QUARTERLY DATA (UNAUDITED)

12 Months Ended

May 26, 2019

QUARTERLY DATA (UNAUDITED) [Abstract]

NOTE 18. QUARTERLY DATA (UNAUDITED)

Summarized quarterly data for fiscal 2019 and fiscal 2018 follows:

In Millions, Except Per Share Amounts		First Quarter				Second Quarter				Third Quarter				Fourth Quarter
		Fiscal Year				Fiscal Year				Fiscal Year				Fiscal Year
		2019		2018		2019		2018		2019		2018		2019		2018
Net sales	$	4,094.0	$	3,769.2	$	4,411.2	$	4,198.7	$	4,198.3	$	3,882.3	$	4,161.7	$	3,890.2
Gross margin		1,342.8		1,313.3		1,509.7		1,446.2		1,443.0		1,256.5		1,461.3		1,419.6
Net earnings attributable to General Mills		392.3		404.7		343.4		430.5		446.8		941.4		570.2		354.4
EPS:
Basic	$	0.66	$	0.70	$	0.57	$	0.75	$	0.74	$	1.64	$	0.95	$	0.60
Diluted	$	0.65	$	0.69	$	0.57	$	0.74	$	0.74	$	1.62	$	0.94	$	0.59

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. Please see Note 4 for more information. 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 14 for more information.

We recorded brand intangible asset impairment charges of $96.9 million in the fourth quarter of fiscal 2018. Please see Note 6 for more information. We also recorded $64.5 million of transaction and integration costs related to the acquisition of Blue Buffalo in the fourth quarter of fiscal 2018.