Kellogg Co., which reported third-quarter results before the market opened on Thursday, could face pricing and supply chain pressures in 2023, according to Bernstein analyst Alexia Howard.
The cereal giant reported profit and sales that beat expectations, and raised its full-year outlook, citing strength in snacks and emerging markets.
In a note, Bernstein’s Howard said while Kellogg’s results were “generally shipshape,” he questioned whether this was the “high watermark” for the company’s fundamentals. “We remain concerned that if input costs and supply chain pressures remain intense in 2023, and pricing perhaps becomes harder to come by as retailers seek to hit sharper price points to retain a weakening consumer, the margin and overall profit trends could deteriorate next year,” Howard wrote.
The analyst also pointed to the potential impact of the High Fat Sugar and Salt initiative in the U.K, which places restrictions on promotions of products high in fat, sugar, or salt.
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