Kellogg Co. reported its second-quarter results Thursday. Revenue of the world's largest cereal maker rose 11 percent and net income was up 14 percent. The company saw stronger revenue in both its North American and international business but reported some struggles in the United Kingdom. Kellogg's CEO John Bryant discusses the matter further with investors during a conference call.
QUESTION: You mentioned the struggling consumer as being part of the reason for the issues in the U.K. Could you comment further on that?
RESPONSE: It's really the UK that is giving us the greatest number of challenges. And within the U.K., we are seeing improving trends in cereal. The cereal category is still struggling. And we actually declined a little bit in the quarter, but that's an improved trend from where we've been, say, last year. So I think the category and the dynamics are improving, but they are kind of lagging behind the improvement we've seen in the U.S. cereal category over the last six months or so.