General Mills Investor Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Nik Modi - RBC Capital Markets Inc - Analyst : I swear I'm standing. You knew it was coming. So just, I guess, two quick questions. Just when you think about the price adjustments, how did you make the decision in terms of price clips, like where exactly you're going to go? And if you can just give us some contexts on how much of this is a function of narrowing gaps with private label versus the proportion that is relative to your branded competitors? So that's the first question. And then the second question is really on protein. How do you think about putting protein in existing brands versus new brands when you think about an offering? Because sometimes, I feel like the packaged food universe is just kind of sprinkling protein everywhere. And sometimes it may be off brand because it may alter the taste of a product that people like as an indulgent versus something that has a health and wellness angle. So those two questions would be great. Thanks.

Question: Peter Galbo - Bofa Merrill Lynch Asset Holdings Inc - Analyst : My first question is for Liz. Just on the TAM analysis, I think in the slide you gave, we're at $3 billion today on fresh going to $10 billion over the next 10 years. Just can you help us understand the buckets of the incremental $7 billion, what underlies how you kind of get there in your TAM assumptions even just for the category? Because I think there's maybe some skepticism even given what some of your competitors are seeing already before you even really enter the category in full that, that might be aggressive. So I would love to just understand the from to in the assumptions.

Question: Peter Galbo - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Great. And maybe just a second held out of the mind. I had to get 2 in. Just your message today, and this could be either for Jeff or for Kofi, your message today is very clear, right? We need to get the price points to a level that meets our consumers. And I think there's a view that you're moving in one direction, while some of your peers are actually going to take pricing up this year, which, again, I think the view is starting to change that maybe you have the right view of the category. But with that in mind, Kofi, as we start to normalize kind of this, I don't know, negative price/mix environment, you talk about the category needing to be able to get back to 1.5 points of, I think, price/mix growth over the long-term to kind of hit the algorithm, which would seemingly be the most outside of your control of all the factors you've listed. So what just gives you the confidence that as we normalize this, maybe your peers follow you, maybe they don't, that we can get back to that environment of a point or two of price/mix over the long-term?