Battle Creek / MG. (kc) Kellogg Company announced first quarter 2023 results and raised its full-year sales and profit guidance. Highlights:
- The Company sustained strong top-line momentum, with net sales growth across each of its Regions contributing to another quarter of double-digit growth for the Company.
- Growth in gross profit, supported by productivity, revenue growth management, and improving service levels, reflected better-than-expected progress toward recovering profit margins.
- Reflecting the strong start to the year, the Company raised its guidance for organic-basis growth in net sales, and for currency-neutral, adjusted-basis operating profit and earnings per share.
- The Company continues to work towards its planned separation of its North America cereal business, which is expected to be completed during the fourth quarter.
«We’re very pleased to get off to such a strong start to the year,» said Chairman and Chief Executive Officer Steve Cahillane. «We continue to grow net sales organically above our long-term targets, and this growth spans across our Regions and our category groups. We also continue to make progress toward recovering our profit margins.» Cahillane added, «These better-than-expected results and raised full-year outlook indicate a strong attention to business delivery, even as we execute the transformational separation of Kellogg Company into two, more focused companies: The global, snacking-oriented Kellanova, and our North America cereal business, WK Kellogg Co. That we are advancing toward the spin-off while sustaining business momentum is a credit to the dedication and talent of our employees» (Table: Kellogg).
