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Hershey reinstates full-year outlook after strong third-quarter sales

Hershey reinstates full-year outlook after strong third-quarter sales

FILE PHOTO: Containers of Hershey's chocolate syrup are seen on display in a shop in New York City, U.S., July 20, 2017. REUTERS/Mike Segar

REUTERS: Hershey Co on Friday beat quarterly sales estimates and reinstated its full-year outlook boosted by strong Halloween sales and demand for chocolate chips and cocoa powder from people taking up baking while stuck at home due to virus-driven lockdowns.

Net sales rose 4per cent to US$2.22 billion in the third quarter ended Sept. 27, beating analysts expectations of US$2.16 billion, according to IBES data from Refinitiv data.

The company also reinstated its full-year outlook that it had pulled in April saying it expects full-year net sales to rise about 1per cent and adjusted earnings per share to rise between 7per cent to 8per cent.

(Reporting by Siddharth Cavale in Bengaluru; Editing by Shailesh Kuber)

Source: Reuters

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