Food Business News - May 12, 2020 - 20

Startup-like growth for
Kellogg in first quarter

Kellogg is delaying
the launch of
Incogmeato until
later in the year.

KELLOGG

KELLOGG

Core categories shine during pandemic
BATTLE CREEK, MICH. - Kellogg Co. March sales
of ready-to-eat cereal - up 43%.
* Crackers - up almost 40%.
* Waffles - up 45%.
* Plant-based meat alternatives -
up 66%.
Announcing financial results for the
first quarter of 2020, Kellogg Co., Battle
Creek, shared some eye-popping sales figures during the final month of the period.
Net income in the three months
ended March 28 was $350 million, equal to
$1.01 per share on the common stock, up
23% from $282 million, or 82¢ per share, in
the same period a year ago. Sales were $3.4
billion, down 3%. Results for 2019 included the company's cookie, fruit snacks, pie
crusts and ice cream cone business sold in
late July 2019 to The Ferrero Group.
Operating profit of the North America segment was $366 million, down 3.7%
from $395 million last year. Sales were $2.1
billion, down 8%. Adjusted for divestitures, sales rose 6% with volume up 5%.
In trading April 30, Kellogg shares rose
60¢, or 0.9%, closing at $65.60 a share.
Details about the North American
business were discussed at length during
an April 30 conference call with analysts.
Looking at the business by segment, sales of the company's Snacks
unit, its largest, were strong going
into March when it received an extra
boost from expanded consumption
growth, said Amit Banati, senior vice

20

Food Business News

president and chief financial officer.
The company's cracker sales jumped
almost 40% versus a year earlier, and salty
snacks and wholesome snacks enjoyed
jumps of nearly 30%.
"This consumption growth has
been broad-based across our portfolio
of brands," Mr. Banati said. "From an
occasion standpoint, we have seen less lift
for on-the-go items and more growth for
pantry packs, which makes sense. We feel
good about the positioning and strength
of our North America Snacks business as
we work daily to keep up with demand."
Performance was no less impressive
in ready-to-eat cereal with sales up 43% in
March from March 2019. Difficult to parse
out in the strong gains were fruits of Kellogg
brand-building efforts, Mr. Banati said. Still,
he said share gains in the Kellogg taste/fun
segment were encouraging. Additionally, he
said Kellogg saw positive signs indicating
greater household penetration of its brands.
"Importantly, cereal is one of the
food categories whose consumption has
remained at very elevated levels, even
after the couple of weeks of consumer
stockups," he said. "An interesting thing
to watch will be how this stockup and
elevated consumption is driving trial and
reappraisal of this category. US household penetration data showed that our
cereal brands collectively gained more
than three points of penetration in March
versus February and did this against all

cohorts, whether by age group, income
level or households with or without
kids. As I mentioned, this is something
we're studying closely and looking to
build upon. We know that our cereals are
getting into the pantry and that they're
getting consumed. They're iconic brands,
great food, versatile across occasions and
a great value for the money. Consumers
rediscovering these benefits could be very
positive for this category, and we plan to
seize this opportunity."
Kellogg's strong results extended to
its North American frozen foods business,
with Eggo sales surging and claiming
share gains. Consumption growth accelerated to more than 45% in March, Mr.
Banati said. Similarly, Morningstar Farms
sales already were growing at a strong
double-digit rate before the pandemic, he
said. In more recent weeks, consumption
has jumped more than 66%.
Kellogg had planned to launch
Incogmeato, a Morningstar Farms line
of refrigerated meat alternatives, but is
delaying the introduction until later in the
year, when plant-based sausage products
also will be launched.
"Not everything is seeing a lift during
the pandemic," Mr. Banati said. "Our business in foodservice, vending and convenience stores experienced sharp and sudden net sales declines in March as schools
and restaurants closed and travel came to
a halt. And that softness continues."
For the year, Kellogg left its guidance
unchanged, projecting organic sales growth
of 1% to 2% and operating profit down 4%
on a currency-neutral basis, reflecting the
absence of the divested business.
Pressed about the company's decision
to leave guidance unchanged after such an
explosive first quarter, Steven A. Cahillane, chairman, chief executive officer
and president, responded that accurately
determining how long changed consumer
behaviors will persist is impossible.
"We think prudence in this very
uncertain environment is the right way to
go," he said.
He offered four elements shaping the
company's thinking.
"One is what I just said, the environment is incredibly uncertain," he said.
"In fact, most companies are actually
May 12, 2020



Food Business News - May 12, 2020

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http://digital.foodbusinessnews.net/sosland/fbn/2011_02_15
http://digital.foodbusinessnews.net/sosland/fbn/2011_01_18
http://digital.foodbusinessnews.net/sosland/fbn/2011_01_04
http://digital.foodbusinessnews.net/sosland/fbn/2010_12_21
http://digital.foodbusinessnews.net/sosland/fbn/2010_12_07
http://digital.foodbusinessnews.net/sosland/fbn/2010_11_23
http://digital.foodbusinessnews.net/sosland/fbn/2010_11_09
http://digital.foodbusinessnews.net/sosland/fbn/2010_10_26
http://digital.foodbusinessnews.net/sosland/fbn/2010_10_12
http://digital.foodbusinessnews.net/sosland/fbn/2010_09_28
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http://digital.foodbusinessnews.net/sosland/fbn/2010_08_31
http://digital.foodbusinessnews.net/sosland/fbn/2010_08_17
http://digital.foodbusinessnews.net/sosland/fbn/2010_08_03
http://digital.foodbusinessnews.net/sosland/fbn/2010_07_20
http://digital.foodbusinessnews.net/sosland/fbn/2010_07_06
http://digital.foodbusinessnews.net/sosland/fbn/2010_06_22
http://digital.foodbusinessnews.net/sosland/fbn/2010_06_08
http://digital.foodbusinessnews.net/sosland/fbn/2010_05_25
http://digital.foodbusinessnews.net/sosland/fbn/2010_05_11
http://digital.foodbusinessnews.net/sosland/fbn/2010_04_27
http://digital.foodbusinessnews.net/sosland/fbn/2010_04_13
http://digital.foodbusinessnews.net/sosland/fbn/2010_03_30
http://digital.foodbusinessnews.net/sosland/fbn/2010_03_16
http://digital.foodbusinessnews.net/sosland/fbn/2010_03_02
http://digital.foodbusinessnews.net/sosland/fbn/2010_02_16
http://digital.foodbusinessnews.net/sosland/fbn/2010_02_02
http://digital.foodbusinessnews.net/sosland/fbn/2010_01_19
http://digital.foodbusinessnews.net/sosland/fbn/2010_01_05
http://digital.foodbusinessnews.net/sosland/fbn/2009_12_22
http://digital.foodbusinessnews.net/sosland/fbn/2009_12_08
http://digital.foodbusinessnews.net/sosland/fbn/2009_11_24
http://digital.foodbusinessnews.net/sosland/fbn/2009_11_10
http://digital.foodbusinessnews.net/sosland/fbn/2009_10_27
http://digital.foodbusinessnews.net/sosland/fbn/2009_10_13
http://digital.foodbusinessnews.net/sosland/fbn/2009_09_29
http://digital.foodbusinessnews.net/sosland/fbn/2009_09_15
http://digital.foodbusinessnews.net/sosland/fbn/2009_08_18
http://digital.foodbusinessnews.net/sosland/fbn/2009_08_04
http://digital.foodbusinessnews.net/sosland/fbn/2009_07_21
http://digital.foodbusinessnews.net/sosland/fbn/2009_07_07
http://digital.foodbusinessnews.net/sosland/fbn/2009_06_23
http://digital.foodbusinessnews.net/sosland/fbn/2009_06_09
http://digital.foodbusinessnews.net/sosland/fbn/2009_05_26
http://digital.foodbusinessnews.net/sosland/fbn/2009_05_12
http://digital.foodbusinessnews.net/sosland/fbn/2009_04_28
http://digital.foodbusinessnews.net/sosland/fbn/2009_04_14
http://digital.foodbusinessnews.net/sosland/fbn/2009_03_31
http://digital.foodbusinessnews.net/sosland/fbn/2009_03_17
http://digital.foodbusinessnews.net/sosland/fbn/2009_03_03
http://digital.foodbusinessnews.net/sosland/fbn/2009_02_17
http://digital.foodbusinessnews.net/sosland/fbn/2009_02_03
http://digital.foodbusinessnews.net/sosland/fbn/2009_01_20
http://digital.foodbusinessnews.net/sosland/fbn/2009_01_06
http://digital.foodbusinessnews.net/sosland/fbn/2008_12_23
http://digital.foodbusinessnews.net/sosland/fbn/2008_12_09
http://digital.foodbusinessnews.net/sosland/fbn/2008_11_25
http://digital.foodbusinessnews.net/sosland/fbn/2008_11_11
http://digital.foodbusinessnews.net/sosland/fbn/2008_10_28
http://digital.foodbusinessnews.net/sosland/fbn/2008_10_14
http://digital.foodbusinessnews.net/sosland/fbn/2008_09_30
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http://digital.foodbusinessnews.net/sosland/fbn/2008_06_10
http://digital.foodbusinessnews.net/sosland/fbn/2008_05_27
http://digital.foodbusinessnews.net/sosland/fbn/2008_05_13
http://digital.foodbusinessnews.net/sosland/fbn/2008_04_29
http://digital.foodbusinessnews.net/sosland/fbn/2008_04_15
http://digital.foodbusinessnews.net/sosland/fbn/2008_03_18
http://digital.foodbusinessnews.net/sosland/fbn/2008_03_04
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http://digital.foodbusinessnews.net/sosland/fbn/2007_11_13
http://digital.foodbusinessnews.net/sosland/fbn/2007_10_30
http://digital.foodbusinessnews.net/sosland/fbn/2007_10_16
http://digital.foodbusinessnews.net/sosland/fbn/2007_10_02
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http://digital.foodbusinessnews.net/sosland/fbn/2006_07_25
http://digital.foodbusinessnews.net/sosland/fbn/2006_07_11
http://digital.foodbusinessnews.net/sosland/fbn/2006_06_27
http://digital.foodbusinessnews.net/sosland/fbn/2006_06_13
http://digital.foodbusinessnews.net/sosland/fbn/2006_05_30
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