Kellogg's Sales and Profits Show Modest Snapback in 1Q; Shares Undervalued
Despite continued noise following Kellogg's transition away from direct store distribution in favor of warehouse delivery last year, we view first-quarter results as evidenced of sequential improvement in the company's underlying operations, particularly in light of the competitive and inflationary headwinds that have derailed performance for operators across the space. Kellogg posted 0.6% organic sales growth, an improvement from the 1.5% shortfall in the fourth quarter, as a 2.9% bump in volum...Kellogg is engaged in the manufacture and marketing of ready-to-eat cereal and convenience foods. The company's principal products are snacks, such as crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites; and convenience foods, such as, ready-to-eat cereals, frozen waffles, veggie foods and noodles. The company's snacks brands are marketed under brands such as Kellogg's, Cheez-It, Pringles, Austin, Parati, and RXBAR. The company's cereals and cereal bars are generally marketed under the Kellogg's name, with some under the Kashi and Bear Naked brands. The company's frozen foods are marketed under the Eggo and Morningstar Farms brands.
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