General Mills is optimistic about the amount consumers will pay for a box of breakfast cereal.
Jeff Harmening, CEO, said the company is “innovating in new product forms that command premium price points,” and this includes a box of Morning Summit Maple Berry Blend cereal priced for a cool $13.
At the Consumer Analyst Group of New York (CAGNY) annual investor conference on Feb. 18, Harmening said the breakfast cereal category is improving in part thanks to a “stabilization in the balance of breakfast at home versus away from home, as well as a return to growth and the number of households of kids in the U.S.”
Morning Summit Maple Berry Blend, which first launched last year, includes almonds, whole grain wheat, coconut, pumpkin seeds and dried cherries among its ingredients. It was priced at $26 on Walmart.com as of this writing.
The company also plans to invest efforts in growing its yogurt and snack bars business.
