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Kellogg to cut down jobs by 2017 as part of 'cost-cutting plan'

The company has experienced weaker-than-expected sales for the year

ANI  |  Sydney 

Global cereal giant is reportedly set to cut down its global workforce by 2017 by 7% as a part of a cost-cutting plan, and given their weaker-than-expected sales for the year.

said that it earned 326 million dollars for this quarter, or 95 cents per share, excluding one-time items, which was above the 89 cents per share expected, as compared to 318 million dollars or 89 cents per share a year ago.

According to News.com.au, however, the cereal maker said that it expects earnings per share for the year to be towards the lower end of its previous forecast.

The report mentioned that a year ago, revenue slipped to 3.72 billion dollars and was short of the 3.73 billion dollars as expected by analysts.

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