NEW YORK (AP) — Kellogg cut its sales forecast for the year as it reported another quarterly decline for the unit that includes U.S. cereals.
The maker of Froot Loops and Frosted Flakes has been struggling with slumping sales of its cereals and snacks in the U.S., noting that brands like Special K have become outdated.
Kellogg, which has been slashing costs, said it now expects currency-neutral sales to decline about 2 percent for the year. It previously forecast flat sales.
For the quarter ended Dec. 31, Kellogg reported a loss of $53 million, or 15 cents per share. Not including one-time items, it said it earned 92 cents per share. Analysts expected a profit of 85 cents per share.
Total sales were $3.1 billion, slightly better than expected revenue of $3.07 billion.