Quarterly Data (Unaudited)

12 Months Ended

May 28, 2023

Quarterly Data (Unaudited) [Abstract]

Quarterly Data (Unaudited)

NOTE 19. QUARTERLY DATA (UNAUDITED)

Summarized quarterly data for fiscal 2023 and fiscal 2022 follows:

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Fiscal Year

Fiscal Year

Fiscal Year

Fiscal Year

In Millions, Except Per

 Share Amounts

2023

2022

2023

2022

2023

2022

2023

2022

Net sales

$

4,717.6

$

4,539.9

$

5,220.7

$

5,024.0

$

5,125.9

$

4,537.7

$

5,030.0

$

4,891.2

Gross margin

1,447.7

1,597.4

1,705.1

1,631.2

1,664.8

1,403.7

1,728.2

1,769.9

Net earnings attributable to

 General Mills

820.0

627.0

605.9

597.2

553.1

660.3

614.9

822.8

EPS:

Basic

$

1.37

$

1.03

$

1.01

$

0.98

$

0.94

$

1.09

$

1.04

$

1.36

Diluted

$

1.35

$

1.02

$

1.01

$

0.97

$

0.92

$

1.08

$

1.03

$

1.36

In the fourth quarter fiscal 2023, we approved restructuring actions to enhance the efficiency of our global supply chain structure and

recorded $

36.2

 million of charges. We also approved restructuring actions in our International segment to optimize our Häagen-Dazs

shops network and recorded $

6.4

 million of charges. In addition, we recorded a net recovery of $

11.8

 million related to a voluntary

recall of certain international

H

ä

agen-Dazs

ice cream products as a result of an insurance recovery.

In the fourth quarter of fiscal 2022, we recorded an additional gain on the sale of our interests in Yoplait SAS, Yoplait Marques SNC,

and Liberté Marques Sàrl of $

14.9

 million and an additional gain on the sale of our European dough businesses of $

9.2

 million. We

also recorded $

16.0

 million of transaction costs primarily related to the sale of our interests in Yoplait SAS, Yoplait Marques SNC,

and Liberté Marques Sàrl, the sale of our European dough businesses, the definitive agreements to sell our Helper main meals and

Suddenly Salad side dishes business, and the definitive agreement to acquire TNT Crust. We also recorded a $

34.0

 million loss

associated with the valuation of a corporate investment. In addition, we recorded a $

34.0

 million reduction to our restructuring

reserve.