QUARTERLY DATA (UNAUDITED)

12 Months Ended

May 31, 2020

QUARTERLY DATA (UNAUDITED) [Abstract]

QUARTERLY DATA (UNAUDITED)

NOTE 19. QUARTERLY DATA (UNAUDITED)

Summarized quarterly data for fiscal 2020 and fiscal 2019 follows:

		First Quarter				Second Quarter				Third Quarter				Fourth Quarter
		Fiscal Year				Fiscal Year				Fiscal Year				Fiscal Year
In Millions, Except Per Share Amounts		2020		2019		2020		2019		2020		2019		2020		2019
Net sales	$	4,002.5	$	4,094.0	$	4,420.8	$	4,411.2	$	4,180.3	$	4,198.3	$	5,023.0	$	4,161.7
Gross margin		1,389.5		1,342.8		1,569.1		1,509.7		1,403.2		1,443.0		1,768.1		1,461.3
Net earnings attributable to General Mills		520.6		392.3		580.8		343.4		454.1		446.8		625.7		570.2
EPS:
Basic	$	0.86	$	0.66	$	0.96	$	0.57	$	0.75	$	0.74	$	1.03	$	0.95
Diluted	$	0.85	$	0.65	$	0.95	$	0.57	$	0.74	$	0.74	$	1.02	$	0.94

During the fourth quarter of fiscal 2020, we changed the reporting period of our Pet segment from an April fiscal year end to a May fiscal year end to match our fiscal calendar. Accordingly, our fiscal 2020 fourth quarter results include 4 months of Pet segment results compared to 3 months in the fourth quarter of fiscal 2019. The fourth quarter of fiscal 2020 also included an additional week of results across all other segments. In the fourth quarter of fiscal 2020, we recorded $19.3 million of expense due to a product recall related to our international Green Giant business and $11.5 million of restructuring charges.

During the fourth quarter of fiscal 2019, we sold our yogurt business in China and simultaneously entered into a new Yoplait license agreement with the purchaser for their use of the Yoplait brand. We recorded a gain of $5.4 million. In the fourth quarter of fiscal 2019, we recorded restructuring and impairment charges of $7.4 million. We recorded $4.3 million of integration costs related to the acquisition of Blue Buffalo and $9.8 million of gains related to an investment valuation adjustment in the fourth quarter of fiscal 2019. We also recorded a tax benefit of $72.9 million in the fourth quarter of fiscal 2019. Please see Note 15 for more information.