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Kellogg Company posted an 8.7 percent net sales growth to $3.86 billion in the second quarter, driven by positive price/mix and momentum in snacks, noodles, and cereal.
The company's reported operating profit fell by 17.7 percent in the second quarter as unfavorable mark-to-market effects and negative currency translation more than offset the robust net sales growth.
Kellogg’s reported a net sales increase of 12 percent in North America and a 3 percent drop in Europe, as adverse foreign currency translation more than offset price/mix and sales momentum in snacks and cereal.
The company enjoyed an 11 percent net sales increase in the Asia Pacific, Middle East, and Africa and an 8 percent increase in Latin America.
Steve Cahillane, Kellogg’s chairman and CEO, said they sustained notably strong growth momentum in snacks and emerging markets while accelerating the recovery of supply and category share in our North America cereal business.
Kellogg’s has raised its full-year guidance for organic net sales growth to 7 to 8 percent.
