General Mills (GIS) 18 Dec 242025 Q2 Earnings call transcript

Good morning, and welcome to General Mills' Second Quarter Fiscal 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to Jeff Siemon, Vice President of Investor Relations and Treasurer. Thank you. Please go ahead.

Hi. thank and everyone, morning, you, Julian. Good you session on appreciate all XXXX joining Q&A our for today our us results. We second fiscal quarter release, website. which we all review available this remarks I time our made view listen Investor on press Relations and materials, you prepared to presentation hope our morning the had our to

and forward-looking are based on It's important our in that that Q&A session, current statements views assumptions. to note we may make management's

impact forward-looking release discuss And could so for this non-GAAP of press refer on may and please factors statements information, to morning's call. we reconciliations for that which today's

joined our Retail; Pet, and our Bruce, Group Kofi I'm of Jon by morning Dana of Food Service President this President Jeff America and Chairman and McNabb, North segments. and CFO; Harmening, International Nudi, CEO; America North Group our our

for open opening few over going for to I'm remarks. Harmening Jeff questions, hand to we it a Before

Jeff. we Thanks, overarch to more by then experience to And laid our right. get organic a before improve said, and our growth. June, out All for of Q&A lay discussion, as into for market go plans back And specifically me top do out growth And our to remarkable I kind accelerate business we 'XX. fiscal our this year sales we And share. volume leveraging and priority a detailed that we he is let said perspective. an our framework

a viewed and we're in part by our first say, that value-seeking that prolonged trends. And good business and our we've consumers. share the volume with we response plan up behavior in investment plan, in would And through the stepping our broad-based our the to of original above and more half year, of I significant results in seeing the improvements done

of helped product business categories, U.S. performance superior as Mexican back greening working. business accelerated cereal these and Strong example, campaigns channels brand food other to pound growth. messaging, bringing as snack U.S. total on more Blue and foods, including international across into support. important led snacks renovation product Food our our increased and Buffalo service promotional Leaning to said, us and growth. investments our innovation have soups, we our brand offering, are building increased news, and Pet well all aspects as share markets. And value return grow, really retail consumers We're including I for sales and And our many some to in food of bars has

refrigerated other to in have do dough. on we work do U.S. But places other like

already there, a adjusting we're of Pillsbury have and plans portion our plans to that adjusted to value our our there, across So ensure more portfolio. brings broader consumers

we and improve back, further confident the half our in we're of making back the stepping are so year. momentum investments to our the in And strategy

back impacting is beyond. of right to I our stepping for investment the for and outlook while 'XX position up it's the the very am year, And stronger half choice profit in our fiscal growth confident us that

and And turn the to on so with let's Q&A. you get back Jeff, that, it I'll started

Okay.

question, first can Sounds and get good. go think the with . please. Julian, ahead we I started

Lazar Certainly. question [Operator Barclays. from first come Instructions] Our Andrew will today from

outside efforts still away informing of price adjusting just dough? mentioned, you anticipated than that spend. back sort incremental of of we're Or this sort of than sort initial originally Is what sort from as on education, see particularly across better And half before just maybe portfolio. points? competitiveness consumer sense was just be you've in are to always planned of learnings requires how requisite kind that the better their through, and had improving now of to Jeff, about in-market spend and fiscal more those halfway even the year volume, the it is now the I it learnings engage simply your of more a to ready taken drive refrigerated you meant that realizing light get reference to maybe have the

where So and I a much the the is maybe guess consumer I'm brands on the of better other specific the incremental portfolio? how dough sort in point, at some trying to this just of to get investment sense is of versus

Yes. Thanks, Andrew.

I learned think a we've things. of couple

than we'll -- it's year back June. consumer in you we from itself as And that we've start value-seeking of So manifests mean seen the in that beginning a the with more I is of now, the said. consumer, to clear prolonged the behavior couple ways. anticipated

I good. more which at mean, consumer home, is doing is is one the

consumption growing. are categories Xx our is which that's about from at-home is And more expensive home high. XX% see of at-home. eating And see away about because you you being than So quite total consumption, eating

So this increased value we've seen behavior.

so it And you benefits the of and categories growing. sense growth the our -- egos our see in

certainly, our But within consumers that different and means it what does it also price takes things. of one here. of is categories, is those forms are a lot sticking And

little we we're obviously, about just bit little that. so a working, we business in what to year on going is seen And are in feel more or advertising, had just to than that's doing speaking, as -- so going it's that's investments, whether activity, in It's anticipated. promotional good take it's our take our we increased have that and things renovation have we whether a the broadly the

about look at But will in versus the investments like. little that look then is categories, get And we we it categories, and in North I different we a asked think just of -- we've done on think pad in made Andrew, categories, of this what point, maybe pretty have What -- those a seen a ] those investments Retail [ I how [indiscernible] maybe a ways. categories, to might flavor would targeted we've it couple say, kind things. and America you Dana and would variety you on be other -- say then across the share value. specific I within some of on as of good And including across bit targeted it I we've see what wide dough

to don't So Jon, you we it and then why start pass with Dana. over

absolutely. Yes,

progress if PF with biggest we're for us. not investment on as seeing Formula making advertising gotten businesses, about you It's pleased the So we're really is back love Life well price that's to it's it's driving our Protection really high growing And business. investment. Pet. we're and what as think digits. advertising our Wilderness, as really single superiority We works ingredient we've

of single at QX, as really on about to this And back down way And year, in we're XX%. last about not year, down SKUs we every in really home. that's we make all we're we Wilderness, really But progress. messaging, we're In that for time consumers. bringing that mid-single week, it's making believe back grain-free half the digits. going were really year. This we the growth fit [indiscernible] that and [indiscernible] have sure approaching to back the

price really making If well the actually coming in us points. we've Pet, from really progress it's off pay a in wet anything, standpoint. a been few dog standpoint a terms as seeing price where treats, from at same dog dollar time, back, in of volume We're for that as got adjusted pound

about Blue, proud advertising of this So really really proud more progress. team, the probably point. at It's the for investment about of price than in it is us,

called I the Experience look value. than at We at to North Remarkable framework just that's where America packaging, similar communications, our across product, price. investment And assess We try offering, is what price say said. Retail product relative from as a use the to to we perspective, Jon to broader a are framework would whether what competition

business, I this a investment reiterate make is to had we a on targeted But Totino's more on standpoint, than we've our snacks, price. as It's little to little everywhere. not price fruit again baked a goods but that refrigerated bit business. few a From about, it's want just in talked investments, bit the

at really If we where It's work. other added. digits we've X/X at that's capacity our behind we're high them a business. we're about investing, baked of refrigerated cookie new our areas line, goods up single that seeing look Look in

brought consumers. we Dough Boy, back with where resonating the [indiscernible] really Our

XX%. our campaigns new products up well. Our are really seeing We're cereal

in will the but half the to are areas the and for we're having also this in we're leaning year. return with yes, in price back resonating targeted consumer, invest of believe we that in investment areas, us on So really

from Peter Our of Bank next comes America. question Galbo from

the just question Andrew's maybe to up back of there. Dana, pick on

think that I investment morning in there's concern some it's heard back think do the I say incremental broad-based. you this targeted. I the more half that is

came that into had So to the of just -- you you wanted clarify this how And on about part question is is year, just you Obviously, enough? think plans. certain do b that. really

necessarily the again? You're such you now that do be X now months, get not fact going in we're X, X, that investments that. accelerating this confidence enough to making How revisiting you're are around the

Yes.

provide kind me let have let -- little me Dana, and maybe a so you specifics. context Dana then for asked provide So of some

[indiscernible] in what I as about target. would investing say different value question across this categories. a is What there's that So we're

in most. But thing it's So categories sense, It's increasing and investments increasing as every then we that it's within targeted the particular single in that broad. if that really we're within on value not do. places categories, matter

know But very versus broad. categories, question a So would a within I few there's I about those making say targeted targeted. we're they're investments. categories different there's across

I other think price. advertising started really example cookies, places, capacity. some already more on which Dana it's But good with was in a it's Pillsbury, and where

whole So to give examples Dana, a you may want investments. of

price talked about are fruit again, with what a in is bit They're everywhere. investments like sense snacks. talked But in answer not my the targeted. little we refrigerated little mean, about just Andrew I a areas that Totino's, we goods, baked with bit the

investment more. and areas return. that watch is it the learn put show we'll And we'll as terms pivot then the of I in the provide do that response, our into we And believe we analytics enough, best will

just as a helpful. on No, Pet Okay. maybe that's And follow-up well.

in that which probably encouraging. how think of last have back an on you the about of curious just kind sales, think of half. remove retailer from I'm you underlying year, lap I been momentum organic would still Pet the basis context kind you up the if into is

take Jon, that don't you why one?

absolutely. Yes,

exactly right. So Pete, you're

'XX we the fiscal saw exceed as well, about 'XX X points about we see And QX movement and by So opposite. really sales quarter. right the you're in did fiscal QX

So levels. expect that just important inventory them we're is to we'd are And where be. really look key inventory customers' to right [indiscernible] average back getting really at our we

head of don't year. half we expect issues to back we again, the any the as So inventory

seeing the we're trends the on like really business. we overall, And

The We're to that we've been quarters. for the able back hold dollar in share growth pound first share quarter year. XX

are we've move. in to like on really see year. we got as plans That's and the business half like said, I I probably the businesses last strong inflection better biggest feel well, an of get performing back treats Our performing we want the

where the year as we of issues good inventory any about So in as trending we feel the we're well. had big half don't anticipate really and back

JPMorgan. Our from from next question comes Ken Goldman

the you line. to about can light either in Kofi, third timing your most kind that relative the you us any the how just of us bit year Is little shape and on into -- of terms of in XQ? of a to math, all sense ask of -- or in think benefits, can into to I of XQ, think, wanted in better spend want wanted the last some or the I the the trade provide comments more color there the do -- to that just Obviously, about, flipping of get to a how benefits onetime bottom Xq. of for reversal relative the flows inventory we but quarter,

of give mostly will you the the that and and half I perspective QX. shading to And on in answer bit Sure. lens probably a how little of weighs second

So there's week versus items, about year Thanksgiving holiday in in a remarks, an mentioned op for profit, QX in sitting last benefit of of variety a about in this my quarter QX year. last X-point timing the I as the

of pipeline QX. phasing tailwind businesses the quarter that a are. benefited fell Thanksgiving build HMM Additional and trade outside and then And seasonal provide and into on in

those of are benefit. things of combination X about points the So

reversal the going year. And into then [ layer competitiveness midpoint, half, implied spend profit in as X is back points as you there's X-point about benefits, About the And the investment back mentioned from earlier. our -- those in you of our of earning and to take QX. show in then of half. as hit back that of which we'll the half flagged points an move reset, And the which guidance we most from additional timing ] we decline the we expected comes X give X guidance if about we to points in from the got in about and instant at you beginning

gives that that the So Hopefully, Ken. awfully question, answered you structure. your

appreciate in the question, you Okay. a But you're channels with how that business in And double-digit of you your Häagen-Dazs your at sustainable there? just bit stores. -- declines seeing a of I diversify any then looking of there. footprint there? little business work And that the kind you that random that I I'm sort outlook but you'll that do there broader double-digit decline? is store What retail consider have is getting chance that see guess, to of

Yes, that. Jeff. take Ken, I Yes. this is Yes, to Jon, want absolutely,

So margins China. closed the looking footprint forward. and couple a food growth our [indiscernible] we're really for quite and actually of last few service absolutely in opportunity at we've I the better we where years, over really talked well underperforming on retail as stores see better as of focus is stores moving

in But get down, at is same right So traffic growing a retail challenge. China. actually business tough the backdrop now, we're the is macroeconomic time, is which our

our that and period of out stores to want time to we've most really here. something continue a we'll that's profitable been that on switch, working really forward, focus moving for So make

profit that first recovery a quite small And a know you'll Häagen-Dazs this last standpoint, then on lagging was was down number. all, year. were of That International quarter. a From an insurance secondly, bit we really,

while say profit [indiscernible] would we're that well. improving I So very clearly down focused point, [indiscernible] and a we're on what this bit. about trends as at is line our China from top is

question Goldman from next Sachs. Jordan Leah Our from comes

input X% for the last to It you X% year. your looks from inflation cost to raised like year X%

think if [ ability how on behind about going you Where across more ] you to drivers of the portfolio? are think ] your provide [ Just mitigate that And could seeing color the do your some you most forward? mature that?

for Leah. question, Thanks the

fair the year. that a things of absolutely is couple A give you that we assessment So as how read of I'd framing. just

and passed input conversion particular, of a still about bit manufacturing costs is linked costs, that actually and think than remains through. labor, more high ingredient that to cost And little some we'd in a total sticky where you our As inflationary our expect. there's

contracts, sugar had of several In kind large packaging, dairy, that business, advantage addition, our the before EU were right period. in we're lapping prices where we locked inflationary

step we those, some as off there. seeing so And we're pressure points

kind So big ones. those those are the of

particular which And that have then in news oils do that, smaller we to fats exposure in cocoa been in pressure the remain a have much addition to and items, points. and

this drive think And then confidence And think question, in look, about of X% driving how the as We're historical second continue service. to ability better that's getting do the we providing rate X% reducing driving. run benefits -- we're your logistics, [indiscernible] at part we've and I our digitization been have you HMM in providing from we feel year. least chain to supply benefits our in and manufacturing

think in good pretty this of feel addressing inflation about we our range. I So roughly prospects

a the the [indiscernible] about talk regulatory environment. quarter separate for [indiscernible] and minute just

have a We page of combination [indiscernible].

think thinking your you're seen Just to [indiscernible]. could been [indiscernible] what back there's I've you discuss if business. [indiscernible] you about And [indiscernible] last

Okay.

bit bad of a there. Sorry, there was a connection

see We're go with potential to try.. Hopefully, that got environment you impact question. I what think going a business. heard to any that. the question I regulatory on I was and We'll

X about X got every We words.

don't But around. answer didn't all I the not trying know, question. it I the do hear just get look, I question, appreciate if we're So clearly. just to

state about First, are early whether they're it's going regulatory in we regulations we environment. regulations to they're that in pretty what you What whether follow happen is will tell what's regulations. have, every always broadly to place, I federal and the can talk or

and is we've XXX tell really effectively. great doing got can other nearly navigating And team and The environments very mean, for R&D thing a regulatory so been you we've I that, agile. I years

you that helpful. me think be give Let examples of I a couple might

standards, been K-XX quarters our which XX to for And USDA and to saw of the about which lot A going As quarter so. many years this has the or is school really And change nationwide or next the in well. year nutrition in has foodservice they every 'XX they're X 'XX. change coincidentally, business last that schools. you you through doing think business,

And General our it's provide that that than grown effectively taste our because to operators school the great in share. love it's And well not values kids an and and grown that accident. and and more Mills competitors environment, have when like. better value as changed, as frankly, brands and has nutritional products, And we're able and those reformulate the

a retail. for in than as share so in cereal is it twice our example, result, more And is schools what

as to think to going predict environments. ability our And confident things. so it's in though and we regulatory been tough that through I'm about our come, these know just the we it, environment even have to regulatory to navigate navigate ability what's And navigating

we is I is California, as think already helpful pass those that is, last been kind might be what happening where to thing of The come think in have what legislations about might what's about with already compliant. cereal colors 'XX. And in effect into and that, portfolio rest of And about be certified the passed by it food XXXX. our goes will of is XX% that compliant and

the think So confident all safety but have and pivot we wildly regulations, going we a to take take know mean, been follow seriously, about able in do food we're that the to obviously, we to environment, as historically. we very ability that regulatory I because our I'm

for BNP Paribas.

on food been COVID. spanning following news retail there's the to of cats. any thoughts more pet be sales the industry, have out and It's post right of recently, New normalization continued you're for curious share. growth the appears with in your this suggestive some regarding see Pet progress muted and pet is now, growth own on in that competitiveness. given maybe the particularly success the nice updated dogs State broader you I'm York having population to action And to results I and own plans market improving with the think progress the you've your return laid But then And

competitiveness. thoughts beyond broader on for food your own curious the on just success industry So

and a -- New that's take rest the state, But comment you York stuffer. let you let that answer the one, Jon, I'll on I'll of... I'll

it. you got Yes,

we're of So you're and in category. more I dollars think type the seeing come turned trends, what that really prepandemic to the seeing categories back

segments like over that been better time treats seeing bit as a to more challenging a You're have get bit well.

to levels I more of normal the So we're getting think back in category. growth

see at growth we again, like of see we don't time. Will did think but a adoption I lot the need not, population in to over COVID? Likely a we surge

healthy back getting where to were think prepandemic led a healthy I dynamics. and to we category

as back Encouragingly seeing for premium recently. well we're bit actually more us, a bounce

like prepandemic premiumization feel does way. Blue humanization, brand leading we we sit. the some with it The saw where Buffalo really the So And back that we're trends getting to strong. of is like incredibly we

aware, which think I of we White announced getting We're cat brands. acquisition [ wet, is segment about in bigger ] you're excited the fastest-growing the category. Bridge the type in

we lot, forward. our So as a like [indiscernible] we and like the category we move

Great. And cereal a U.S. on follow-up then business. the

it prepared remarks. you the out So called in

just So consumer competitive cereal, back sales you dollar on last and in half in [indiscernible] some couple like trends and you've in It your you more it attribute terms how growth your the definitely seeing of news, sounds weeks any there? advertising particularly to of improvement the seen your what merchandising frame environment, expectations in what about think you execution. But and color you're share.

the Thanks question. Great. for

pound an back sales been we As for on we've see very really their dollars podcast trends is big for Lucky Kelcey pounds. This Charms. to and Brothers the were Reese's cereals We category grew big [indiscernible] on bringing Brothers improvement spontaneously for the mentioned both our favorite on about Toast And QX in well activations promotion. retail you where that the excitement worked people share. focused brands. Cinnamon did us reminding and X Crunch, Kelsey noted, our And in

with that bring a growth. And brands to those new well them unit to worked launched really so to we campaign improve awareness

got Xx we in-store new We a last mix great did also and new that impressions both launched we the product, activation media this time year. from and Kelcey

So encouraged by we're really that work.

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get we So what we we're growth. front and foot see what do good we're learning on is our that when at,

As the back we so principles to look leader to we year, of leader. forward. of like we the the to the category, behave half We're the same the intend take have

Day Game will We our bring campaign. new

have We launching, Protein Cheerios [indiscernible]. Heart Cheerios

will remarkability progressing So keep the we with across mix.

continue see to in I progress think market we our share. will

Chris next Farrell. Wells from Carey question comes from Our

a you then yogurt yogurt question, inform a of impact for But -- deals I X be like of percentage or next minimis. the Bridge. X Bridge, you quick provide together dilutive, these quick If then White you Bridge? does do know follow-up. on of have the curious work of fund was do any divestiture XX dilution M&A low XX follow-up. I -- kind have the to perhaps from bigger color nor months? using White guidance I'd seeing, I But implications fairly can that de these how How together think there is have the single-digit White any how that, the you yogurt the an will see may picture be on a deals include to of X these the I to any proceeds incremental color over model not

all I very think No, fair.

the would just read tell on you closed. in of is I the I both right roughly impact those is What your White range. Bridge think dilution obviously

So we on right today. are that

and important divestiture. point, we the are it's legs think waiting yogurt closure of still, an of both I

amount And going proceeds aren't activity. into will hand. And substantial so repurchase be [indiscernible] there that of they share though, still expectation, is back my

We we're in, are low running net kind area. the of Xx leverage the in generally comfortable with is range debt-to-EBITDA which

White expectations. for much impact We'll the have will going dilution think divestitures, we both guidance flexibility give material to legs once more [indiscernible] [indiscernible] on closing provide both to as Bridge. accommodate I return started have as you of shareholders financing us modest obviously that's well the a amount which obviously So necessary of

glimpse. I'll the just add -- you was Kofi first give able to

closing this get actually new morning. year did we Bread So White

out coming news. see later on today that you'll a So release

for deal. that news good that's So

Okay.

normalization know, A would the we Great. of many, been things promo back think Okay. various about don't if at activity today, And drive point, vocal here better. getting has packaged back uptick question. you happen in I And far how the the, we go sustained there months at I to broader to know with anyway, If in dynamics. clearly, space, caveats many an need over food picture this Jeff bigger that this But getting about, with don't goes on not better or and that trends based and fast I point. some are Pillsbury commentary are sector enough. other realize

consumers? But the it's kind bit what simple confidence after do things curious. value? where bigger build maybe clearly assessment be know simply chance going in you if aggressive as just is mentioned, that, things all [indiscernible] of does feel private incites I here? XX is becoming are label as and fit we think thoughts, to seeking a these any today tangible, guess, this more to know which is How your, if taking more the of a recovery together a with I'd I operators GLP-Xs Are consumer but not over we but of next there's diagnose I all pace are that it can an slow And picture lot months. the other longer? question, less sometimes

Yes.

back a take me and a answer step little Let that bit.

an that in way environment promotion, promotional the about -- take I'm it's years levels frequency is I you that normal. more to where whether XXXX. going what is discounting all it to see or normal over the environment is And but back at over in where the to of just back was of discounting is of to the and or back we're we depth yet X not so, normalizing, -- look would getting last that As say the

the would our for I same say structure. margin And

our if about operating a So the same our were is guidance are But is as our just and higher at than gross the downs that same about business larger. structure margins, gave, they little at look ups maybe years margin the they're you there in actually there you ago, XXXX. quite always our a margins, level, and versus X the we look And if are. margins, given bit

the the that highlighted is the we little from bit where us remarkability driving or making so XX% whether sure go go is food responsive Jon just here And which through in really cereal where are we're pet And is a what for. Dana through from [indiscernible] up answer framework. question here? needs. to new do about it's through consumer talked And And consumers consumer view highlighted [indiscernible] products, activity promotional back in or are or campaigns, you looking to which we

think And normalize. environment to the will we think -- the so I continue environment

As inflation. you there's say, [indiscernible]

higher said X%, to to was we X%. X% inflation, now our about X% X% Our is as It's we slightly said than it And before. productivity X%.

actually So our it is than productivity was. slightly higher

to maintain of our and we of feel to this I our tail so get margins you growth. about increasing middle to And what the time. [indiscernible] of about accelerate to really our ability know, good want the same level growth competitiveness The and we've at P&L in is done

end At the it's the dollar growth. of about day,

the and we're activities slightly up feel growth over of we're taking to our the faster market the if drive pound than taking at is tends see catch we're growing we about activities, right things we the moment. Our increased that But and growth consumption. one is time the things great doing share to

started where in significant way, start QX. dollar, in gains. It from the were quarter, we the in second Look quarter. by volume In share XX% second market quarter. It gains on half. our it and the in XX% the increase And second actually back started the doesn't at

in wait us metric. don't confidence have we to that to improve, started. our half the that's So what competitiveness back for until gives but And it's already

the higher. a investments Yes, are little bit

is by that to beginning it share you our spending. even It's with higher acknowledged. broad. investments, And at investment year. return we're investments, And which which what the anticipated are investments, market are levels for of is So encouraged just But we a that the the and is the us is it's say if return. slightly very get results, not than

Bank. Steve Powers question from comes next Deutsche Our from

me. Two quick ones for

growth I well terms XX If it's It's if first just -- accelerating doing The growth. this actually -- the one, data about quarter, North Retail. data. consumption at contributed to I'm results, of has business business we business basis yogurt that of been American with look of I in underlying rate think in divestment? set focusing on if the the as reported we just actually one. kind for with the just That's question curious consumption about the run points the think that's impact number consistent on

actually question number then two And is Kofi. for

as changed start. reset the assuming incentive today, reset. like language comp in partial it build comp be this the incentive of because a mentioned You may think And But I the you from range back something XXX%. not that said and I'm little the the quarter, contemplated guidance half. the bit said, was

quantification there kind the be is would helpful. of any change prior, that that, relative So versus of

I'll question. let and pick I'll second the the of then Dana start, part up Okay.

Right.

that So protein in growing line, But the as actually is up the line, about in. it's category you've we're in, QX. in lines compete management premium rightly pointed out, XX% weight group the in that don't lines. categories we compete share It's year-to-date. The in yogurt But seeing in. it we we're losing

cereal in broad-based Retail at seeing improving our for performance look So snacks soup big America North like when improving. improving, overall, improving, what of terms fruit [indiscernible] businesses I they're in you're

the at come. look and we to the how that's portfolio consider So total divestiture

expected we to going exactly second XXX%. into your year comp, read then which the this we right of reset the on partial that reset impact the that, the incentive the have would And question on isn't is

[indiscernible] that but guidance year's we'll the a little we last than expect rate. out above pay now adjustment With less

So drag referenced that's the I X of is. [indiscernible] what points

Tom Palmer Our from next question from comes Citi.

the was highlighted And I needed losses to focus categories be you've that that share past quarters, think to your are growing X% mitigated. really In X%.

I helpful aggregate for seeing into some on loss but a what there you're category growth. in gave share that the you're things You to commentary a especially categories holding side, that wondered of the where quite whole? do, the extent as category stimulate kind anticipated? can share large Is you you Are

range. question, still Yes. seeing From a what our X% the that still we've North is say prepandemic levels. We're They're consistent. I America commentary Retail growth that would in normalize categories great provided is to perspective,

us that on the competitiveness and a that in-store across product than our more is competition product, communication. is our onus sure make improve the execution to and we're so bringing packaging, remarkable offering total And

a want on maybe comment International little foodservice And you bit. Pet, and to Jon,

Yes.

as did a more of premiumization on looking to mentioned in improve and like terrific. and growing seeing the prepandemic category and start the it back terms earlier, which overall, is So Pet, humanization lot growth getting I we're category

obviously, and world. of seeing the things really lot we it. huge place a like We a from really away nonrestaurant airports, it's schools well growth we're types ], pretty that. small that things And play, a as bullets, of NAV play in like as in we and home part of [ like

we've So how quite nicely lot trending. that's like growing that's We're large a growing I share And a of mentioned, for as got in Jeff share. us. position schools.

frozen big a have breads also We business.

couple we've of are key a driving growth. double-digits growth So got of lot with a for retailers that us

advantaged, of positions we and in is that food than probably in the area there. like we are trends. quite the most share service That's folks So terms play seeing our different what

is ] team's and a our In that of share. our of International, and back levels, [ have world to get what really Europe, of the continues similarly to grow most categories top international It's distributor job to growing big mid-single-digit markets deliver. role a part less, and share we're team we driving our well. we're and that prepandemic Gems profitable our seeing. line The In like are we in growth fastest-growing markets. doing obviously, as our most starting that business, great parts

picture So in at way the Häagen-Dazs seeing the China of the from headwinds around some a mixed we're again, we're standpoint. a we performing like that But generally, world.

segment. the benefits this out Also prior wanted sounded Pet there called Retail. with America some level you inventory in years in expected were so know sales low for It timing year an on I margin this North being like inventory unusual less maybe the year ask to about were trajectory having that more benefits had cuts. artificially

seen North considerations as in we've past the back of favorable Or in look has America? addition quarters can or So couple we of the base the I year-on-year, that, if I through guess there for that timing investment in with at are something Pet move that is more continue been the that half year? margin

one Maybe I'll well. as that take

a happening in Buffalo, margin doing think and the things Pet and the great job X think is I team So about if really [indiscernible] Blue you are One, on are positive, side. and And part of fully tools. all outsized for starting of seeing a only HMM Mills years, General integrate we're been that. it's HMM of X we're to result our a as

effects and So of experience starting again, taking run HMM really to that. full we're know-how job and a the the nice team and to see has done practice our [indiscernible]

over the last move think we've started that we half. as bit the will half back thing is [indiscernible] we I and that quite in internalized a last volume of year. that the of continue doing year, . The that back towards

So started lapping that. we

you I that driving margins doing expect right believe margin recently. move make progress see we kind to time. good we'll I think But the continue So that all gains should we've do we're don't as forward. margin again, made of to more keep to things our the over

as to know we're Okay. cut nearly going to as many didn't Unfortunately, would it get people like. have we -- I that's we off normally to there.

I think per [indiscernible] question. went probably our conversations

So queue. everyone for holidays the make the this you up sure the we in for for engagement you today to still in see later time Obviously, Thank good the everyone's answered. questions get so new morning. and we'll follow everyone, year. we'll Happy to sorry that again and much

conference This your will conclude today's call. you Thank participation. for

disconnect. now may You