Kellogg third-qtr sales drop as U.S. demand remains weak
REUTERS 8:09 AM ET 10/30/14
Symbol Last Price Change
K 62.47down 0 (0%)
QUOTES AS OF 04:02:19 PM ET 10/29/2014
Oct 30 (Reuters) - Kellogg Co(K), the world's largest maker of breakfast cereal, reported a 2.1 percent drop in quarterly net sales as demand for its Corn Flakes and Special K wane in the United States, its biggest market.
Kellogg shares fell 2.3 percent premarket to $61.
Net income attributable to Kellogg fell to $224 million, or 62 cents per share in the third quarter ended Sept. 27, from $326 million, or 90 cents per share, a year earlier.
Net sales fell to $3.64 billion from $3.72 billion a year earlier, with internal net sales in its U.S. cereals business declining 4.7 percent. (Reporting by Sruthi Ramakrishnan in Bangalore,)
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