo Tarditi noted that benefits from shrink reduction are expected to be balanced by customer mix pressure, with promotions not yet at pre-pandemic levels. CEO Sandy Douglas added that higher-margin digital and professional services provide a tailwind and that a new strategy is being implemented to improve retail performance.

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    Leah Jordan's questions to SMITHFIELD FOODS (SFD) leadership

    Leah Jordan's questions to SMITHFIELD FOODS (SFD) leadership • Q1 2025

    Question

    Leah Jordan from Goldman Sachs requested details on how Packaged Meats volumes trended monthly during Q1 to isolate the Easter holiday impact and asked about the outlook for the volume-price balance for the rest of the year. She also followed up on the competitive and promotional environment within the category.

    Answer

    President of Packaged Meats Steven France addressed the questions, explaining that the Q1 volume decline was primarily due to the Easter shift into Q2, and the company still expects about 1% volume growth for the full year. He highlighted that Smithfield's diverse brand portfolio and strong private label presence allow it to retain consumers as they trade down. Regarding the competitive landscape, France stated that promotional activity is consistent with historical patterns and that Smithfield remains focused on long-term brand building rather than short-term, price-driven share gains.

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    Leah Jordan's questions to SMITHFIELD FOODS (SFD) leadership • Q1 2025

    Question

    Asked for details on monthly volume trends in Packaged Meats to understand the Easter shift, the outlook for the volume/price balance, and the competitive and promotional environment given consumer trade-downs.

    Answer

    The Easter shift moved volume from Q1 to Q2, but full-year volume growth is still expected at 1%. Their diverse portfolio, including private label, helps manage consumer trade-downs and raw material costs. They maintain a consistent, long-term promotional strategy focused on brand building rather than short-term price-driven share gains.

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    Leah Jordan's questions to SMITHFIELD FOODS (SFD) leadership • Q1 2025

    Question

    Leah Jordan from Goldman Sachs asked for more detail on how Packaged Meats volumes trended through Q1 to isolate the Easter shift and the outlook for the volume/price balance. She also questioned the current competitive and promotional environment given consumer trade-downs.

    Answer

    Steve France, President of Packaged Meats, explained the Q1 volume was impacted by the Easter shift, higher raw material costs, and consumer trade-downs, but reiterated the full-year volume growth target of 1%. He noted the company's diverse brand portfolio and strength in private label help mitigate trade-down effects. On the competitive front, France stated that their promotional strategy remains consistent and focused on long-term consumer acceptance rather than short-term share grabs via price.

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    Leah Jordan's questions to SMITHFIELD FOODS (SFD) leadership • Q4 2024

    Question

    Leah Jordan asked for details on the 'cautious consumer environment,' inquiring about observed shifts in consumer behavior and any changes to the company's strategy regarding value-added products or trade spending. She also requested an update on the Hog Production optimization plan and its progress toward medium-term goals.

    Answer

    President of Packaged Meats, Steve France, noted that Smithfield is well-positioned to capture consumer shifts through its broad brand portfolio and private label offerings, which have become more strategic. President and CEO Shane Smith detailed the Hog Production optimization strategy, including converting growers to independent producers and improving owned-farm cost structures, reiterating the medium-term goal of reducing internal production to approximately 10 million hogs.

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    Leah Jordan's questions to GENERAL MILLS (GIS) leadership

    Leah Jordan's questions to GENERAL MILLS (GIS) leadership • Q3 2025

    Question

    Leah Jordan asked for more detail on the Cereal segment's recent decline, how it compared to internal expectations, and what provides confidence for a Q4 rebound and the category's long-term durability.

    Answer

    CEO Jeffrey Harmening stated the Q3 Cereal performance was largely expected due to an inventory reduction and a tough competitor comparison. He expressed confidence in a Q4 improvement driven by increased media spend and strong merchandising. For the long term, he believes growth will come from meeting consumer demand for benefits like protein and for beloved tastes like Cinnamon Toast Crunch.

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    Leah Jordan's questions to GENERAL MILLS (GIS) leadership • Q3 2025

    Question

    Leah Jordan requested more detail on the Cereal segment's decline, asking how it compared to internal expectations, what provides confidence for a Q4 rebound, and what the long-term outlook is for the category's durability.

    Answer

    CEO Jeffrey Harmening stated the Q3 Cereal performance was largely in line with expectations, impacted by a prior-quarter inventory build, a competitor being off-shelf in the prior year, and lower media spend. He expressed confidence in a Q4 improvement driven by increased media, normalized inventory, and strong merchandising. Long-term, he believes growth comes from meeting consumer needs, from protein innovation to beloved indulgent brands.

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