Kellogg raises annual profit forecast as pandemic boosts demand

(Reuters) – Cereal maker Kellogg Co raised its full year sales and profit forecast on Thursday, buoyed by rising demand for its Corn Flakes, Fruit Loops and waffle mixes among consumers stuck at home due to the COVID-19 pandemic.

The company reported net sales of $3.47 billion in the three months ended June 27, roughly flat from a year ago, due to the sale of its Keebler cookie business last year. Analysts had expected net sales of $3.30 billion, according to IBES data from Refinitiv. https://reut.rs/3f7fa12

The company forecast full-year organic net sales to rise about 5%, ahead of a prior forecast of a 1% to 2% increase, and its adjusted earnings per share to fall about 1%, compared with previous outlook of a 3% to 4% fall.

(Reporting by Mehr Bedi and Uday Sampath in Bengaluru; Editing by Rashmi Aich)