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U.S. markets recover from steep losses
BATTLE CREEK, Mich., Feb. 4 (UPI) -- U.S. cereal giant Kellogg Co. said it would raise prices 3 percent in 2011, the same increase it reported for its profits in 2010.
Fourth-quarter profits rose 7 percent over the third quarter and annual profits were up 3 percent, The Detroit News reported Friday. Revenues for the year dropped 1 percent to $12.4 billion.
John Bryant, the company's new chief executive officer, said Kellogg would raise prices due to the rising cost of commodities.
"The price increases are merely passing on a portion of those higher costs," he said.
Bryant said food recalls hurt the company last year and international sales were flat except in certain regions, including Russia and Latin America, where sales rose at least 9 percent.
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