Consumer
Hershey Cuts Outlook as Shoppers Trim Chocolate Purchases
- High cocoa costs have forced the company to raise prices
- Chocolate maker now sees sales rising about 2% this year
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Hershey Co. cut its sales and earnings outlook for the year as shoppers continue to reduce purchases of higher priced chocolates and candies.
The maker of Reese’s and Dot’s Pretzels said Thursday that it now expects net sales growth to be around 2%, from the previous range of 2% to 3%, and that adjusted earnings per share will be “down slightly” from unchanged before.