Cereal Sales Are Slowing Down, and Kellogg’s Shares Are Suffering
Kellogg’s shares have fallen after missing first-quarter estimates. The food giant reported a revenue of $3.52 billion, while analysts expected $3.54 billion. Kellogg is struggling as more consumers turn away from sugary cereals in favor of healthier yogurts and breakfast bars. Snack sales were also stagnant for Kellogg’s.
The Frosted Flakes maker also faced unexpected challenges in the quarter, including higher input and transportation costs, plus a recall of its RXBAR protein bars.