Narrow-Moat General Mills Delivers Consistent Results Despite an Uncertain Environment

As at-home food consumption remains elevated during the pandemic, consumers are finding favor with General Mills' offerings, as shown by increases in household penetration and repeat purchase rates in most categories. Even so, we expect this lift will largely be temporary, with consumers gradually returning to activities outside of the home, returning away-from-home food expenditures to half, as it was prior to the pandemic. But we do expect a lasting benefit for General Mills' pet food business, given the high-single-digit increase in pet adoptions during the crisis.