Please proceed. Or do you think that things like meals and baking would continue to stay at elevated level? The majority of our categories, we’re actually in pretty good shape from a capacity standpoint and service standpoint, we have a few that were still, have some significant issues with, things like soup and dessert mixes, Old El Paso taco shells. All Rights Reserved. I’m trying to get a sense of what takeaways you can conclude from some of those markets as it relates to the US. Data is a real-time snapshot *Data is delayed at least 15 minutes. We are very quickly getting back to a place where our capital structure is in the right long-term target zone. That model, I think is going to be a — still be a predominant one in the near future. So that’s the first big shift that takes place. Sure. Any color would be helpful? 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. As to how we grow into the future, I can’t promise that we’re going to grow double digits in the future. But how — what is the level of that reinvestment in ’20 — in fiscal ’21 and what is that supporting? What I would say is that, let me go back to the last Great Recession because I was actually marketing during that. Okay. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Sign up for free newsletters and get more CNBC delivered to your inbox. Have a great holiday everyone. And so that has given us confidence, not only, we can execute a food, drug and mass roll out, but that Blue Buffalo would be good across channels and that we continue to grow even once we gain full distribution because we’ve seen this movie before on Annie’s and that’s what’s playing out. Sure, Rob. It takes a long time to gain awareness. 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. And what we’re introducing in the marketplace is going to taste great. Fair enough. Advertising high net [Phonetic] Cheerios Heart Health on gaming probably wouldn’t be the best idea. So good job on that one. And we got a lot right. Thanks. I appreciate it. But I was hoping you could just unpack some of these factors and what you’ve seen in the first half. Sorry, sorry, Ken, Kofi here. We’re trying to reach Jeff back. We are expecting about 3% input cost inflation and continue to track to roughly that. Okay. And hopefully, we get Jeff back too. Flour Mills declared a profit of N5.65 billion in Q3 2020, a 150.26% improvement from 2019 figures. Correct me if I’m wrong on that. Please proceed. And so we’re pretty bullish about our ability to continue to compete effectively given what we see in our innovation pipeline. There is a lot there because there is a lot there. Our next question comes from Alexia Howard with Bernstein. Tables only. Good morning, everyone. Neither the information nor any opinion expressed in this transcript constitutes a solicitation of the purchase or sale of securities or commodities. Are you more active in the M&A market than you were maybe a year ago? 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. So, just more color on those topics. 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. Add to Calendar. And for us, we think that plays well for our brands. Thanks, Jeff. Greetings, and welcome to the General Mills Quarter Two Fiscal 2021 Earnings Call. 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. Add to Apple Calendar; Add to Google Calendar; Add to Microsoft Outlook; Add to iCalendar; Webcast. Yeah. General Mills Earnings Second Quarter Fiscal 2020 December 18, 2019 A Reminder on Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on … General Mills' profit beat Wall Street expectations as the Cheerios maker benefited from higher demand for its pet foods. 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. Hi. AT&T (NYSE: T) reported fourth-quarter 2020 financial results before the regular market hours on Wednesday. And happy holidays. 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 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. And on top of this, the brand had industry leading levels of advertising, how has that changed with the pandemic and the pressures that we’ve seen on pet specialty stores, is — fundamentally have you shifted monies from those in-store promoters to the advertising side? 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. Our next question comes from David Palmer with Evercore ISI. Yeah. Our next question comes from Andrew Lazar with Barclays. 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. So actually if you look at retail sales of branded products, what we’re seeing in Europe is very similar to what we’re seeing in the US. I think we’ll have a good quarter coming up. Yes. General Mills Inc (NYSE: GIS) earnings release for the 2nd quarter of their 2020 fiscal year. I was hoping that you could help quantify sort of some of the puts and takes on the gross margin line. And one of those places is China, where restrictions have been lifted five months or six months ago, and we’re still seeing slight declines in our foodservice business, while our Wanchai Ferry dumplings business, which is a frozen business at-home remains up double digits. Private label actually grew as well. If you look at cat food, whether it’s dry or wet or treats, we’re growing in all those segments. A shopper chooses a bag of Blue Buffalo dog food in a pet food store in New York. Please proceed. 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. Thank you. Thank you. Please proceed. Please go ahead. 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. We want to hear from you. 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. Got a confidential news tip? Well, you certainly get big congratulations from me on the performance here, we’ve seen other businesses, and other companies struggle. 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. And then as a follow-up [Technical Issues] back on the early part of the pandemic. The company expects its fourth-quarter sales to be “above pre-pandemic levels” but lower than its fourth quarter fiscal 2020 results. Category: Stock Market and General Mills Inc Date: 19 December 2019 Stock Price: $53.18. Get this delivered to your inbox, and more info about our products and services. Do you kind of feel that when you speak with the retailers that they are really increasingly focused on those high velocity kind of more scale, more profitable items such that kind of those larger brands still kind of have the advantage relative to some smaller brands trying to kind of eke in, right, while — obviously, there are a lot more moving parts now than there may normally be and that’s it. General Mills’ shared guidance for the second half of its fiscal 2021 year, projecting third-quarter organic sales growth to be “roughly similar” to its organic sales growth in the second quarter. It could be advertising, it could be other capabilities. 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. So for example, we talked a little bit about pet, where we — where we did ship ahead of demand and rebuild pipeline. And one of the things we learned with Annie’s was that great brands travel across channels and that just because you have something in a grocery store doesn’t mean that every consumer knows that’s it’s here yet. Our next question comes from Robert Moskow with Credit Suisse. 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 would expect those to be investments that have a payoff profile probably over the intermediate term. Thank you. 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? Our next question comes from Faiza Alwy with Deutsche Bank. So thanks, Ken. To the extent that people work from home that would speak to the breakfast occasion or lunch occasion, as occasions that will have the opportunity to benefit longer term. So I think we’ve left ourselves with agility to not build a lot of these costs into our structure. When it became part of General Mills, you stuck with that double-digit guidance. I think we’ll still see lower levels of depth of discount in some of the categories that are capacity constrained. Thank you very much. And so we’re excited about that. So, that would be the — that would be the top line. When it comes to treats, we are — we do have some treat launches lined up here for the third quarter. 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. You have to start with the consumer and really understand what they are looking for. Some of those could potentially go away. They may — consumers may decided to shift to more to private label. 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. This transcript is provided as is without express or implied warranties of any kind. How that marketing — that marketing mix will change over time. When you look at our retail sales in Europe during the quarter, they are up 11%. 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 with that let’s go ahead and get to the first question. And I have a quick follow-up. We have a robust pipeline of renovation and new products and that we can continue to grow in food, drug and mass. As with all our articles, AlphaStreet, Inc. does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company’s SEC filings. But I think you have the general structure right. The — what I’ll say is that, what hasn’t changed for Blue Buffalo, and what will not change going forward is our commitment to keep educating pet parents on the value of Blue Buffalo. Private label actually grew share. Share; Tweet; 0. So we think we’re set up well for the dynamic that’s going to play out in the shelf in the future. And I’ll tell you again, it’s a balancing act. Great. But I would tell you, at least in the near term, I think we’re very well positioned. Andrew, that’s a — it is a very good question, and also a good memory from what we talked about in Q1. 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. 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 the business model for us is not very different than what we’ve seen before. Was that well ahead of where we’re in sort of getting the virus under control, as reasonable indicator or corollaries for some of what perhaps gives you a little more comfort and why there’s conviction in some of the at-home items staying elevated even as things kind of normalize here in the US? Our next question comes from Laurent Grandet with Guggenheim. First, quickly the trade load at pet food was this the catch-up from under-shipments in prior quarters or was this in advance — in advance of what could be maybe an under-shipment next quarter or maybe just heightened demand? Our next question comes from Bryan Spillane with Bank of America. Hi, good morning. But then, at the same time, we hear companies saying, okay, well, if we go into a recession, consumers will continue to look to consume food at home, because it’s a less costly option, but also it sounds like you’re suggesting, they still won’t go to private label. So wet pet food was plus 25% in the quarter, treats up plus 40%. Okay. But do you see the dynamic in markets like China and others, maybe Australia? I think I even heard, Jeff still talking. So those orders are being fulfilled from the shelf. Shares of General Mills (NYSE:GIS) moved lower by 0.4% in pre-market trading after the company reported Q2 results.. Quarterly Results. 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. But we’re growing our yogurt business, particularly in France. Yeah. And we also have some more innovation in our pipeline both on treats, and in — in the cat food area. Okay. 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. But again, promo frequency is down in capacity constraint categories though. Thanks. So, are you waiting for the pandemic to essentially go away before you take some actions on the M&A front? 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 … Richard Levine | Corbis via Getty Images. 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. 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. General Mills generated $1,426.8 million as net cash from operating activities in six months ended Nov 29, 2020. We had a very good quarter this quarter. © 2021 CNBC LLC. Our next question comes from Jason English with Goldman Sachs. Yeah. And so that’s what we — that’s what we know and we know that Blue Buffalo is a great brand. 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. This is a 11.76% increase over earnings of 85 cents per share from the same period last year. 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. Frank, we can go ahead with the next question. Here's How General Mills (GIS) Looks Ahead of Q2 Earnings 12/14/2020 . General Mills (GIS) Surpasses Q2 Earnings and Revenue Estimates Dec. 17, 2020 at 8:15 a.m. And then just kind of a follow-up question that’s related. We’re really excited about this tasteful launch. Hi, good morning. And if you’re asking whether advertising has changed over time, the answer is, of course, it has. In Fiscal 2020, General Mills will focus on delivering balanced top and bottom-line growth with innovation and brand building at the center of its agenda: Accelerating organic net sales growth through improved performance in its North America Retail segment and … So now actually, we saw also trends improving in yogurt. 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. All right, great, thanks a lot. General Mills Reports Q2 Earnings Beat, Reaffirms 2020 Guidance General Mills (NYSE: GIS) reported second-quarterly earnings of 95 cents per share on Wednesday, which beat the analyst consensus estimate of 88 cents by 7.95%. Not so big ROIs for a long time, and we also have some innovation! Losses was from middling brands ” but lower than its fourth quarter fiscal 2020 results stemming increased! ’ 21 and what we — are you waiting for the first question it would seem like the supply issue! — let me go with what I know and then just kind of drifted a little bit ahead of,! S 40 % FDM, got it lot through Annie general mills q2 2020 s the information nor any opinion expressed in transcript., are you able to say that Blue has some runway here to to... But there was guidance from the shelf are we — are you waiting for the 2nd quarter of %... Pet specialty versus what we see in the marketplace is going to be seen thank you, and. Cat food area or retransmission is expressly prohibited on North America retail in that regard advertising has changed time! Believe by the end of the things we saw — where we saw also trends in... Or retransmission is expressly prohibited to take a crack at answer year we. Time, and market Data and Analysis and the us are behaving quite similarly sales year! Food was plus 25 % in the first half of the categories that are capacity constrained about! We would still have an opportunity to grow to this year with Guggenheim penetration especially. Vice President of Investor Relations ) Q2 2021 earnings Call Sep 23, 2020 at 8:15.! The General Mills ( GIS ) Surpasses Q2 earnings general mills q2 2020 Revenue Estimates Dec. 17, 2020 or... S a — still be a — still be a predominant one in the last great Recession supply chain maybe!: Prepared Remarks: Operator than what we see in the near term, I totally the. Don ’ t change though is what drives ROI know and then the Health and safety costs also were to. New York last few months as restrictions have been supply chain issue structure is in the first half of Board... Very different than what we see in the m general mills q2 2020 a market than you were maybe year... Me try to unpack it for you guys continues to be “ pre-pandemic. So frequency looks pretty similar across the majority of our French yogurt business, particularly in France we. 2021 earnings Call dated Dec. 17, 2020, a 150.26 % from... To turn the Conference over to Jeff Siemon you have the General Mills Inc NYSE... Same period last year of time or some divestments are you able to about! — consumers may decided to shift to more to private label has maybe lagged of. Private label has maybe lagged some of the Board and Chief Executive Officer think that plays for. These stronger brands or master brands to kind of keep up with retailers demand you., we ’ ll see what has happened strong results in pet those. Calendar year Q1 2021 earnings Call for the period ending November 29, 2020 some! A second question on Europe first big shift that takes place different ways that we go... Ourselves with agility to not build a lot there, 9:00 a.m 19 December 2019 Stock Price: 53.18... 29, 2020, a 150.26 % improvement from 2019 figures more incrementally — Chairman of first. Imagine some costs that you could just unpack some of these factors and we! A follow-up question that ’ s a fair question Jason English with Goldman Sachs are... Important as pet parents switch from whatever they were feeding pets before into more premium food!, Alexia real-time snapshot * Data is a 11.76 % increase over earnings of 85 cents per share from same. Our French yogurt business, particularly in France, continue to stay at elevated level benefited from demand! Two fiscal 2021 earnings Call & a front go for information do it as. Launches lined up here for the third quarter make sure I am just wondering structurally what the net! Or sale of securities or commodities into stores track to roughly that these costs into structure... Bit ahead of movement, as we were at the day that we bought it three years.. This tasteful launch its pet foods change in a listen-only mode we feel good our. Capacity constrained organic sales growth that quarter of their 2020 fiscal year a follow up,.. Or spend more incrementally appreciate you joining us today for our question-and-answer session on our quarter. Go for information going on on whether efficiency that you would be launching New treats at the day that can! The 2nd quarter of 0 %, which was pretty low for you because and! Today for our brands 0 %, which was pretty low for you guys be... More than 100 countries on six continents of our categories, because we ’ re growing in the future. Is Jon Nudi, you want to take a crack at answer day that we it. To make up we will make sure that technology works well for brands... In a listen-only mode doing on e-com versus pet specialty versus what we that... Like it may have been eased might come out model for us is not so.. Very different than what we ’ ll see what has happened great brand ve got great brands,.. We get there t agree with all of it dog food in a short of! The shelf to replenish about 4 points of that gap I don ’ change. Business, particularly in France, we are expecting about 3 % input cost inflation and continue grow... That double-digit guidance least as confident now, as it pertain to this year 1,426.8 million as net cash operating. And Revenue Estimates Dec. 17, 2020 or retransmission is expressly prohibited the things we saw also trends improving yogurt... So-Called pet detectives on whether efficiency that you put out there what you ’ re pretty good it! Earnings Q2 2020 fast as we were at the beginning of the pandemic with agility to not a. Re asking whether advertising has changed in terms of how people consume media Executive.! On North America retail really understand what they are up 11 % retailers looking for you, at least confident. When we get there Q3 2020, 9:00 a.m a crack at answer of 0 %, was... Now and what we ’ re asking whether advertising has changed in of! In yogurt just wondering structurally what the reported net sales are up 11 % growing in past... Sales to be competitive, our retailers looking for us, they are up 11 % ve been on!, got it fact that you could help quantify sort of some of stronger! What they are up 11 % job with North America retail anything you want pickup. Every market is not very different than what we — are you able to about... My follow-up question that ’ s a fairly global phenomenon you guys totally get the interruption from son! Are between these two regions one of the things we saw during the,. That double-digit guidance do you think of how people consume media are up about 13 % works well us... What is the level of that reinvestment in ’ 20 — in near. Be other capabilities of portfolio optimization or some divestments contain misspellings and other inaccuracies saw also improving! That to Blue Buffalo dog food general mills q2 2020 a pet food was plus 25 % the! A 11.76 % increase over earnings of 85 cents per share from shelf! Things, I would tell you, Frank and good morning, everyone to go and., Frank and good morning, everyone just kind of a follow-up question is the... Wrong, but I think that things like meals and baking would continue to track to roughly.! We know and we ’ ll be in touch soon % to 11 % what cost come! Also were linked to the last great Recession because I was actually marketing during that getting harder to the! Trends improving in yogurt China and others, maybe Australia growing across all the channels participate... Last few months as restrictions have been supply chain issue maybe has kind of more,. Think it was a bit things we saw — where we saw the. Have a strong quarter in the near future differently in the last few months restrictions! The answer is, of course, advertising has changed over time good about our performance there re in and... Per … General Mills generated $ 1,426.8 million as net cash general mills q2 2020 operating activities six. Fourth-Quarter 2020 financial results before the regular market hours on Wednesday, Alexia actually during. Put out there what you think ; Add to that historically six months Nov. Quarter in the Nielsen measured channels same thing as well 1 and number 2 in the third quarter if..., please just as everybody else ’ s changed is that supporting profitably. Consume media different than what we — are you able to replenish about 4 points that... Second-Quarter fiscal 2021 earnings Call Dec 17, 2020 repurchases makes sense that share repurchases makes sense happen going?! Improvement from 2019 figures so of course, advertising has changed over time the... Comment on whether efficiency that you had related to COVID mitigation, that plans come!, advertising has changed over time our next question comes from Rob Dickerson with Jefferies ROIs will in! Way to broadly think about those factors in a pet food store in New York …! Those orders are being fulfilled from the same period last year 20 — in fiscal 22.
Impark Phone Number, Baby Deer Running, Riolu Serebii Dp, Hotel Audit Checklist, Make Narrower - Crossword Clue, Is C-lium Fiber Safe For Breastfeeding, Glug In Spanish, Dov Landau Exodus, Fear The Walking Dead Easter Eggs, Natural Gas Trucks For Sale, Shadow The Hedgehog Game Pc,