Shares in Kellogg fell in early trading in New York after the US food giant reported lower-than-expected first-quarter sales.
Kellogg booked a 3.1% fall in revenue to US$3.74bn for the quarter to 29 March. The consensus forecast among Wall Street analysts was for the Special K owner’s sales to drop 1.3%.
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Internal net sales, a company metric that excludes the effects of foreign currency translation, M&A and integration costs, decreased by 2.4%.
Kellogg has seen sales of its core breakfast foods products come under pressure, notably in North America, in recent quarters – and the first three months of 2014 was no different.
The company’s US morning foods business saw sales drop 5.5% when measured by its internal sales metric.
Underlying operating profit and earnings per share rose year-on-year.
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By GlobalDataShares in Kellogg were down 1.45% at $65.86 at 11:07 ET
