Hershey is taking its 123-years’ experience making chocolate and other confectionery and using it to help turn around the slumping retail industry in large part because its M&M sales are dependent on it. “We’ve gotten to the point where grocery shopping is such a chore and now there’s all this pressure coming from e-commerce and you can really get your groceries anywhere, so now we have retailers saying ‘Hey, how are we going to compete in this new landscape?”, Lina Yang, director and futurist of strategic foresight at Hershey’s Advanced Technology Lab told TheStreet .
Category: Chocolate
Hershey, With Scant Global Traction, to Cut 15% of Workforce
Hershey lags so far behind its international competitors, that it was no surprise when it announced Tuesday it would slash 15% of its workforce, mostly outside the U.S., to amp up profitability. Internationally, the Hershey, Pa.-based chocolate maker has been losing market share to such rivals as Mondelez , owner of Cadbury confectionery, and privately held Ferrero and Nestle .
Price drop
It’s the only thing they can afford to eat at the moment. “I go to the kitchen and there’s no fish, nothing,” he says.
Hershey beats 4Q profit forecasts
On a per-share basis, the Hershey, Pennsylvania-based company said it had profit of 55 cents. Earnings, adjusted for non-recurring costs, were $1.17 per share.