Kellogg said Thursday that Eggo waffle sales soared 45% in March as the coronavirus pandemic forces more consumers to eat breakfast at home.
Kellogg CEO Steve Cahillane said on CNBC's "" that cereal is seeing a similar lift to sales as consumers look for cheap and convenient at-home meals.
Kellogg cereal sales rose 2.7% in the company's first quarter. Industry-wide, cereal sales had been in a long slump. Retail sales of cereal fell 7% between 2015 and 2019, according to Nielsen data. "It's growing in breakfast in the double digits, but it's growing as dinner replacement as well and a snack," Cahillane said.
Shares of Kellogg rose 3% in morning trading after the company reported organic revenue rose 8% during the quarter ended March 28. The stock, which has a market value of $23.1 billion, has fallen 2% so far this year.
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