Dive Brief:
- Kellogg, which is struggling as consumers change their breakfast-eating habits, said net income in its third quarter fell 31% to $224 million from $326 million a year earlier.
- The maker of Froot Loops, Pop Tarts, Special K, and other brands said net sales fell 2.1% during the quarter.
- The earnings announcement comes just hours after Kellogg announced a new marketing campaign for its Eggo waffles brand.
Dive Insight:
Kellogg's news follows a disappointing earnings report from rival General Mills, which promised to slash $100 million from operations costs after core profit fell 25%.
If there was heyday for Kellogg, it was the 1970s, when seemingly everyone ate its products. Perhaps that's why the company has decided to revive its Eggo tagline - L'Eggo My Eggo - with a modern twist.