Skip to comments.Kellogg says it will raise prices
Posted on 02/04/2011 11:30:07 PM PST by FromLori
U.S. cereal giant Kellogg Co. said it would raise prices 3 percent in 2011, the same increase it reported for its profits in 2010.
Fourth-quarter profits rose 7 percent over the third quarter and annual profits were up 3 percent, The Detroit News reported Friday. Revenues for the year dropped 1 percent to $12.4 billion.
John Bryant, the company's new chief executive officer, said Kellogg would raise prices due to the rising cost of commodities.
"The price increases are merely passing on a portion of those higher costs," he said.
(Excerpt) Read more at upi.com ...
Grain remains stubbornly high in price. Expect to pay more for cereals at your supermarket this year.
Revenues were down 1%.
Profits were up 3%.
So they are going to raise prices 3% because of rising commodity prices.
I guess that's how you keep profits rising when revenue is falling.
And cereal has ALREADY been expensive for years, IMO. I mean, somebody’s gotta pay for all those fancy ads.
Lucky,my family doesn’t eat their garbage.
If Cocoa Puffs were oil, some liberals would give a crap...and then blame it on Bush. But I doubt there will be congressional hearings to harangue “Big Corn Flake” executives into explaining their price increases.
Egypt. Coming to a town near you.
I'll trust the competitive marketplace to keep my prices down more than I'll trust any corrupted politician.
You mean the competitive market place we have today?
The one skewed by tax breaks, farm subsidies for corporate farmers, government support of bulk transport systems, futures market manipulation through automated bid spiking, . . .
That competitive market?
If it was truly a competitive market, I'd be with ya all the way.
Unfortunately, it's a huge business.
And where there's huge business, there's huge money.
And where there's huge money, there's a politician looking to "help" its constituents, 'cause, well, you know -- someone needs to look out for the little people (and, of course, be rewarded for their efforts).
What price should we tell Kellogg’s to sell it’s product at? I think we should take a poll. I’m sure we’d be just as informed in the decision as any of the politician’s when they set price controls.
The box the product is in costs more than the cereal in it, perhaps because it is only half filled.
But not nearly as well-rewarded for our efforts on behalf of the well-being of our republic and our constituents. < /sarc>
It’s about centralization. Drive the little guys out of business, rubber stamp all the mergers in each industry; I think they call it “consolidation”. It’s easier for the gov’t to control industry that way.
“What price should we tell Kelloggs to sell its product at? I think we should take a poll. Im sure wed be just as informed in the decision as any of the politicians when they set price controls.”
I’m with you. Between this and having to listen to electrical power, oil companies, and insurance companies CONSPIRING in smoke-filled rooms to screw the little guy, I’m starting to wonder if my computer’s address bar is lying to me and I’m really at DU. Not to mention everyone to the left of Hitler being called a RINO.
Haven’t bought cereal in I don’t know how long. Make my own bread; buy bulk oatmeal from the Mennonite store.