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David, yeah, I read your report and I don’t agree with all of it. So the pandemic changed a lot of things including the ability of consumers to get into stores. We got a few things wrong, but we learned a lot through Annie’s. It could be advertising, it could be other capabilities. 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. So, just more color on those topics. Great. And I was hoping you could expand on that. Would you expect the mix to change. But I respect the fact that you put out there what you think. Our next question comes from David Driscoll with DD Research. Related Topics. When it comes to treats, we are — we do have some treat launches lined up here for the third quarter. 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. They cut back on advertising spending during much of the 2010s, and there is going to be this reinvestment now. We do continue to watch with the hawkish eye the return on investment on those brand building activities. Please proceed. Andrew, let me start by — let me start with those questions. Our next question comes from Alexia Howard with Bernstein. Great. Well, you certainly get big congratulations from me on the performance here, we’ve seen other businesses, and other companies struggle. But how — what is the level of that reinvestment in ’20 — in fiscal ’21 and what is that supporting? Our next question comes from Bryan Spillane with Bank of America. 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. They may — consumers may decided to shift to more to private label. 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. Hey, good morning, folks. So pretty significant change in a short period of time. So it’s a — it’s a fairly global phenomenon. And so what I think you’ll see is — what you’ll see is our dedication to growing the brand and growing our marketing will continue. 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. We want to hear from you. 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. 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. Yeah. 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. I just have lost sight of that a little bit and like to understand how you’re going to keep kind of your foot on the gas pedal on this business going forward? Sign up for free newsletters and get more CNBC delivered to your inbox. 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. If you look at cat food, whether it’s dry or wet or treats, we’re growing in all those segments. General Mills (GIS) earnings Q2 2020. I think I even heard, Jeff still talking. 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? Congrats on another strong quarter. And one more quick question on pet food, first, congrats on the strong results in Pet. Yes. 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. Add to Calendar. 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? This transcript is produced by AlphaStreet, Inc. Thank you. 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. And you know, you had organic sales growth that quarter of 0%, which was pretty low for you guys. Please proceed. And we got a lot right. And are there any particular categories where you would maybe like to expand in? 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. Frank, I think that’s — unfortunately, I know, we didn’t — we weren’t able to get to everybody on the queue. 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. It takes a long time to gain awareness. Remember though, that as you look at our results for Europe, our European business also contains a reasonable size Foodservice business, so think about Haagen-Dazs shops and our Foodservice business, which are not contained in our North America Retail businesses. And then, just quickly, you discussed not yet having had the opportunity to kind of fully replenish retail inventories in a lot of areas, as consumptions remain pretty elevated. Sorry, just want to make sure I am still on. Let me answer it kind of top line, and then Kofi, if you want to come in and answer anything in more detail, please feel free to jump in. As far as where it goes, I mean, I guess, the other historical perspective, I would also provide at this point in time even though 10% of our business is through e-commerce channels at least here in the — particularly here in the US, our biggest business about 85% of those sales actually go through stores still. General Mills Earnings. Our next question comes from Laurent Grandet with Guggenheim. So we’re launching those as well. 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. So Laurent as I think about our pet food business, I mean one of the things I’m most pleased with is that we’re growing across our different segment. General Mills (GIS) earnings Q2 2020. 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. But we’re growing our yogurt business, particularly in France. 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. And so to the extent, the mix changes, I think we would still have an opportunity to grow profitably. Please proceed. You mentioned external cost shifting into next quarter. Yeah. Frank, you can get us started. GIS General Mills 10-Q 2019 2020 Q2 Quarterly report. Sorry, sorry, Ken, Kofi here. Thank you. General Mills Inc (NYSE: GIS) earnings release for the 2nd quarter of their 2020 fiscal year. December 17, 2020. Please proceed. I think it was a bit choppy, but I think that was the question. I think candidly, it is getting harder to separate the COVID-related costs. And so one of the things we can — there are a couple of data points, we can point to that don’t guarantee what’s going to happen afterward, but at least are data points of what’s actually happened rather than speculation on what might happen. Is the total budget down? The first one is just Kofi around margins. We’re growing in — we actually returned to slight growth in specialty, and we’re actually growing quite a bit in e-commerce. My follow-up question is on staying with pet is on the marketing model. So thanks, Ken. 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. 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. 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. General Mills' profit beat Wall Street expectations as the Cheerios maker benefited from higher demand for its pet foods. And when we combine what we can do with that through data and analytics, along with great brands and really good ideas, we’re confident that we can generate good ROIs. 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. Thank you very much. Adjusted gross margins rose 80 basis points to 35.3%. You turn around a year later, China is doing great. 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. And it’s a pet — cat wet food is a $5 billion segment, and we probably have about a 2% or 2.5% share of that segment, whereas our dog dry is 10% share. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. And so all those things lead me to believe that not only has been Blue Buffalo been a good acquisition for General Mills, but that will continue to perform well. [Operator Instructions] Our first question comes from Ken Goldman with JPMorgan. Yeah, yeah. Please proceed. Please go ahead. And so clearly, we’re all — we’re all interested to see what’s going to happen in F22 and beyond. But again, promo frequency is down in capacity constraint categories though. All Rights Reserved. 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. There has been a lot of discussion in why private label has maybe lagged some of these stronger brands or master brands. So this is really about setting up sustainability of some of the growth trends and being able to ensure that we have a good shot at holding on to some of the penetration gains that we’re seeing in this environment. And if you’re asking whether advertising has changed over time, the answer is, of course, it has. Used to have a lot of these stronger brands or master brands we..., because we ’ ll tell you again, it ’ s is! The extent, the answer is, of course, every market is not very than! 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