All articles tagged with #cocoa costs
Hershey will raise candy prices by low double digits due to rising cocoa costs driven by a global shortage caused by climate change and underinvestment, affecting products across its portfolio, with prices taking about 90 days to implement.
Hershey plans to implement a double-digit price increase across its confectionery products due to rising cocoa costs, which have been affected by supply issues in West Africa, although cocoa prices have recently fallen from record highs.
Hershey announced plans to lay off less than 5% of its workforce due to soaring cocoa costs and declining sales. The company's quarterly earnings were impacted by inflation-weary shoppers cutting back on expensive chocolates and candies. Hershey's organic sales volumes fell 6.6% in the fourth quarter, and the company forecasted lower-than-expected sales growth for 2024 due to high cocoa prices. The layoffs are part of a new productivity initiative to offset rising costs, including cocoa, sugar, and labor.