Hershey said yesterday it would fall short of meeting demand for the all-important Halloween and Christmas holiday seasons this year, blaming a scarcity of raw ingredients and difficulties in securing suppliers. This is a story we’ve heard from other products on the market. Pandemic-induced global supply chain disruptions and the Russia-Ukraine war have crunched supplies of cocoa, edible oil and other food ingredients, pinching production lines of packaged food. The period around the Halloween holiday in October is Hershey’s busiest time of the year, making up about 10% of the company’s annual sales, as kids and their parents stock up on Twizzlers, Jolly Ranchers and Kit Kat bars and Reese’s Peanut Butter Cups. Hershey’s net sales rose over 19% to $2.37 billion in the quarter ended July 3rd. Hershey expects more consumer pushback over higher prices in the second half of this year……Ed
Source: Reuters/Toronto Sun/Photo:PXhere
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