CHICAGO, Feb 6 (Reuters) - Breakfast cereal maker Kellogg on Thursday reported a 2.8% decline in fourth-quarter sales, hurt by the sale of its Keebler cookie business and other assets to Nutella maker Ferrero SpA.
Kellogg shares fell 5.6% in premarket trading.
Battle Creek, Michigan-based Kellogg said reported net sales fell to $3.22 billion in the quarter, ended Dec. 28, from $3.32 billion a year earlier.
In April, Kellogg sold Keebler and its fruit-flavored snacks, pie crusts and ice-cream cones businesses to Ferrero for $1.3 billion so it could focus on its core cereals and snacks businesses.
The company reported a net income attributable to itself of $145 million, or 42 cents per share, compared with a loss of $84 million, or 24 cents per share, a year earlier. In the comparative quarter, earnings we hurt by a strong dollar, the costs of an ongoing restructuring and preparations for Brexit.
Excluding items, Kellogg earned 91 cents per share, beating analysts expectations of 85 cents per share, according to IBES data from Refinitiv.
Kellogg, which makes Pringles, Cheez-Its and Pop-Tarts, has over the past year amped up spending on promotions, advertising and making snack-pack versions of classic products that appeal to on-the-go shoppers. (Reporting by Richa Naidu; editing by Jason Neely and Steve Orlofsky)