Kellogg today (6 January) reaffirmed its full-year earnings guidance for 2008 amid continuing pressure on costs.
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The US-based cereal giant predict full-year earnings to be US$2.92-US$2.97 per share, to include the impact of “significant” cost inflation.
David Mackay, Kellogg’s chief executive officer, said: “We are confident in our ability to achieve our targets in 2008. We’re investing in the future while facing continued cost pressure, which is a testament to the strength and resiliency of our business model and operating principles.”
Last week, Kellogg posted a 6% rise in operating profit to US$1.9bn for 2007.
Rising sales at home and abroad offset higher commodity costs and increased marketing expenditure.
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By GlobalDataCurrency fluctuations helped the result but, after stripping out the effect of exchange rates, operating profit was still up 3%. Revenues rose 8% to $11.8bn and increased by 5% on an organic basis.
