Progresso, the soup-making division of General Mills Inc. (GIS - Free Report) , recently introduced Good Natured’ soups which are high on vegetable content.
Keeping in mind the consumers shift in preference toward more healthy plant-based diets, General Mills has introduced this new range of vegan soups.
The soups are available in three flavors -- Hearty Tomato with Spinach and Roasted Garlic, Hearty Corn and Chipotle Chowder, and Hearty Lentil with Garden Vegetables. The products do not contain any dairy ingredients, preservatives or colors from artificial sources.
Recently, soup sales have down, which compelled the company to close its first plant in Vineland, NJ. Therefore, General Mills has been coming up with several innovative offers to reverse the trend. The vegetable soup launch also closely follows the introduction of Progresso chicken soups with 100% antibiotic and hormone-free chicken breast.
Management is hopeful that the unique flavors of the latest soup line will be a major attraction to consumers.
Notably, General Mills has been struggling due to the shift in consumer preference towards natural and organic food. The weakness continued into fiscal 2016, with sales declining 5% in the year. Also, in the first quarter of fiscal 2017, net sales dipped 7.1% year over year.
General Mills currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Better-ranked stocks in this industry include The Kraft Heinz Company (KHC - Free Report) , Tate & Lyle plc and ConAgra Foods, Inc. (CAG - Free Report) .
Kraft Heinz – a Zacks Rank #1 (Strong Buy) stock – is expected to witness a 48.05% rise in fiscal 2016 earnings.
Tate & Lyle is expected to see a 6.25% rise in fiscal 2017 earnings. The company carries a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
ConAgra Foods carries a Zanks Rank #2 (Buy). Fiscal 2017 earnings growth is projected at 18.20% for the company.
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