Hershey

Hershey Trims Annual Forecast As Higher Prices Hurt Demand

Hershey trimmed its annual revenue and profit forecast after missing Wall Street estimates for the third-quarter, as price hikes hurt demand.

A spokesperson for Hershey said on Thursday that the chocolate maker laid off a small number of its employees this week.

Shares at Kellanova surged 18% in early trading on Monday after a Reuters report said Mars was exploring a potential buyout of the company.

Hershey cut its annual profit forecast on Thursday and posted a near 17% drop in quarterly sales, highlighting cautious consumer spending.

Mondelēz International missed expectations for second-quarter revenue on as budget-conscious customers opted for lower-priced alternatives.

Hershey exceeded Wall Street expectations for first-quarter sales and profit on higher prices and steady consumer demand.

Lindt & Spruengli has reported a rise in annual profit thanks to price hikes offsetting increased production costs.

Price hikes are being planned by the makers of Hershey and Cadbury chocolate amidst rising cocoa prices.

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