{"id":12016,"date":"2023-11-10T04:51:04","date_gmt":"2023-11-10T04:51:04","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/pringles-maker-kellanova-taps-higher-snack-prices-to-boost-sales\/"},"modified":"2023-11-10T04:51:05","modified_gmt":"2023-11-10T04:51:05","slug":"pringles-maker-kellanova-taps-higher-snack-prices-to-boost-sales","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12016","title":{"rendered":"Pringles maker Kellanova taps higher snack prices to boost sales"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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By Savyata Mishra<\/p>\n

(Reuters) -Kellanova, formerly Kellogg, and its newly spun-off North America cereal business WK Kellogg beat third-quarter sales estimates on Wednesday, supported by higher prices for their ready-to-eat breakfast cereals and snacks.<\/p>\n

Shares of Kellanova were about 2% higher while WK Kellogg rose about 4%.<\/p>\n

“Kellanova business gets an immediate lift from the absence of North America cereal, and should continue to benefit” with price hikes catching up to higher input costs, easing supply-chain snarls and more promotions, company executives said on a post-earnings call. <\/p>\n

Packaged food companies from Kraft Heinz (NASDAQ:) and Campbell Soup <\/span><\/span> (NYSE:) to Mondelez (NASDAQ:) have grown their margins through repeated prices hikes over the last two years.<\/p>\n

But Kellanova and WK Kellogg warned that persistent inflation had made consumers sensitive to increased prices.<\/p>\n

“The consumer is clearly strained. But I think … (they) are becoming much more used to different price points,” Kellanova CFO Amit Banati said.<\/p>\n

Kellanova, home to brands including Cheez-It crackers and Pringles, recorded a 7.4% decline in overall volumes for the quarter, while WK Kellogg posted a 13.4% fall following double-digit price hikes across their product ranges. <\/p>\n

“Price hikes offer a short-term sugar high that can quickly fade if it pushes shoppers to private labels,” said Zak Stambor, a senior analyst with Insider Intelligence.<\/p>\n

Kellanova’s net sales in North America fell slightly, even as the Europe and Latin America regions posted growth.<\/p>\n

Kellogg Company (NYSE:) in October completed the spin-off of its North American cereal business into a new standalone entity called WK Kellogg, and renamed itself Kellanova, to sharpen focus on each division. <\/p>\n

Kellanova posted quarterly net sales of $3.94 billion, beating analysts’ expectations of $3.62 billion, according to LSEG data.<\/p>\n

Its adjusted profit of $1.03 per share was above estimates of 84 cents.<\/p>\n

WK Kellogg reported better-than-expected sales of $692 million.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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