Hershey’s Announces Higher Prices
It was bound to happen (again!): Hershey’s announced last Friday that, effective immediately, it’s raising U.S. prices on its wholesale products by about 13%. They cited the higher cost of ingredients like cocoa, milk, corn sweetener, sugar and peanuts.
The mega-chocolate maker said its 2008 profit will be at the low end of its forecast range and they have cut sales growth projections for 2009, sending its shares down more than 4%.
This further cements my decision that if I’m spending the money on chocolate it’s going to a quality brand, which Hershey just hasn’t been for a while.
Do you think this will hurt or help Hershey’s?
[image: flickr]
Tags: %-cocoa, brand, corn sweetener, hershey, hersheys, peanuts, prices, product, profit, projections, sales, sugarRelated Stories
POSTED IN: Chocolate, Chocolate News
2 opinions for Hershey’s Announces Higher Prices
falloutgirl19
Aug 18, 2008 at 2:49 pm
I can’t say that I am surprised. It was bound to happen sooner or later. THe price of gas is so high and pushing the price of raw materials high. I do not mind paying a little bit for my treats, it is just necessary. We may not enjoy it but I try to think of those who work in those companies and have families to support. A couple extra cents won’t hurt me.
Jena
Aug 18, 2008 at 3:43 pm
I haven’t bought Hershey’s in a while; if I’m going with chocolate from that state, I prefer the chocolate from the other little chocolate factory near Hershey’s called Wilbur Chocolates; they make the best little chocolates called Wilbur Buds. mmmmmm…
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