Kellogg's is scraping the bottom of the bowl when it comes to cereal.
Kellogg's is scraping the bottom of the bowl when it comes to cereal. - 

Kellogg's, maker of Froot Loops, Apple Jacks and Corn Flakes, could be drying up.

Americans aren't buying cereal like they used to. And that's led to a sales slump: Profits were down 16 percent last quarter.

Another factor is that cereals like Special K used to be popular because they were low-calorie. Now, however, Kellogg's CEO says Americans have become more interested in foods that are "more nutritious."

Follow David Gura at @davidgura