The Kellogg Company’s first-quarter results have beaten expectations, as the company registered an increase in net sales leading to a reported operating profit rise of 81 per cent.
Reported operating profit rose to $510 million from the $280 million figure recorded in the same period last year, which the company attributed to productivity savings and higher net sales and significantly lower restructuring charges thanks to the Project K restructuring program.
Kellogg’s net sales rose 4.7 per cent to $3.4 billion, which owed to favourable currency translations, increased sales from the acquisition of RXBAR maker Chicago Bar Company in October 2017, and improved business delivery.
Kellogg’s North America, European, Latin American and Asian divisions all registered an increase in net sales, with the Pringles brand performing particularly strongly, registering a double-digit sales increase in Europe and volume growth in Asia and Latin America.