General Mills, Inc.

Greetings and welcome to the fiscal 2021 Q3 earnings call. During the presentation, all participant lines will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have a question, please press the 1 followed by the 4 on your telephone. If at any time during the conference you need to reach an operator, please press star 0. As a reminder, this conference is being recorded Wednesday, March 24, 2021. I would now like to turn the conference over to Jeff Seaman, VP of Investor Relations. Please go ahead.

Thanks, Jennifer, and good morning to everyone. On behalf of my colleagues at General Mills, thanks for joining us. We are looking forward to have our live Q&A session on our third quarter results. I hope everyone had a chance to review our press release, listen to our prepared remarks, and view our presentation materials, which are made available this morning on our Investor Relations site. Also, refer to the press release we issued yesterday announcing our proposed sale of our European Yoplait operations to Sodial. I'll just note that in regard to that transaction, we have a memorandum of understanding, and that is still subject to appropriate labor consultations, regulatory filings, and other customary closing conditions. And we expect to close that proposed transaction by the end of the calendar year. Furthermore, it's important to note that in our Q&A session today, we may make forward-looking statements that are based on management's current views and assumptions, including facts and assumptions related to the potential impact of the COVID-19 pandemic on our results in fiscal 21. Please refer to this morning's press release for factors that could impact our forward-looking statements and for reconciliations of non-GAAP information, which may be discussed on today's call. I'm here virtually with Jeff Harmoning, our chairman and CEO, Kofi Bruce, our CFO, Stephanie Kwan, group president for our pet segment, and John Moody, president for North America Retail. We're holding this call from different locations, so hopefully technology cooperates and everything goes smoothly. And with that, we can get into the first question. Jennifer, you can get us started.

Thank you. If you'd like to register a question, kindly press the 1 followed by the 4 on your telephone keypad. You will hear a three-tone prompt to acknowledge your request. If your question has been answered and you would like to withdraw your registration, please press the 1 followed by the 3. Again, if you'd like to register a question, please press the 1 followed by the 4 on your telephone keypad. Our first question comes from the line of Andrew Lazar with Barclays. Please proceed with your question.