Will the soaring price of cocoa turn chocolate into a luxury item? [CBS News]
The Hershey Company (HSY)
Last the hershey company earnings: 4/23 07:00 am
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Source: CBS News
The Hershey Co. expects record-high cocoa prices as well as higher sugar costs to crimp its earnings growth, and it expects to offset the pain in part by raising prices, the candy giant said in February in reporting its latest financial results. "Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business," CEO Michele Buck, president told analysts. Where are Chocolate prices headed? Hershey raised candy prices for Valentine's Day and Easter in 2022, then increased the cost of chocolate more broadly in mid-2023 before in February rolling out small hikes on some grocery and food service items, Chief Financial Officer Steve Voskuil said in the earnings call. Price hikes are also in the works at Mondelez International, owner of Chips Ahoy! cookies and Côte d'Or, the Belgium chocolate brand. Mondelez also owns the nearly 200-year-old Cadbury brand, but outside the U.S., as Hershey acquired the U.S. license in 1988.
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HSY
News
- The Hershey Company (NYSE: HSY) had its price target raised by analysts at Wells Fargo & Company from $200.00 to $205.00. They now have an "equal weight" rating on the stock.MarketBeat
- Hershey's Sweet Success: Q1 Results Exceed Expectations With 8.9% Sales Growth [Seeking Alpha]Seeking Alpha
- Hershey, Mondelez See Cocoa Prices Detached From Fundamentals [BNN Bloomberg (Canada)]BNN Bloomberg
- Hershey, Mondelez See Cocoa Prices Detached From Fundamentals [Yahoo! Finance]Yahoo! Finance
- Hershey teases new gummy brand, updated popcorn and pretzel flavors [Yahoo! Finance]Yahoo! Finance
HSY
Earnings
- 5/3/24 - Beat
HSY
Sec Filings
- 5/6/24 - Form 8-K
- 5/3/24 - Form 10-Q
- 5/3/24 - Form 8-K
- HSY's page on the SEC website