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    Tuesday, April 30, 2024

    Kellogg cuts sales forecast as cereal continues decline

    Kellogg said Thursday that its cereal unit suffered another quarterly sales decline, and the company cut its long-term revenue forecast. The maker of Frosted Flakes, Pop Tarts and Special K said it expects core revenue to rise between 1 to 3 percent over the long-term, down from the previous forecast of 3 to 4 percent.

    In its flagship North American division, sales for the breakfast foods segment fell 7.7 percent for the period ending Jan. 3. Kellogg Co., based in Battle Creek, Mich., has been struggling to grow cereal sales as Americans increasingly reach for alternative like Greek yogurt and breakfast sandwiches. CEO John Bryant has also conceded that Special K in particular has been hurt by changing attitudes toward health and dieting, with people showing more interest in overall ingredients rather than just calories.

    - Associated Press

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