Consumer
Hershey Cuts Full-Year Sales Outlook as Consumers Cut Back
- Now sees flat full-year net sales growth, down from about 2%
- Snacking brands ‘driven by consumers feeling pressured’: CEO
The Hershey's Chocolate World store in Times Square, New York.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Hershey Co. cut its outlook for growth in net sales growth and earnings as consumer pullback drives down volume sales, while “historically high” cocoa costs have driven price hikes.
The company reported third-quarter adjusted earnings per share of $2.34, below the $2.56 that analysts surveyed by Bloomberg expected.