And what we learned was some of those, we can do without, but some of them are important because variety matters to consumers. Neither the information nor any opinion expressed in this transcript constitutes a solicitation of the purchase or sale of securities or commodities. We’re growing in the food, drug and mass channel. Thank you. So, that delta continues to be important as pet parents switch from whatever they were feeding pets before into more premium pet food. And what we’re introducing in the marketplace is going to taste great. Is the total budget down? General Mills Inc Q1 2021 Earnings Call Sep 23, 2020, 8:30 a.m. So, wanted to ask a little bit more about Pet Food. Thank you. Category: Stock Market and General Mills Inc Date: 19 December 2019 Stock Price: $53.18. The first one is just Kofi around margins. General Mills: A U.S.-based food company. Please proceed. 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. I was hoping that you could help quantify sort of some of the puts and takes on the gross margin line. Let me just give you a sense here that the kind of the — in order of magnitude, the way to think about the cost structure on gross margin. 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. Can you hear — this is Jon Nudi, can you hear me? With the addition of pet food and wet cat food, I mean, what to expect, I mean, for wet pet food, I mean — I mean, this coming calendar year. I think it will continue to evolve. You have to start with the consumer and really understand what they are looking for. And I think the capabilities, as you think about those, in particular data and analytics, those are — those are coming through in our admin line. I think in your answer to one of the first questions you said, underlying demand is running 10% to 11%. So we’re launching those as well. Well, you certainly get big congratulations from me on the performance here, we’ve seen other businesses, and other companies struggle. But there was just enormous skepticism on the ability of that business as part of General Mills to keep going. Private label actually grew share. What I would say is that, let me go back to the last Great Recession because I was actually marketing during that. So there was no fixed cost leverage. 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. Are you more active in the M&A market than you were maybe a year ago? Our next question comes from David Driscoll with DD Research. But what I can tell you is that, I am confident we have the best premium brand in the pet category, I am confident that the premiumization of pet food will continue. Please proceed. Flour Mills declared a profit of N5.65 billion in Q3 2020, a 150.26% improvement from 2019 figures. Just curious about [Technical Issues] coming back or the retailer is expecting to spend back a little bit more than you normally would do because they want some of that money back that wasn’t spent earlier in the year [Technical Issues] talk about those dynamics, and then I’ll pass it on? And so we feel good about our performance there. Jon Nudi, you want to — you want to pickup on that. We know that household penetration has especially increased among young families and especially among Hispanic families. Please proceed. 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. But I think it’s instructive always to go back and look to see what has happened. Kofi Bruce — Chief Financial Officer. [Operator Instructions] Our first question comes from Ken Goldman with JPMorgan. And I think that’s based on the investments that the retailers are making and the expectation that consumers enjoy getting the convenience during the pandemic. And so we’re following that just as everybody else’s. So that we’re very well positioned. General Mills (GIS) earnings Q2 2020. General Mills' (GIS) second-quarter fiscal 2021 earnings and sales increase year over year. And happy and safe holidays for you. 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. Kofi, anything you want to add to that? But it’s a really good question. So, there really isn’t any additional gates should we decide that share repurchases makes sense. And I have a quick follow-up. We didn’t need to rely as much on it, but as we go into Q3 with an expectation of demand remaining elevated and recognizing and linking to the fact that we didn’t see as much inventory replenishment in North America Retail, we would expect to have to lean more heavily on external supply chain in Q3, as we expect to make some progress against that inventory rebuild. This is a 11.76% increase over earnings of 85 cents per share from the same period last year. 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. Great. The maker of Cocoa Puffs and Lucky Charms acquired Blue Buffalo Pet Products for $8 billion last year in a push to capitalize on growing demand for pet food. General Mills Earnings. Hi. 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. And so that is — that’s one of the things we saw during the last Great Recession. And if you’re asking whether advertising has changed over time, the answer is, of course, it has. 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. Yeah. And whether that’s high single digits or double digits will remain to be seen. So, are you waiting for the pandemic to essentially go away before you take some actions on the M&A front? And we got a lot right. We just have to kind of keep up with retailers demand. So, that would be the — that would be the top line. I think, Jeff, you mentioned in your prepared remarks that you have sort of incremental flexibility around bolt-on M&A and share repurchases at the right time. Categories Earnings Call Transcripts, Other Industries, General Mills Inc  (NYSE: GIS) Q2 2021 earnings call dated Dec. 17, 2020, Jeff Siemon — Vice President of Investor Relations, Jeffrey L. Harmening — Chairman of the Board and Chief Executive Officer, Jonathon J. Nudi — Group President of North America Retail, Bryan Spillane — Bank of America — Analyst, Greetings and welcome to the General Mills Quarter Two Fiscal 2021 Earnings Call. We measure ROIs for a long time, and we think we’re pretty good at it. Okay. How that marketing — that marketing mix will change over time. And also I think you said in the past that you would be launching new treats at the beginning of the calendar year. I would say in general for this quarter, as I look at our whole enterprise, we really haven’t built inventories in the second quarter, but it really does depend on the segment. Thanks so much. 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. But we have seen growth in our business in Australia even in the last few months as restrictions have been eased. So I’m just trying to kind of right size, how we should be thinking about brands overall with respect to kind of the economic backdrop and then kind of compared to private label. 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. And we do believe by the end of the fiscal year, we’ll get there. 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 I think we’ve proven that despite the fact that we’ve lapped our food, drug and mass expansion that we can continue to grow this brand. And so we’re excited about that. General Mills' profit beat Wall Street expectations as the Cheerios maker benefited from higher demand for its pet foods. Thanks. I’ll pass it on. So wet pet food was plus 25% in the quarter, treats up plus 40%. So that’s the first big shift that takes place. Just let me frame out as you look at, in particular, some of the brand building activity that you would look at through media, we’re up roughly double — double digits through the first half in terms of support behind key platforms and key ideas. So it’s a dynamic discussion that’s going on with the retail partners and something we’ll continue to assess, as we move through back half of the year. Our next question comes from Jason English with Goldman Sachs. We over-index in our categories, because we’ve got great brands, and we’ve got really good capabilities. So the pandemic changed a lot of things including the ability of consumers to get into stores. I’ll pass it along. And I’ll tell you again, it’s a balancing act. A lot of different ways that we can create value for shareholders. Okay. December 18, 2019 admin Earnings 0. Earnings per … But I would tell you, at least in the near term, I think we’re very well positioned. Outside of the UK, whether it’s Canada, whether it’s the US, whether it’s France, our biggest markets, we’re actually growing our market share in yogurt. And in North America Retail because our movement was about 9%, and our shipments were about 9%, we saw very little movement. So we think we’re set up well for the dynamic that’s going to play out in the shelf in the future. It’s 40% FDM, got it. As it relates to the topic of how we shipped relative to demand, I would say in the first quarter of this year, we shipped behind demand and recall our growth — our reported growth was 6% even though our movement was probably in high single digits. It would seem like the supply chain issue maybe has kind of drifted a little bit speaks more broadly and positively to brands overall. 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. And so to the extent, the mix changes, I think we would still have an opportunity to grow profitably. Upfront, it seems like it may have been supply chain issue. Thanks. Our next question comes from Robert Moskow with Credit Suisse. So again, it’s really a category-by-category dynamic that’s going on. I am just wondering structurally what the differences are between these two markets. Pardon me, we’re trying to reach Mr. Siemon back. Great. A shopper chooses a bag of Blue Buffalo dog food in a pet food store in New York. So now actually, we saw also trends improving in yogurt. When it comes to treats, we are — we do have some treat launches lined up here for the third quarter. General Mills adds leadership in digital and data capabilities . And I think we’ve proven through our M&A and Blue Buffalo that we can add value through M&A and clearly share buybacks are something that can add value as well. Share; Tweet; 0. Jeff, maybe just a — kind of a broader question, just around the strength of brands, right. Thanks for your question. Please proceed. Thank you. At-home food demand is expected to continue at an elevated rate. Hey, good morning, folks. All Rights Reserved. I think the — there is a — almost a cynicism or skepticism out there for people watching the food space, they see the food companies and Mills was part of this. 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. How it looks five years from now? 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. No, I think, we continue to be very pleased with the progress we’re making on debt deleverage and so I think as we look at that as the gate that probably most matters. And I would imagine some costs that you had related to COVID mitigation, that plans will come down. And then I’ve got a follow up, please. Have a great holiday everyone. Dec 17, 2020 6:02AM EST (RTTNews) - General Mills, Inc. (GIS) will host a conference call at 9:00 AM ET on December 17, 2020, to discuss Q2 21 … Au cœur de la philosophie de General Mills: la conviction que l'alimentation contribue à améliorer nos vies. It could be advertising, it could be other capabilities. 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. I wanted to talk about reinvestment in growth. Greetings and welcome to the General Mills Second Quarter Fiscal 2020 Earnings Conference Call. Sure, Rob. AT&T (NYSE: T) reported fourth-quarter 2020 financial results before the regular market hours on Wednesday. Yeah. More robust than I was expecting. Some of those could potentially go away. Private label actually grew as well. Please proceed. So Rob, let me — I’ll provide a little back-to-start [Phonetic] perspective, then we can talk about what happened in the future. Andrew, let me start by — let me start with those questions. Sure. The category is being driven by the premiumization of Pet Food and we know that because the dollar growth is up mid-single-digits in the category and the pounds are only up low-single digits. Advertising high net [Phonetic] Cheerios Heart Health on gaming probably wouldn’t be the best idea. Thanks, Jeff, and hi, Andrew. Yeah. I think we’ll still see lower levels of depth of discount in some of the categories that are capacity constrained. And you know, you had organic sales growth that quarter of 0%, which was pretty low for you guys. My follow-up question is on staying with pet is on the marketing model. But I am confident that should we see a change in mix that we can navigate in a way that we can produce — hopefully produce some growth, but also maintain profitability as we do it. Thank you. Then within that, what we saw within our categories during the — during the last Great Recession, we actually held share through the Great Recession. 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. 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. General Mills Inc (NYSE:GIS) Q2 2021 Earnings Call Dec 17, 2020, 9:00 a.m. We have a robust pipeline of renovation and new products and that we can continue to grow in food, drug and mass. Europe looks kind of more normal, the sales growth is not so big. So of course, every market is not like-for-like. Andrew, that’s a — it is a very good question, and also a good memory from what we talked about in Q1. Get this delivered to your inbox, and more info about our products and services. Absolutely, and I’ll try to steer clear of getting too deep into fiscal ’22 given a humble respect for the uncertainty in the environment we’ve got right in front of us. Appreciate the thoughts. I appreciate it. What’s changed is that where people go for information. 18 Dec 19 Files SEC. But I think that we’re all — we were all confident when we bought Blue Buffalo that we could do a lot of good things with this business. I’m here virtually with Jeff Harmening, our Chairman and CEO; Kofi Bruce, our CFO; and Jon Nudi, Group President of our North America Retail segment. 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. Net earnings attributable to the company rose 69% to $580.8 million in the second quarter ended Nov. 24, as it recorded impairment and restructuring costs of $209.4 million in the year-ago quarter. So our European business is doing well. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Yeah. And we’ve done a really good job with North America Retail in that regard. 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? So those orders are being fulfilled from the shelf. Thanks. So I think we’ve left ourselves with agility to not build a lot of these costs into our structure. And any color there would be helpful? And so we point these things out, and I point these things out because while there is a lot of speculation about what might happen, there are at least a couple of places, where we’re watching what is happening, and that would point to continued levels of pretty high demand even once where we have a vaccine and once the lockdown restrictions have been lifted. General Mills' quarterly sales missed Wall Street expectations on Wednesday, as the Cheerios maker was hit by lower demand for its snacks and yogurts in the United States. Jeff, when you bought the business, there was guidance from the old team at double-digit top-line growth. Footnotes only. Thank you, Frank and good morning, everyone. But I think everyone wants to do it profitably as well. Corporate Participants: Jeff Siemon — Vice President of Investor Relations. I do think that e-commerce will continue to grow. So, I totally get it. When you look at our retail sales in Europe during the quarter, they are up 11%. 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? Frank, you can get us started. Shares of General Mills (NYSE:GIS) moved lower by 0.4% in pre-market trading after the company reported Q2 results.. Quarterly Results. Revenues dropped 15% year-over-year to $15.3 billion hurt by lower commercial deliveries and services volume, mainly due to, © 2020 AlphaStreet Inc. All Rights Reserved, ABT Earnings: Key numbers from Abbott Laboratories Q4 financial results, Infographic: How Boeing (BA) performed in Q4 2020. All right. Here's How General Mills (GIS) Looks Ahead of Q2 Earnings 12/14/2020 . Our next question comes from Rob Dickerson with Jefferies. Thanks, guys. 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. Obviously, really over the past five years, right, there has been incremental push into ongoing SKU optimization, that just kind of — that’s kind of nature of the beast always. That model, I think is going to be a — still be a predominant one in the near future. I mean, we’ll see. 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. And so I think that speaks to the underlying health of our pet food business when we can grow on all the different segments, whether it’s consumer segments or whether it’s — and the channels we compete in. 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. It’s primarily driven by a decrease in depth to promotion. Now, we have some product portfolio differences like a big yogurt business in Europe and it’s smaller in the US, but we’re seeing our retail growth about the same. My question is if we’re to go into a scenario where demand remains elevated for the next few years, if we look at North American retail and the mix of business now, you know, like meals and baking has really driven a lot of the growth, the actual growth, I should say. The first thing, I would say is that anytime you see economic turmoil, the first shift that consumers have toward value is actually not the private label. When it became part of General Mills, you stuck with that double-digit guidance. And again, how we should think about those factors in a more normalized environment? I would still expect us to have a strong quarter in the third quarter and our movements remain strong. Sales at its pet unit rose 16% in the quarter, helped by price increases and the recent rollout of Blue Buffalo products in Walmart stores. And then brand capabilities and investments, and then the health and safety costs also were linked to the pandemic. Please proceed. I’m just trying to understand whether or not you think the mix of what’s driving the growth in North America Retail would change going forward? The broader trend that we’re seeing though, particularly with retailers, and Jeff mentioned that 85% of e-commerce is click and collect. Thank you very much. David, yeah, I read your report and I don’t agree with all of it. There are little bit of a reverse in the second quarter where our reported net sales growth was 18%, but our movement was probably in the double-digit range. 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. And then just a follow-up. If you look at cat food, whether it’s dry or wet or treats, we’re growing in all those segments. And so we got to apply that to Blue Buffalo and so now we’ve got a really good all channels business. So thanks, Ken. There is a lot there because there is a lot there. I’m really pleased with the performance of our French yogurt business. That’s a — Bryan, that’s a — that’s a good question and an important one, and one that — to be honest, we’re trying to — we’re trying to figure out the next quarter and what our mix is going to look like. Jeffrey L. Harmening — Chairman of the Board and Chief Executive Officer. So, question was kind of by channel. We do continue to watch with the hawkish eye the return on investment on those brand building activities. December 17, 2020 08:00 AM CST. I think I even heard, Jeff still talking. So we have shipped a little bit ahead of movement, as it pertain to this year. Yeah. Tables only. Any reproduction, redistribution or retransmission is expressly prohibited. Jason, I totally get the interruption from your son. We also thought when we bought Blue Buffalo that we’d be able to execute well with our rollout the food, drug and mass channel because we’ve done it with Annie’s. 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