Hershey (HSY.N) beat Wall Street expectations for quarterly sales on Thursday, riding on benefits from higher prices of its chocolates and candies.
Hershey's chocolates are pictured for sale on a store shelf in the Manhattan borough of New York City, New York, U.S. July 19, 2017. REUTERS/Carlo Allegri/File Photobeat Wall Street expectations for quarterly sales on Thursday, riding on benefits from higher prices of its chocolates and candies.
However, several rounds of price hikes in the last two years have now hit demand and customers have started to push back on pricier consumables like chocolates and candies at a time when they struggle with higher interest rates and grocery prices. Overall organic prices rose by 9.8% in the third quarter, while organic volumes increased by only 0.9%.
The company's net sales rose to $3.03 billion in the quarter ended Oct. 1, from $2.73 billion a year earlier. Analysts on average had expected $2.95 billion, according to LSEG data.British retailers reported their joint-worst October for sales volumes on record and they expect another difficult time in November as households struggle with the higher cost of living, a Confederation of British Industry survey showed on Thursday.
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