Jeff Harmening, General Mills CEO, joins 'Money Movers' to discuss consumer demand challenges, economic uncertainty and earnings.

General Mills CEO Jeff Harmening reports that while consumers are still spending, they are doing so with increased caution due to ongoing economic uncertainty, tariffs, and global conflicts. This environment has led to a shift in consumer behavior, with more people eating at home and seeking value in their purchases.

To address these changes, General Mills has invested in enhancing the value of its brands and has seen positive results in recent quarters, including increased market share in several categories. The company is also responding to trends such as higher demand for protein-rich products and nostalgic favorites, introducing new offerings like protein cereals and larger cookies to meet evolving consumer preferences.

General Mills CEO: The consumer is still spending but uncertain

Meantime, another big mover today, look at shares of General Mills, reporting an earnings beat, but revenue coming in just under expectations with a quote, challenging consumer backdrop weighing on the company's outlook. Joining us now in a CNBC exclusive is General Mills CEO, Jeff Harman. And Jeff, it's good to have you back on. What are you seeing right now from the consumer? Sarah, it's good to see you as well. And you know, what we're seeing from the consumer really isn't surprising, you know, for the last few months or so, the consumer really has faced a lot of uncertainty and in a whole variety of ways, whether that's economic uncertainty or uncertainty with tariffs or global conflict. I mean, we all know the list. And when consumers feel a little bit uncertain, you know, they tend to pull back on their spending a little bit. And so we see that. I mean, it's one of the reasons why food at home consumption remains pretty robust. About 87 percent of food consumption is at home, and they're eating out a little bit less. But it also means that we have to have our value right. So the consumer is still spending money, but they're certainly uncertain. And that makes for a pretty volatile environment. So where does the business go? Does it go to private label? Is that where you lose to in that kind of uncertain environment? Well, one of the things we found over this last year is that the consumers became a lot more value conscious. And so we've reacted to that. And over the last six months, have made significant investments in the value of our brands. And we're actually seeing really good results. I'm encouraged by the last quarter of our results where we saw pound volumes shares increase and more than 60 percent of our categories in our U.S. retail business. We held share in our pet food business and grew share in food service and international. And so we see consumers looking for value. But when consumers look for food, they also look for other things. We really see them looking for bold flavors, nostalgia. When consumers get stressed, they really look for something that they know and trust. And then obviously health when it comes to protein. Yes. I mean, I was asking because, you know, Kroger just had really good results and the grocery sales haven't haven't been that week. So I'm wondering why, you know, a packaged food company wouldn't be doing better in this environment. Is it do you see any impact of GLP ones or the Maha movement or anything like that? Yeah. So our categories are growing. And for the first half of our last fiscal year, we trailed the growth of those categories. But as I said, we've turned that around, especially over the last three months behind investments and growth, particularly to get the value right. But also as we look ahead and and kind of giving consumers what they want. I talked about protein. They want more protein. And certainly about 12 percent of adults are currently using GLP ones. We have protein news in most of our categories. We now have a hundred million dollar business in cereal and protein, things like Cheerios protein and Nature Valley protein. We have the biggest protein bar in the bars category in Nature Valley protein. And we have a new soup coming out called Pitmaster, which kind of combines really bold flavor with with 20 grams of protein that's coming out from Progresso. And so we are seeing we are seeing consumers look for more protein. We're giving them that. But they're also looking for things that really taste good. I mean, we're coming out with bigger cookies on on Pillsbury. People love the Doughboy. As I said, when when people get stressed, they look for nostalgia. So bringing back the Doughboy or bigger marshmallows and things like Lucky Charms. And so we we are really innovating our way back to growth. Value is important, but also some of these other trends that I just talked about.

Chicago Mayor Brandon Johnson detailed his plan Saturday to resist President Trump's threatened immigration crackdown in his city. CBS News has learned the Trump administration plans to intensify immigration enforcement in the city as early as next week.

Chicago

Chicago mayor pushes back on Trump's immigration crackdown

Russian strikes shook the Zaporizhzhia region in southern Ukraine overnight Friday, hitting a five-story apartment building, killing at least one person and injuring dozens more.

Zaporizhzhia

Russia continues assault on Ukrainian cities

For the first time since this week's deadly mass shooting at a Minneapolis church, which killed two young students and wounded more than a dozen people, a devastated community gathered Saturday at the site to attend Mass.

Minneapolis

Mass held at site of Minneapolis church shooting

The United States says it will not allow Palestinian Authority President Mahmoud Abbas to travel to New York next month for a United Nations gathering of world leaders, where several U.S. allies are set to recognise Palestine as a state.

New York

Middle East Conflict

U.S bars Palestinian leadership from attending UN

The Department of Homeland Security is preparing for an immigration crackdown in Chicago as early as next week, sources told CBS News. Illinois Gov. JB Pritzker blasted the Trump administration's plans.

Chicago immigration crackdown could happen next week, sources say

The Israeli military on Friday declared Gaza City a “dangerous combat zone” before a new offensive in the Palestinian enclave's largest city. Israel is moving forward with plans to seize Gaza City despite growing international pressure to end the nearly two-year conflict.

Tel Aviv-Yafo

Israel declares Gaza City a 'dangerous combat zone'

Palestinian Authority President Mahmoud Abbas has been blocked from attending the UN General Assembly in New York next month. That's as U.S. Secretary of State Marco Rubio has cancelled visas for the Palestinian delegation.

U.S. blocks Palestinian officials from attending UN general assembly

The death toll of a devastating Russian air assault in Kyiv earlier this week has been revised upward to 25. Now European allies suggest Russian President Vladimir Putin is playing U.S. President Donald Trump if he runs out the clock on Washington's peace efforts.

Paris

Ukraine Invasion

Macron says Putin 'played Trump' if Zelenskyy meeting isn’t set soon

The Trump administration is planning expanded immigration operations in Chicago next week, two Department of Homeland Security sources tell CBS News. Camilo Montoya-Galvez reports.

Trump planning immigration crackdown in Chicago next week: sources

Iran-backed Houthi Prime Minister Ahmed al-Rahawi was killed in Israeli airstrikes on Sanaa, according to Yemeni and Israeli reports. The strikes also targeted top military officials, including the group's defence minister.

Sana'a

Iran-backed Houthi PM killed in Israeli airstrikes on Yemen's capital

Thailand's Constitutional Court dismissed 39-year-old Paetongtarn Shinawatra from office on Friday (August 29) on an ethics violation, abruptly ending the term of Thailand's youngest prime minister after just over a year in office.

Bangkok

Thai court ousts PM Paetongtarn for ethics violation

Chinese President Xi Jinping will be flanked by leaders of some of the world's most heavily sanctioned nations at a World War Two military parade in Beijing next week, in a show of solidarity against the West.

Beijing

China to stage massive military parade as Xi hosts sanctioned leaders

The multinational peacekeeping force known as UNIFIL has played a significant role in monitoring the security situation in southern Lebanon for decades, including during the Israel-Hezbollah conflict last year.

Beirut

UN votes to end peacekeeping force in Lebanon after five decades

Russia, set to assume the UN Security Council presidency in October, has proposed extending the resolution that governs the snapback mechanism, potentially intensifying a diplomatic standoff with European powers.

Moscow

Russia slams European push to reimpose UN sanctions on Iran

It's been 13 days since President Trump said he could strike a peace deal in Ukraine, following his meeting with Russia's leader, Vladimir Putin. But Russia shows no signs of backing down, launching an aerial assault on Kyiv.

Kyiv

Russian attack on Kyiv kills more than a dozen people

The shooter in Minneapolis fired more than 100 rounds from a rifle at the church where students at Annunciation Catholic School attended Mass. City and state officials highlighted this fact as they called for stricter gun control.

Minneapolis officials call for stronger gun laws after school shooting

The shooter who killed 2 kids and injured 17 at Annunciation Catholic Church in Minneapolis had ties to the church where he targeted children celebrating a new school year during mass.

Annunciation school shooter had knowledge of church he targeted

The White House is responding to Centers for Disease Control and Prevention Director Dr. Susan Monarez's refusal to step down from her role. CBS News' Olivia Rinaldi reports.

Washington

White House reacts to CDC director refusing to step down from role

In Tehran on Thursday, Iran’s currency traded at over 1 million to $1. At the time of the 2015 accord, it traded at 32,000 to $1, showing the currency’s precipitous collapse in the time since.

Tehran

Europe prepares sanctions as Iran's currency falls

Two children, ages 8 and 10, were killed in a school shooting at Annunciation Church in Minneapolis. The FBI is investigating the shooting as an act of terrorism and a hate crime targeting Catholics. Warning, this video is difficult to watch.

FBI investigating Minneapolis Catholic school shooting as hate crime

UN officials and aid agencies have warned that famine in Gaza is no longer a looming threat but a present reality, with children increasingly dying of hunger. In a blunt address to the UN Security Council, officials described the famine and widespread hunger in the enclave as “engineered” and “man-made” disasters.

UN Security Council affirms Gaza famine is manmade

Denmark summoned the top U.S. diplomat in the country to protest what Danish officials say is an unprecedented effort by people close to U.S. President Donald Trump to conduct secret influence operations in Greenland.

Copenhagen

Denmark accuses U.S. of covert operations in Greenland

Two young children were killed, and 17 others were injured in a shooting during a Catholic Mass packed with young students in Minneapolis. The gunman is also dead.

Minneapolis Catholic school shooting leaves two children dead

The group is accused of attempting to infiltrate Greenlandic society, including allegedly recruiting locals for a new independence movement from Denmark, according to the Danish public broadcaster, DR, who was first to break the story.

Nuuk

Denmark summons U.S envoy over claimed interference in Greenland

SpaceX on Tuesday launched its Super Heavy-Starship, the most powerful rocket in the world, for a test flight after three other flights failed earlier this year. NASA hired SpaceX to build a lunar lander version of Starship to carry astronauts to the moon.

Starbase

SpaceX launches Super Heavy-Starship in test flight

The United States has doubled tariffs on many imports from India to 50 percent, as U.S. President Donald Trump followed through on his threat to punish New Delhi for buying discounted Russian oil.

New Delhi

Global Tariffs

U.S. raises India tariffs to 50 percent over Russian oil purchases

President Donald Trump said he would seek the death penalty for murders in Washington, as part of a crackdown on what he calls out-of-control crime in the US capital.

Breakdown