Kellogg's first quarter net sales increased by 10% YoY, which it said reflects positive price/mix, and was led by a sustained momentum in snacks and noodles, as well as a continued rebound in North American cereal. However, operating profit decreased by 15%. "We continue to grow net sales organically above our long-term targets, and this growth spans across our Regions and our category groups. The company raised its full-year guidance, with net sales growth now expected to be between +6% and +7%, up from the previous expectation of +5% to +7%. Operating profit growth is expected from +8% to +10%, up from +7% to +9%, while the company now sees its adjusted EPS declining by 1% to 3%, up from the prior expected decline of 2% to 4%.

Source: The North Africa Journal May 04, 2023 22:21 UTC