Global food manufacturer Kellanova reported a 4% decrease in sales for Q1, as its adjusted earnings fell by 11%.
Reported operating profit in Q1 increased by 9% year-on-year, but on an adjusted basis this decreased by 13%. Reported earnings per share also increased by a total of 12% on the year, and on an adjusted basis this decreased by 11%.
In Europe, the manufacturer’s net sales decreased by 3% on the year due to negative foreign currency translation and a volume decline amid soft category demand. On an organic basis, net sales decreased by 2%.
This comes following the news of Kellanova’s acquisition by Mars in 2024.
Steve Cahillane, chairman, president and CEO at Kellanova, commented: “Our organisation demonstrated focus and determination in managing through what is undeniably an uncertain macroeconomic and industry environment.
“We delivered against our budget in the quarter, led by our emerging markets, and we are encouraged by our improvement in category share performance in key markets around the world.
“Meanwhile, we are planning contingencies and taking action for managing through continued global economic uncertainty, even as we prepare for our next chapter as part of a global snacking powerhouse with Mars.”
