General Mills, Inc. (GIS) Barclays 2023 Global Consumer Staples Conference (Transcript)

General Mills, Inc. (NYSE:GIS) Barclays 2023 Global Consumer Staples Conference September 6, 2023 1:30 PM ET

Company Participants

Kofi Bruce – Chief Financial Officer

Jon Nudi – President, North America Retail Segment

Conference Call Participants

Andrew Lazar – Barclays

Andrew Lazar

Welcome back, everybody, to our next fireside chat with General Mills. So with me today are CFO, Kofi Bruce; and President of North America Retail segment, Jon Nudi. Let me hand it over to Kofi just for a little bit of a summary of General Mills’ views this morning, and then we’ll get into some of the Q&A, that’s as always. Over to you Kofi.

Kofi Bruce

Hi. Thanks for having us and welcome, everybody. I’ll take just a few minutes to recap some of the things that were covered in our press release. Starting with a reminder that I’ll make a few forward-looking statements, which obviously are subject to change of the data and act differently. So just as you think about the structure of press release, the core things to takeaway, we’re affirming the full year guidance, 3% to 4% organic sales growth, 4% to 6% adjusted diluted earnings per share and constant currency operating profit growth along with 95% free cash flow conversion. That’s the headline.

And then I think as you click below that, I think a couple of things to takeaway, we’re seeing a lot of the same shifts that you’ve probably been hearing about in the operating environment, the moderating levels of inflation. I think there’s supply chain stability really returning to the space and a consumer that remains resilient, but obviously a little bit more cautious in this environment. So we’re seeing all of those things play out in our business as well. And our priorities remain unchanged from what we shared at the end of our fiscal year

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