Reported 2 months ago
Hershey has reduced its annual profit and sales forecasts after reporting a nearly 17% decline in quarterly sales, as consumers increasingly seek cheaper alternatives amid rising product prices. The company's shares dropped over 4% in premarket trading following this news. Overall, Hershey's net sales fell short of expectations, particularly in the North American market, where demand for its confectionary products has been negatively impacted by consumers' price sensitivity. The company now anticipates a net sales growth of around 2% for the year, down from a previous estimate of 2% to 3%.
Source: YAHOO