Corporate Profiles - 2021 - 88

COMPANY OVERVIEW
Kellogg Co.
E
xecutives at the Kellogg Co. may be encouraged
by the recent momentum demonstrated
by key long-term growth engines,
but they remain uneasy about the lingering impact
of COVID-19. Potential supply chain disruptions
related to labor and logistics, and manufacturing
capacity constraints may be a drag on future performance,
they warned.
Even so, the Battle Creek, Mich.-based company
delivered strong top- and bottom-line results during
the first half of fiscal 2021.
For the first six months of fiscal 2021 ended July
3, net income totaled $748 million, equal to $2.19
per share on the common stock, an increase over
the year prior when earnings were $698 million,
equal to $2.02 per share.
Sales for the first half were $7.14 billion, up
from $6.88 billion fiscal 2020.
" Overall, at-home demand remained elevated,
and we saw continued recovery in our away-fromhome
channels, " said Steven A. Cahillane, chairman,
president and chief executive officer, during
an Aug. 5 conference call with securities analysts.
" Most encouraging has been the momentum demonstrated
by key long-term growth engines for us. "
The pandemic led Kellogg to revamp its entire
end-to-end innovation capability to focus on its
core food design skills. In 2021, that meant a flurry
Executives upbeat about long-term prospects
of new products focused on three key areas.
The first area of innovation taps into consumer
desire for simple enjoyment and includes products
such as Pringles Scorchin', Homestyle Rice Krispies
Treats, Eggo Stuffed Pancake Bites and the return
of Smorz cereal.
The second area of innovation, well-being, responds
to a significant rise in overall interest in
health and wellness, and includes Kashi cereal
and Special K snack bars that were developed for
the ketogenic diet, as well as Kellogg's portfolio of
ready-to-eat cereals that are high in fiber.
The third area is the Morningstar Farms range
of plant-based foods and includes everything from
Veggie Meatballs and Bites to Incogmeato Chik'n
Nuggets and Bites.
Mr. Cahillane expanded on Morningstar Farms
during the Aug. 5 conference call.
" A key advantage of Morningstar Farms is the
breadth of its offerings across product types, " he
said. " And in Q2, we continued to see double-digit
two-year CAGRs across segments like chicken, appetizers,
breakfast meat and sausages. We continue
to innovate against this brand, including its subbrand
Incogmeato, which continues to add distribution
and share and is proving to be incremental to
the Morningstar Farms franchise. "
Kellogg also benefited from stepped-up investment
in capabilities, a strategy Mr. Cahillane spoke
about during a Sept. 8 presentation at the virtual
Barclays Global Consumer Staples Conference.
" We couldn't have targeted specific consumer
cohorts and eating occasions the way we have during
the pandemic without that investment in data
and analytics, " he said. " We couldn't have doubled
our e-commerce sales last year without the work
we did previously to build up our capabilities in this
area. We have dramatically upgraded our revenue
growth management capabilities from the data and
analytics we use to our approach and processes for
each of the pillars of RGM. This has obviously become
much more important in today's high-cost
inflation environment. "
Progress in the company's " Deploy for Growth "
strategy took shape in the form of two production
line shutdowns at a Keebler plant in Mariemont,
Ohio, to go along with the addition and reconfiguring
of a line at a salty snacks production plant
in Jackson, Tenn. CP
Chief executive officer -
Steven A. Cahillane
Kellogg Co. net income
Kellogg Co. net sales
Kellogg Co. share price
per share
$1,336
$960
$1,251
$13,547
$13,578
$13,770
$54
$58
$62
$66
$70
2018
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88 \ October 2021
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Corporate Profiles - 2021

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