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Kellogg’s has attributed its third quarter net earnings growth of 12 per cent to aggressive advertising but said that it will need to scale back soon.
The company spent almost nine per cent of sales – or $1bn – on advertising over the past year, according to a report in the Advertising Age. Most of its competitors spent around five per cent of sales on advertising.
Executive vice president and chief financial officer John A. Bryant was reported as saying that the company would now be reducing this increase and focus instead on the efficiency of its spending.
Kellogg’s net earnings were up to $342m.
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