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United States : Kellogg posts loss on strong dollar, Brexit costs; shares slump

Feb 08, 2019 (Euclid Infotech Ltd via COMTEX) --

Kellogg reported a fourth-quarter loss on Thursday as it suffered the effects of a strong dollar, the costs of an ongoing restructuring and preparations for Brexit.

Shares of Kellogg, which makes Pringles chips, Eggo waffles and Pop-Tarts, as well as breakfast cereals, slumped 6 per cent to US$55.57. The stock was the biggest loser on the S&P 500 Food Products index.

Kellogg, like other packaged food companies, has struggled in recent years with intense pricing pressure from retailers and growing consumer preference for healthier, fresher food. To drive cereal sales, Kellogg has been spending more on advertising and promotions.

The industry has also had to cope with surging raw material and freight costs over the past year, and global political unrest that is impacting consumer sentiment.

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