Consumer
Hershey Sales Get Boost From High Prices on Cocoa Shortage
- Company raised prices in its biggest category by nearly 6%
- Cocoa prices soared due to poor harvests in West Africa
Hershey miniatures candy bars.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
The sharp rise in cocoa prices is leading to big gains at Hershey Co.
The chocolate and salty-snack company said on Friday that its first-quarter sales and profit sailed past analyst estimates after it hiked prices in response to cocoa shortages.