US candy giant Hershey said today (19 April) falling first-quarter profits were “in line with expectations” after running up charges from changes to its supply chain.
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Hershey posted net income of US$93.5m during the first three months of the year, down from $122.5m a year earlier. A revamp to Hershey’s global supply chain hit earnings, Hershey said.
“Results for the first quarter were essentially in-line with our expectations,” said president and CEO Richard Lenny. “Net sales increased 1.2%, as we’re building momentum behind our new products and continue to benefit from the growth in dark chocolate.”
Turnover reached $1.2bn in the three months to the end of March, Hershey said.
Lenny said the Hershey expects to see faster sales from its core brands during the second half of the year.
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By GlobalDataHe added that the company’s recent investments in India and China would help it “deliver profitable growth in high potential emerging markets”.
