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Pringles Maker Kellogg Says Profit Jumps 23% On Virus-Led Stockpiling

Breakfast cereal maker Kellogg Co reported a 23% rise in quarterly profit as consumers in North America and Europe stocked up on its packaged foods amid coronavirus-driven lockdowns.

Net income attributable to the Battle Creek, Michigan-based company was $347 million, or $1.01 per share, for the first quarter ended 28 March, compared with $282 million, or 82 cents per share, a year earlier.

Quarterly net sales dropped to $3.41 billion from $3.52 billion last year, hurt by the sale of its Keebler cookie business and some other assets to Nutella maker Ferrero SpA.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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