Kellogg Company has reported strong second quarter 2022 results and has raised its full-year outlook.
Led by its snacks brands around the world, and bolstered by growth stemming from revenue growth management actions, the company highlighted that it sustained strong, broad-based net sales growth.
In a statement, the company outlined the first half of 2022, its’s net sales increased by 6%.
Kellogg's net sales grew just over 8%, during the period.
Inflation Impact
In the second quarter and first half, the company noted that it continued to 'execute well in a challenging business environment, marked by unusually high cost inflation and economy-wide bottlenecks and shortages'.
"Our second quarter performance again demonstrated the strength of our portfolio and the skill and grit of our employees, who managed through an unusually challenging supply and cost environment and delivered strong financial results," said Steve Cahillane, chairman and chief executive officer, Kellogg Company.
"We sustained notably strong growth momentum in snacks and emerging markets, while accelerating the recovery of supply and category share in our North America cereal business, all while leveraging productivity initiatives and revenue growth management to mitigate the impact of decades-high input cost inflation," he added.
"Our improved full-year outlook incorporates not only our better-than-expected results of the first half, but also confidence in our ability to continue to manage through the current supply and cost challenges while sustaining momentum in our world-class brands. And even as we prepare for one of our biggest portfolio transformations yet, the proposed separation into three independent companies, we remain laser focused on delivering on this improved outlook."
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© 2022 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more A-brand news, click here. Click subscribe to sign up for the Checkout print edition.
