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Pringles Maker Taps Higher Prices to Boost Sales

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Kellanova, formerly Kellogg, and its newly spun-off North America cereal business WK Kellogg beat third-quarter sales estimates Wednesday, supported by higher prices for their ready-to-eat breakfast cereals and snacks.

"Kellanova business gets an immediate lift from the absence of North America cereal, and should continue to benefit" with price hikes catching up to higher input costs, easing supply-chain snarls and more promotions, company executives said on a post-earnings call.

But Kellanova and WK Kellogg warned that persistent inflation had made consumers sensitive to increased prices. Kellanova, home to brands including Cheez-It crackers and Pringles, recorded a 7.4% decline in overall volumes for the quarter, while WK Kellogg posted a 13.4% fall following double-digit price hikes across their product ranges.

Kellanova's net sales in North America fell slightly, even as the Europe and Latin America regions posted growth.

 

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Newly spun-off WK Kellogg beats revenue estimates on strong cereal demandWK Kellogg Co (KLG.N), the recently spun-off North American cereal business of Kellanova (K.N), beat Wall Street targets for third-quarter sales on Wednesday, as demand for its products withstood higher prices.
Source: Reuters - 🏆 2. / 97 Read more »