Pringles costs dent Kelloggs

Marion Dakers
KELLOGGS yesterday posted an 11 per cent fall in profits to $311m (£200.2m) as the cost of acquiring Pringles last year and the rising price of commodities dented its bottom line.

The US firm, which spent $2.7bn snapping up Pringles, said revenues in the quarter rose 12 per cent to $3.86bn, slightly short of Wall Street forecasts. Sales in Europe rose 28.7 per cent to $692m.

The world’s biggest cereal maker said it was on track to meet its full-year target of five to seven per cent profit growth.