Hershey Foods’ third-quarter results exceeded Wall Street analysts’ estimates, thanks to pricing increases and the company’s expanded portfolio of healthier snacks, Reuters reports.
The company said it expects sales for fiscal 2019 to be up about 2.5% over its prior growth forecast of about 2%. It also reported net income of $325.3 million or $1.54 per share for the quarter, up from $263.7 million or $1.25 per share a year earlier.
In August, Hershey acquired One Brands, maker of low-sugar, high-protein nutrition bars, for $397 million. Over the past two years, the company has spent about $2 billion on the acquisition of better-for-you snack companies, including Skinny Pop maker Amplify Snack Brands and Pirate Brands, maker of Pirate’s Booty baked snacks. The company has also implemented price increases, most recently in July.
The latest research from Mintel shows that after several years of growth, the foodservice industry is expected to decline by up to 30% from 2019 to 2020, following nationwide dine-in bans/restrictions, restaurant closures, job losses, and lowered consumer confidence.
The latest research from Mintel shows that after several years of growth, the foodservice industry is expected to decline by up to 30% from 2019 to 2020, following nationwide dine-in bans/restrictions, restaurant closures, job losses, and lowered consumer confidence.
According to Innova Market Insights’ COVID-19 Consumer Survey (conducted in March 2020), in China, India, and Indonesia, personal concerns center on health, personal income, and the availability of healthcare and products to buy.
According to Innova Market Insights’ COVID-19 Consumer Survey (conducted in March 2020), in China, India, and Indonesia, personal concerns center on health, personal income, and the availability of healthcare and products to buy.
COVID case surges across the United States and the subsequent rollbacks in re-opening plans have stalled the U.S. restaurant industry’s recovery, reported The NPD Group.
British Columbia Section IFT Women in Food Panel
Vancouver, British Columbia
New York Section IFT (NYIFT) Suppliers Day
Edison, New Jersey