The Kellogg Company on Thursday reported that it lost $293 million (82 cents per share) in the fourth quarter of fiscal year 2014, the New York Times reports.
The company announced $819 million in profits in the previous fiscal year's fourth-quarter report.
"One of the key targets of success, I think, is targeting realistic goals, which can be achieved over the long term," Kellogg Chief Executive John A. Bryant said during a conference call with investment analysts on Thursday, according to the newspaper.
"We think low-single-digit top-line growth for the total business is an achievable goal."
Sales of Kellogg products are said to be in decline--the company recently made public that it reduced its expectations for the year, admitting that profits would be much lower than expected.
Kellogg officials pointed out that one of their primary issues involves Special K, the cereal brand known for its "Special K Challenge." Bryant mentioned that the company's problem is that it was "basically asking people to deprive themselves" with the challenge, citing changes in industry trends.
The Kellogg Company was founded in 1906 in Michigan.
