"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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Source: Reuters - 🏆 2. / 97 Read more »