General Mills, Inc. (NYSE:GIS) Q1 2024 Earnings Conference Call September 20, 2023 9:00 AM ET

Company Participants

Jeff Siemon - Vice President of Investor Relations

Jeff Harmening - Chairman and Chief Executive Officer

Jon Nudi - Group President, North America Retail

Kofi Bruce - Chief Financial Officer

Conference Call Participants

Ken Goldman - JPMorgan

Robert Moskow - TD Cowen

Andrew Lazar - Barclays

Jason English - Goldman Sachs

Chris Carey - Wells Fargo Securities

Rob Dickerson - Jefferies

Max Gumport - BNP Paribas

Operator

Greetings, and welcome to the General Mills Q1 Fiscal '24 Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded on Wednesday, September 20, 2023.

I would now like to turn the conference over to Mr. Jeff Siemon, VP of Investor Relations. Please go ahead.

Jeff Siemon

Thank you, Frank, and good morning, everyone. Thanks for joining us today for our Q&A session on our first quarter fiscal 2024 results.

I hope everyone had time to preview our press release, listen to our prepared remarks, and view our presentation materials, which we made available this morning on our Investor Relations website.

It's important to note that in our Q&A session, we may make forward-looking statements that are based on our current views and assumptions. Please refer to this morning's press release for factors that could impact forward-looking statements and for reconciliations of non-GAAP information, which may be discussed on today's call.

I'm here this morning with Jeff Harmening, our Chairman and CEO; Kofi Bruce, our CFO; and Jon Nudi, Group President for our North America Retail segment.

So, let's go ahead and get to the first question. Frank, can you please get us started?

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] Our first question comes from Ken Goldman with JPMorgan. Please proceed.

Ken Goldman

Hi. Thank you. You mentioned that consumers have been shifting purchases to customers and channels, not necessarily tracked by Nielsen. I'm just curious, as this trend has taken place, have you seen any of your more traditional tracked customers, I guess, those [FDM] (ph), kind of leaning more into price to try and retain traffic and tonnage? And if they're not yet, is this something maybe we might expect to see just given past history?

Jeff Harmening

So, Ken, this is Jeff Harmening. You're right, we did see increased traction in non-measured channels in the first quarter, and we'd expect that to continue throughout the year. But Jon Nudi, why don't you give a little color commentary on that?