Kellogg Co reported a lower-than-expected quarterly profit on Wednesday, hurt by higher costs for ingredients and brand investments.

The cereal and snack maker, whose brands include Frosted Flakes and Pop Tarts, slightly raised its full-year net sales target, as price increases are expected to offset those costs.

In the first quarter, net income was $366 million, or $1 per share, down from $418 million, or $1.09 per share, a year earlier.

Analysts on average were expecting $1.04 per share, according to Thomson Reuters I/B/E/S.

Net sales rose to $3.49 billion, from $3.32 billion a year earlier.

Kellogg said it expects internal net sales, excluding the impact of acquisitions, to increase 4 percent in 2011, up from a prior target of 3 percent to 4 percent.

The company stood by its target for earnings per share growth in the low single-digit range. Including a 9 cent-per- share benefit from foreign exchange rates, that implies earnings of $3.42 to $3.49 per share, it said.

(Reporting by Martinne Geller, editing by Maureen Bavdek)