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UPDATE 1-Hershey raises profit, sales growth forecasts on price hikes

UPDATE 1-Hershey raises profit, sales growth forecasts on price hikes

Reuters · 07/28/2022 06:56
UPDATE 1-Hershey raises profit, sales growth forecasts on price hikes

Adds background, sales forecast

- Hershey Co HSY on Thursday raised its annual adjusted profit and sales growth forecast, as the Kit Kat maker expects to benefit from price hikes for its chocolates and candies.

Packaged food makers including Hershey, Kraft Heinz KHC.N and Campbell Soup Co CPB have been raising prices to combat inflationary pressures and supply chain costs that have been aggravated by the Russia-Ukraine crisis.

The company said it expects full-year 2022 adjusted profit per share growth of 12% to 14%, compared with its prior forecast of a 10% to 12% rise.

The company said it expects full-year 2022 sales to grow between 12% and 14%, compared with its previous forecast of a 10% to 12% growth.


(Reporting by Mehr Bedi in Bengaluru;
Editing by Vinay Dwivedi)

((Mehr.Bedi@thomsonreuters.com;))