Kellogg Restating 2024 Results After ‘Double-Counted’ Expenses

WK Kellogg Co. plans to restate its 2024 audited financial statements after finding it overstated the costs of producing goods it sold.

The company behind cereals like Frosted Flakes said in a Form 8-K report filed with the US Securities and Exchange Commission Thursday that an error caused an overstatement of costs of goods sold and a corresponding understatement of inventory of about $11 million for its fiscal year that ended Dec. 28, 2024. The error related to “inventory adjustments that inadvertently double-counted certain manufacturing expenses,” the filing said.

Ferrero International SA—the maker of the chocolate nut spread ...