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Kellogg CEO: ‘People are eating more of our cereal’

 

Kellogg CEO: 'People are eating more of our cereal'

By Brian Sozzi

Excerpt:

Kellogg’s (K) is selling a ton of cereal to a nation eating breakfast at home during the coronavirus pandemic. They are also apparently eating Frosted Flakes and Fruit Loops for dinner, too, which means more sales for the cereal giant.

“One thing I mentioned on the earnings call is that one of the highest growth occasions is cereal for dinner. And one of the things driving that is people are making a lot more food at home and they get tired after a while of cleaning up and they say let's have cereal for dinner. The clean up is economical and everybody in the family loves it,” Kellogg’s CEO Steven Cahillane explained to Yahoo Finance in an interview on Thursday.

Kellogg’s reported first quarter sales came in at $3.41 billion compared to forecasts for $3.39 billion. Sales surged across Kellogg’s power food brands such as Frosted Flakes, Eggo Waffles and Cheez-Its. Adjusted earnings of 99 cents a share outpaced projections of 95 cents a share. Kellogg’s reiterated its outlook for full-year organic sales growth of 1% to 2% and for adjusted earnings per share to fall 3% to 4%.

Yahoo Finance spoke with Cahillane at length about the quarter, outlook and the future of his workforce. What follows is an edited and condensed version of the chat…

I understand the convenience of cereal, but I'm kind of with Nancy Pelosi on this one. Why have cereal when ice cream is just as healthful?


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