Thanks for the question. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Have a great holiday everyone. So I was wondering if we could — if you could quantify how much of those have extended, and how much of these might stay sort of post-pandemic. What I know is that the growth in Blue Buffalo really isn’t pandemic related and even though anecdotally, adoptions are up for pets and certainly among millennials that’s actually was not driving the growth of the category and is not driving the growth of Blue Buffalo. Great. And I think in 4Q, you had said that you had incurred around $100 million of COVID-related costs, and you talked about those extending into fiscal ’21. So I think that’s the posture we’ve taken, as we’ve looked at how to service demand in this environment. General Mills Inc (NYSE:GIS) Q2 2021 Earnings Call Dec 17, 2020, 9:00 a.m. We are in different locations, so we will make sure that technology works well for us and everything goes smoothly. And so then a basic question, what it’s — what was going to happen going forward? So thanks, Ken. And we think that an omnichannel approach to marketing, where you have some in-store presence, but you can also meet pet parents, where they are one-on-one online is going to be an increasingly important — important part of our business. Please proceed. Sure. Great. Upfront, it seems like it may have been supply chain issue. As we mentioned in the prepared remarks, one of the things we’re flagging is an expectation that we will see some of the external supply chain costs shift into Q3, which will be an offset to some of the expected leverage benefit, we would expect to see with the volume that we’re guiding to for the quarter. Yeah. Thanks. General Mills generated $1,426.8 million as net cash from operating activities in six months ended Nov 29, 2020. This transcript is produced by AlphaStreet, Inc. Our higher operational costs to service demand in this environment, which is one of the categories that we would have flagged as being linked to the pandemic would follow that. We’re growing in the food, drug and mass channel. Thanks. 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. As we move through the first half of fiscal ’21, we were able to replenish about 4 points of that gap. 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. Because there are no longer free channels in the TV set, where you can advertise on a variety of formats, whether it’s through gaming or Instagram or Hulu or what have you. General Mills Inc (NYSE: GIS) earnings release for the 2nd quarter of their 2020 fiscal year. And for the retailers to really be efficient and run the shelf well both for the customers coming in, as well as the customers driving through, they are moving to fewer SKUs on the shelf with higher velocity. And I was hoping you could expand on that. I think you said at the time that just Haagen-Dazs China alone was 150 basis point headwind to your total operating profit margin in the quarter. Yeah. 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. Then within that, what we saw within our categories during the — during the last Great Recession, we actually held share through the Great Recession. Share; Tweet; 0. And are there any particular categories where you would maybe like to expand in? And that is certainly true of our US business, but it’s also true of what we’re seeing in China and Korea and Europe as well. 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. And hopefully, we get Jeff back too. The second thing we said we would do is once we get our leverage down was to increase our dividend and we’ve increased our dividend rate by 4% so far this year, so we’ve done that. We appreciate you joining us today for our question-and-answer session on our second quarter results. Good morning. So, question was kind of by channel. Thank you. You have all this fixed cost leverage from another 7% organic growth quarter coming. Sure. 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. I think it was a bit choppy, but I think that was the question. How that marketing — that marketing mix will change over time. I would still expect us to have a strong quarter in the third quarter and our movements remain strong. General Mills Fiscal 2021 Q2 Logistics Press Release General Mills Fiscal 2021 Q2 Earnings Press Release (opens in new window) PDF 624 KB Q2 Presentation (opens in new window) PDF 2.58 MB Recording - Prepared Remarks (opens in new … Okay. Jeff in — in your prepared remarks, you called out, and I think you did last quarter too, but you called out some interesting results in China, where traffic in the Company’s retail shops is coming back towards normal levels, but sales of at-home consumption items like Wanchai Ferry still remain quite elevated. The first thing I would tell you is that, we would hope to get to a more, what we would consider to be more normal capital allocation process now that our net debt to EBITDA ratio is in about the 2.9 range, so it gives us a lot of flexibility. It would seem like the supply chain issue maybe has kind of drifted a little bit speaks more broadly and positively to brands overall. So sticking with the European theme. Related Topics. In the consumer convenience and foodservice is the opposite, where because of school closings and all the rest, we — certain distributors aren’t carrying as much inventory and we probably are a little bit — our RNS is behind demand for the quarter. And if you’re asking whether advertising has changed over time, the answer is, of course, it has. I’m really pleased with the performance of our French yogurt business. Sales are improving in Europe, and you mentioned in your prepared remarks, I mean, Old El Paso and Haagen-Dazs being a major element of that recovery. Shares of General Mills (NYSE:GIS) moved lower by 0.4% in pre-market trading after the company reported Q2 results.. Quarterly Results. 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. Over the last four quarters, the company has surpassed consensus EPS estimates four times. But there was just enormous skepticism on the ability of that business as part of General Mills to keep going. We measure ROIs for a long time, and we think we’re pretty good at it. 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. So, wanted to ask a little bit more about Pet Food. I would say, as we think about capital allocation, obviously the first call is to the business and we’ve increased our capital spending this year behind some nice growth projects, especially in cereal and fruit snacks and Mexican food. I will tell you though that what I — what I do see is that there are certainly a lot more people have been introduced to baking. Earnings per … General Mills' fiscal fourth quarter of 2020 captured the beginning of the COVID-19 pandemic, and the 16% organic sales spike from that period will set an extremely high bar. We’re growing share, but we’re also growing in the absolute. A shopper chooses a bag of Blue Buffalo dog food in a pet food store in New York. AT&T (NYSE: T) reported fourth-quarter 2020 financial results before the regular market hours on Wednesday. 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. But I think we’re going to — going to wrap it up here, and wish everybody a very safe and healthy holiday. We don’t need to necessarily wait for the end of the pandemic before we do either M&A or share buybacks, but now we have the flexibility on our balance sheet to resume those kind of activities and to create value for shareholders in a variety of ways, which we feel great about. I’ve seen some predictions that e-commerce could be as much as 20% to 25% of the grocery industry over time. 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