HERSHEY, Pa. — Expect to see Hershey products carrying a higher price tag.
In an effort to offset input costs, the chocolate giant said it would implement a weighted average price increase of about 9.7% across its instant consumable, multipack, packaged candy and grocery lines.
"We remain committed to the higher levels of global brand support, consumer spending and investment in go-to-market capabilities communicated in February,” said David West, Hershey president and CEO. “We will work with our retail customers to ensure that the implementation of the price increase is supported with customer trade promotions and merchandising that continues to grow the category."
West added that the company still expects its full-year 2011 net sales and diluted earnings per share to reach 3% to 5% and 6% to 8%, respectively.