Preview: $K Q2 Earnings: North American Segment Organic Sales Growth Decelerates

Using our updated Odyssey2 panel, our data science team has analyzed 2022 FQ12 sales of $K brands to arrive at a preview of Kellogg's upcoming earnings call.

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Commentary

DecaData’s data panel shows deceleration in the pace of Volume YoY for K’s North America segment, for 2022 FQ2 as compared to FQ1. Meanwhile, the pace of Pricing YoY remained relatively flat compared to FQ1. Altogether, these resulted in deceleration in Organic Sales growth for this segment compared to 2022 FQ1.

We observe from our POS data that the headwinds in volume appeared to persist during FQ2 as well as July month-to-date. Kellogg North America’s overall organic sales growth might surprise to the downside.

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Forecast Data

Odyssey 2 data best lends itself to measuring and modeling K’s North America segment.

Ticker K

Segment	Metric	Actual 2022 FQ1	ODY Estimates 2022 FQ2	Lower	Midpoint	Upper	Direction
K North America	Organic sales YoY	(0.9%)		(2.0%)	(1.5%)	(1.0%)	Decel
K North America	Pricing YoY	7.4%		7.0%	7.5%	8.0%	Flat
K North America	Volume YoY	(8.3%)		(9.5%)	(9.0%)	(8.5%)	Decel

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Organic Sales