So we have shipped a little bit ahead of movement, as it pertain to this year. Andrew, let me start by — let me start with those questions. And so we know that people have baked more, and they are going to be more confident baking, which would point to perhaps baking remaining elevated. Is the total budget down? General Mills Inc Q2 2021 earnings call dated Dec. 17, 2020. The things that led the growth, as you say are our Haagen-Dazs business and our Old El Paso business, which have good margins, which is why you see our profitability up in the quarter outpacing our sales growth. And then I would just also add that we do have an existing share repurchase plan with a fair amount of authorization remaining up and standing. We know that household penetration has especially increased among young families and especially among Hispanic families. Jonathon J. Nudi … This transcript is produced by AlphaStreet, Inc. The other component to your point, so most of that would come at gross margin that would be potentially some additional costs that come through at the admin line, as we advance some of the investment and capability. Thanks. David, yeah, I read your report and I don’t agree with all of it. Yeah. I’ll pass it along. I hope everyone had the time to review our press release, listen to the prepared remarks and view our presentation materials which were made available this morning on our Investor Relations website. We’re seeing a little bit of the same thing in Australia, where our current movement on Australia is not what it was at the beginning of the pandemic, when they were on a lockdown. I mean, we — I put this in my prepared remarks because there’s a lot of speculation among us as CPG, people and food, as well as investors and analysts about what’s going to happen post-pandemic and we’re all looking forward to that day. A shopper chooses a bag of Blue Buffalo dog food in a pet food store in New York. Our next question comes from David Driscoll with DD Research. I wanted to talk about reinvestment in growth. We’ll have to see when we get there. Kofi, you want to take a crack at answer. Frank, you can get us started. Okay. So pretty significant change in a short period of time. Our next question comes from Faiza Alwy with Deutsche Bank. But I think the other and more important is, as you think about the operational costs that we’re incurring to service higher levels of demand, the way that we have pursued supplementing our capacity allows us to scale down to the extent that demand comes off its peak even if it remains elevated. The telecommunications giant reported fourth-quarter revenue of $45.7 billion, down 2% year-over-year, but above the, Abbott (NYSE: ABT) today announced its fourth-quarter financial results for the period ended December 31, 2020. So, are you waiting for the pandemic to essentially go away before you take some actions on the M&A front? And while it’s not up as high as it was at the beginning of the pandemic, it’s still up — it’s still up double digits and significantly above where it was pre-pandemic. Corporate Participants: Jeff Siemon — Vice President of Investor Relations. Thank you. Thank you, Frank and good morning, everyone. So the pandemic changed a lot of things including the ability of consumers to get into stores. Got a confidential news tip? And happy holidays. But our — but our yogurt business, particularly in France, continue to grow. They certainly surprised me. Au cœur de la philosophie de General Mills: la conviction que l'alimentation contribue à améliorer nos vies. But I would expect our shipments to be strong and our movement to continue to be strong because what we’re seeing in the category right now is mid-single-digit growth really led by premiumization and because Blue Buffalo is the best brand in that — and the biggest brand in that segment, we’re performing well. I’m really pleased with the performance of our French yogurt business. Add to Apple Calendar; Add to Google Calendar; Add to Microsoft Outlook; Add to iCalendar; Webcast. Our next question comes from Alexia Howard with Bernstein. GIS General Mills 10-Q 2019 2020 Q2 Quarterly report. We’ve been focused on building our brands. Great. What hasn’t change though is what drives ROI. So that’s, I mean, I — I like to try to get back to what has happened because everyone likes to speculate about what will happen, and I do, too. There are certainly costs that we’ve been bearing as we deal with some of the health and safety protocols to support safe operation in this environment. Can you talk a little broadly about how your business model might change if that becomes that big of a penetration or it is not much have to change. I’m going to pass it to Jon Nudi for specifics on North America Retail. We over-index in our categories, because we’ve got great brands, and we’ve got really good capabilities. Data is a real-time snapshot *Data is delayed at least 15 minutes. And then my follow-up, you’re guiding to a flat EBIT margin year-on-year in the third quarter, but in 3Q ’20, you did have a pretty big hit from COVID in China. I know you had previously talked about some type of portfolio optimization or some divestments. But I think it’s instructive always to go back and look to see what has happened. So wet pet food was plus 25% in the quarter, treats up plus 40%. They may — consumers may decided to shift to more to private label. Go ahead. Jeffrey L. Harmening — Chairman of the Board and Chief Executive Officer. So for the US in particular and Canada as well, we’re seeing less promotional activity really through the first half of our year. Greetings, and welcome to the General Mills Quarter Two Fiscal 2021 Earnings Call. Sorry, there is a lot there, but thanks. We are expecting about 3% input cost inflation and continue to track to roughly that. But I respect the fact that you put out there what you think. As to how we grow into the future, I can’t promise that we’re going to grow double digits in the future. But if what happens during the last Great Recession happens again in our categories, we’ll at least hold share during that period of time. So good job on that one. A shopper chooses a bag of Blue Buffalo dog food in a pet food store in New York. You turn around a year later, China is doing great. General Mills Inc (NYSE: GIS) earnings release for the 2nd quarter of their 2020 fiscal year. 18 Dec 19 Files SEC. So, I totally get it. So if we kind of transition to kind of a newer normal, where there is more flexibility, people working in home, and we’re kind of pass the pandemic. Let me try to unpack it for you because — and it’s a fair question. And so what we — then the question is, what comes forward and we don’t see any reason why consumers won’t continue to buy big brands. Over the last four quarters, the company has surpassed consensus EPS estimates four times. We are in different locations, so we will make sure that technology works well for us and everything goes smoothly. The first shift really is away from — away from home eating to at-home eating, because the economics of eating at-home are a lot more favorable for consumers, than the economics of eating away from home. And so we feel good about our performance there. Please proceed. What’s changed is that where people go for information. Things like soup, we chose to pull a significant amount of merchandising really through our first half to make sure that we have product available, as we get into key season. General Mills (NYSE: GIS): Q2 2020 Earnings Snapshot December 18, 2019 March 25, 2020 — General Mills ( NYSE: GIS ) reported adjusted earnings of $0.95 per share for the second quarter of 2020, vs. $0.88 per share expected. I don’t think over the coming couple of years, our model are going to be — is going to change very much, because the click and collect model, where consumers pick things up themselves, it’s so much more profitable for our retail partners. And so to the extent we see bolt-on acquisitions that we think will be accretive to our growth and good for shareholders, we now have the flexibility to do that. And what I like about this particular question is I hope this is not a pandemic-related question and that you guys do have some very clear thoughts about it because it says, I think you guys have said yourself, the pets don’t eat at restaurants, so hopefully, that makes sense. They cut back on advertising spending during much of the 2010s, and there is going to be this reinvestment now. But do you see the dynamic in markets like China and others, maybe Australia? But there was just enormous skepticism on the ability of that business as part of General Mills to keep going. Category: Stock Market and General Mills Inc Date: 19 December 2019 Stock Price: $53.18. Thanks. Frank, we can go ahead with the next question. General Mills Inc Q1 2021 Earnings Call Sep 23, 2020, 8:30 a.m. Net sales rose to $4.42 billion from $4.41 billion, missing the average analyst estimate of $4.43 billion, according to IBES data from Refinitiv. What I like is that, our meals and baking businesses here in the US are — the margins are really good on those, as they are in cereal. So, question was kind of by channel. It takes a long time to gain awareness. The company expects its fourth-quarter sales to be “above pre-pandemic levels” but lower than its fourth quarter fiscal 2020 results. And a follow-up for you, different subject. MINNEAPOLIS, Minnesota — General Mills adds leadership in building out its digital and data capabilities with the hiring of Jaime Montemayor as Chief Digital & Technology Officer reporting to Chairman and Chief Executive Officer, Jeff Harmening, effective February 24, 2020. ET on Zacks.com 5 Top Stock Trades for Thursday: IQ, BIDU, DKNG, RAD, GIS There are some places we’ve looked, we probably only have 20% awareness in some accounts that Blue Buffalo actually exists at that supermarket chain. All right. Any reproduction, redistribution or retransmission is expressly prohibited. So, wanted to ask a little bit more about Pet Food. I think it will continue to evolve. And we think that’s important, because at the very minimum what it points to is that consumer eating habits, while they — while they may change from where they are now, once we have a vaccine and once we’re post pandemic doesn’t necessarily mean they’re going to go all the way back to where they were before or in a minimum aren’t going to go back as fast. So it’s a — it’s a fairly global phenomenon. But I think the concern or the expectation is that maybe advertising doesn’t work for these categories or it didn’t — it doesn’t work like it used to. I think I even heard, Jeff still talking. So as you know, we discount — or we put on hold a significant number of soup SKUs, as we went into the pandemic. Thank you. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. I would think that they’re just kind of there, if you’re using external providers. Yeah. Got it. So first, I’ll start with saying we had a tremendous quarter in pet food in general and a really good first half of the year. Why shouldn’t we be modeling an EBIT margin, maybe a little bit higher than that 16.2%-ish number you did a year ago at this time? I mean, 18 months ago, about 5% of our business globally was through e-commerce and 18 months has now jumped to 10%. And any color there would be helpful? I was hoping that you could help quantify sort of some of the puts and takes on the gross margin line. And we wouldn’t see get — necessarily getting away from an in-store model, but we begun to supplement that with — not only with TV advertising, but also digital advertising and digital marketing. And at least, so far, we’ve seen private label shares decline, whether it’s in pet food or human food or — or even in Europe. But again, promo frequency is down in capacity constraint categories though. And then can you just give us — you’ve mentioned a bunch of things so far in the script, but can you just kind of hone in on some of the pieces here that would give us that double-digit growth for some time into the future? Please proceed. In fact, our yogurt business throughout the world, with the exception of the UK, where we discontinued a sub line in adult yogurt. Thank you very much. I was trying to get a sense of what this means for your third quarter since you didn’t call it out as a headwind? We do continue to watch with the hawkish eye the return on investment on those brand building activities. What I think is different and probably underappreciated about what we have is, we have a lot of first party data through BettyCrocker.com and Pillsbury.com and Box Tops. So we have we have not been doing so this year, in part, because COVID, it impacts, it permeates so many areas of our business and there probably is a level of visibility that is hard to get much more granular than we have been. What we’ve seen now is that in the categories in which we compete not only here in the US, but in Europe and Brazil as well is that we continue to gain market share because we’ve got a good brand strength, as well as good supply chains. And whether that’s high single digits or double digits will remain to be seen. And I guess, more specifically, your brands and the market share you have been able to hold or take within the US really over the past nine months kind of vis-a-vis private label, right. Jon Nudi, you want to — you want to pickup on that. How I think about it for the first half of the year, then, our reported net sales are up about 13%. Jon, you are there. Good morning. 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