The candy and snack company blamed a pullback in consumer spending amid sticky inflation for its struggling sales.
Hershey slashed its yearly profit and sales guidance on Thursday after reporting a 17% drop in second-quarter sales.The Pennsylvania-based candy company – with a market capitalization of $38.83 billion – struggled with a consumer pullback on spending amid sticky inflation, like many others in the food and snack industries.Hershey — which owns brands including Reese’s and KitKit — had been a rarity during the economic slowdown, holding onto and even growing its market share.
Adjusted earnings per share fell to $1.27 a share, down 36.8% from the same period last year and below analysts’ estimates of $1.43.Hershey said it expects sales growth of 2%, compared to its previous guidance of 2% to 3%.
Candy Hershey's Inflation Snacks
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