US candy manufacturer The Hershey Company has reaffirmed its long-term financial goals at the Consumer Analyst Group of New York yesterday (20 February).
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The company said that it continues to target net sales growth of between 3% and 4%, a 70-90 basis point improvement in EBIT margin from operations and growth of diluted earnings per share of between 9% and 11%.
For fiscal 2007, Hershey said that it expects sales to increase by 3-4%, with margins remaining essentially flat. The company predicted EPS growth of between 7% and 9%.
The Pennysylvania- based chocolate maker said it expects 2007 earnings of $1.70-1.83 per share. The company expects earnings from operations of $2.54-2.58 per share for the full year, excluding a realignment charge of $0.75-0.84.
In an effort to improve margins, Hershey recently announced a supply chain overhaul that will see the loss of 1,500 jobs over the next three years. The company is also attempting to expand its international sales, recently announcing a joint venture with the Lotte Confectionery Company in China.
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