FDBusiness.com

Kellogg Lowers Full-Year Guidance

 Breaking News
  • UK Supermarkets are Struggling to Grow The latest grocery market share figures, published by Kantar, show year-on-year supermarket sales were flat during the 12 weeks to 11 August 2019 as the tough comparisons with 2018’s strong summer continue. The memory of last year still looms large for retailers and this summer’s comparatively poor weather, combined with low levels of like-for-like price [...]...
  • Nestlé UK Launches New On-trend Flavours Nestlé has introduced two new on-trend flavours to its much-loved Munchies brand in the UK and Ireland. Available in 101g sharing bags, new Munchies Chocolate Fudge Brownie and Munchies Cookie Dough are the first new Munchies products since 1996. The new flavours were created at Nestlé’s confectionery sites in York and Fawdon, Newcastle. Munchies Brand Manager [...]...
  • Dedicated Industry Forums Take on Packaging’s Hottest Topics Experts from major brands, such as Coca-Cola, Ella’s Kitchen and REN Clean Skincare, will take to the stage as part of the dedicated industry forums for the beauty, food and drink sectors at Packaging Innovations and Luxury Packaging London 2019. The show, which returns to Olympia on 11 & 12 September, will tackle the key subjects [...]...
  • Greene King Being Sold For £2.7 Billion CK Asset, which is one of the largest property developers in Hong Kong and an international investment group, has made a recommended £2.7 billion cash offer for Greene King, the UK’s leading integrated brewer and pub retailer operating over 2,700 pubs, restaurants and hotels across England, Wales and Scotland. Including debt, the enterprise value of [...]...
  • The Hershey Company Takes Minority Stake in Irish Snacking Brand The Hershey Company, the US-based food group, has made a minority investment in Fulfil Holdings, the owner of the snacking brand FULFIL. Headquartered in Dublin, Ireland, FULFIL has rapidly grown since its inception, now outselling many traditional chocolate snack bar brands in the UK and Ireland and named a top 50 consumer brand in Ireland. Brian [...]...

Kellogg Lowers Full-Year Guidance

Kellogg Lowers Full-Year Guidance
August 04
12:30 2014

Kellogg Company has lowered its guidance for the full-year of 2014 following a slump in sales and profits. Internal net sales are now expected to decline by between one and two percent. Underlying internal operating profit growth is expected to decline by between one and three percent.

In its second-quarter of 2014 Kellogg’s net sales decreased by 0.8% to $3.7 billion. Internal net sales, excluding the effects of foreign currency translation, acquisitions, dispositions, and integration costs, decreased by 1.5% over the same period. Second-quarter 2014 operating profit was down 18.1% to $467 million, driven primarily by costs associated with Project K, the company’s four-year efficiency and effectiveness program, and lower sales. Underlying internal operating profit, which excludes the effects of foreign currency translation, acquisitions, dispositions, mark-to-market accounting, integration costs, and costs associated with Project K, decreased by 7.2%. According to Kellogg, the decline in underlying internal operating profit was largely the result of lower sales, and investment in brand-building activities.

“We have announced earnings per share for the second quarter that were broadly in-line with our expectations. While we saw growth in various areas of our business including Pringles and the international segments, the cereal category in developed markets remained challenging,” says John Bryant, chairman and chief executive officer of Kellogg Company. “Our Project K efficiency and effectiveness program continues to go well, and we are in the very early stages of the increased investment we are making in our developed-markets business. We know that improvement will take some time, but we believe we are making the right decisions to drive profitable revenue growth in the future.”

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 11, 2019Packaging Innovations & Luxury Packaging London 2019
  • October 1, 2019PPMA Total Show
  • October 17, 2019Future Food-Tech
  • November 18, 2019Plastics Caps and Closures Conference 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements