General Mills Inc (GIS) Q3 2020 Earnings Call Transcript

General Mills Inc (GIS) Q3 2020 Earnings Call Transcript

And in recent weeks, I can tell you that I'm proud of the way we partnered with our retail customers to address the increased demand for increased demand for food at home.. Slide 5 summarizes how COVID-19 has impacted our business in recent weeks and what we expect to see in the coming months.. As the virus continues to spread, we expect to see reduced consumer demand for away from home food in the near term impacting both our Asia and Latin America and Convenience Stores & Foodservice segments.. We expect to see greater near-term demand for food at home, primarily impacting our North America Retail and Europe and Australia segments.. Net sales were flat to last year at $4.2 billion.. Organic net sales were also flat with another quarter of strong growth in Pet largely offset by declines in North America Retail and Convenience Stores & Foodservice.. As expected, constant currency adjusted operating profit was 8% below prior year results, driven primarily by higher SG&A expenses, including higher media investment.. Third quarter adjusted diluted earnings per share totaled $0.77, down 6% in constant currency, driven by lower adjusted operating profit, partially offset by lower net interest expense.. Slide 8