Pringles maker Kellogg says profit jumps 23% on virus-led stockpiling

[April 30, 2020]    (Reuters) - Breakfast cereal maker Kellogg Co <K.N> on Thursday reported a 23% rise in quarterly profit as consumers in North America and Europe stocked up on its packaged foods amid coronavirus-driven lockdowns.

Kellogg's cereal is shown on display during a preview of a new Walmart Super Center prior to its opening in Compton, California, U.S., January 10, 2017. REUTERS/Mike Blake

Net income attributable to the Battle Creek, Michigan-based company was $347 million, or $1.01 per share, for the first quarter ended March 28, 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.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Devika Syamnath)

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