Hershey's first-quarter results contained a triple whammy yesterday (26 April) as the confectioner reported falling sales and earnings, cuts to forecasts for 2016 and upped its cost savings targets from 2017. The company's results were...
Hershey has upped its target for annual cost savings in a bid to be able to invest in its brands while achieving its targets on earnings, the US confectioner said today (26 April) as the Reese's maker booked lower first-quarter sales and earnings.
Hershey today (26 April) lowered its forecasts for 2016 underlying net sales and earnings per share, citing a "modest trends" for the business and the wider candy, mint and gum category during the first quarter.
Compared to many food sector giants, Hershey's expansion on the international stage was relatively recent. Stepping up Hershey's presence overseas was seen as a way to unlock growth in rapidly-expanding markets and the company was bullish on its ability to translate the brand strength of its portfolio to new territories. But this path has proven challenging in 2015 and, last week, Hershey again lowered its sales forecast for the year, citing weakness in the key international market of China. Katy Askew examines whether Hershey's international drive has stalled.