STREAMING NOW: Watch Now

Hershey will raise chocolate prices next year

Hershey's chocolate is about to get more expensive.The candy company is planning to raise the prices ...

Posted: Oct 25, 2018 2:08 PM
Updated: Oct 25, 2018 2:08 PM

Hershey's chocolate is about to get more expensive.

The candy company is planning to raise the prices of a fifth of its products by about 2.5%, Hershey reiterated on Thursday. The changes will go into effect next year.

Business and industry sectors

Business, economy and trade

Companies

Consumer products

Hershey Co

Price increases

Food and drink

Food products

Kinds of foods and beverages

Packaged candy and desserts

Packaged foods

Sweets and desserts

One of many companies getting squeezed by rising commodity and shipping costs, Hershey hopes higher prices will offset those costs without scaring away customers.

Hershey (HSY) first said that it would raise prices over the summer, citing rising operational costs. "Our new pricing approach is much more precise," said CEO Michele Buck at the time.

Chief Financial Officer Patricia Little said on Thursday that Hershey started feeling the impact of higher freight and logistics last year.

"I don't expect that to change going forward into next year," she said.

The company is doing more than just increase prices to drive growth.

Hershey is investing in digital to keep impulse shopping alive online. It's also introduced new products like Hershey's Gold, a "caramelized creme" bar with pretzels and peanuts baked inside, and Reese's Outrageous, a peanut butter chocolate bar with Reese's candy inside.

Next year, the company will introduce Reese's Thins, a 40% thinner Reese's peanut butter cup.

Plus, the company has been scooping up healthier brands, including Pirate Brands, which makes Pirate's Booty, Smart Puffs and Original Tings.

Last year, Hershey's bought Amplify Snack Brands, which makes SkinnyPop popcorn and Oatmega whey-protein bars, for $1.6 billion. Pirate Brands will operate within Amplify's hub in Austin, Texas.

The acquisitions boosted sales in the third quarter. Sales increased by 2.9% in the three months that ended in September compared to the same period last year.

Huntsville
Few Clouds
38° wxIcon
Hi: 52° Lo: 30°
Feels Like: 38°
Florence
Clear
43° wxIcon
Hi: 56° Lo: 31°
Feels Like: 39°
Fayetteville
Overcast
32° wxIcon
Hi: 52° Lo: 28°
Feels Like: 32°
Decatur
Clear
41° wxIcon
Hi: 52° Lo: 29°
Feels Like: 36°
Scottsboro
Clear
41° wxIcon
Hi: 55° Lo: 31°
Feels Like: 38°
WAAY Radar
WAAY WAAY-TV Cam
WAAY Temperatures

Alabama Coronavirus Cases

Cases: 264199

Reported Deaths: 3831
CountyCasesDeaths
Jefferson35310515
Mobile20626372
Madison14521153
Tuscaloosa13897173
Montgomery12844246
Shelby1127878
Baldwin9501138
Lee807167
Morgan740555
Etowah704870
Marshall695358
Calhoun6939126
Houston559140
DeKalb521843
Cullman490650
St. Clair466557
Limestone462446
Lauderdale452257
Elmore440070
Walker3914112
Talladega386157
Jackson373523
Colbert347948
Blount323146
Autauga294542
Franklin265534
Coffee260023
Dale247355
Dallas236832
Chilton235445
Covington234834
Russell23433
Escambia208832
Tallapoosa192692
Chambers189154
Clarke165422
Pike165215
Marion150236
Winston146325
Lawrence139936
Pickens129720
Geneva12929
Marengo127824
Bibb127038
Barbour121729
Butler121142
Cherokee108224
Randolph108022
Fayette102216
Hale102132
Clay95527
Washington94222
Henry9097
Monroe85311
Lowndes82930
Cleburne80914
Macon77522
Crenshaw73830
Lamar7348
Conecuh73215
Bullock71120
Perry7037
Wilcox65918
Sumter60122
Greene45818
Choctaw43620
Coosa3854
Out of AL00
Unassigned00

Tennessee Coronavirus Cases

Cases: 392608

Reported Deaths: 4876
CountyCasesDeaths
Shelby50255694
Davidson45276434
Knox20582164
Rutherford19202173
Hamilton18414169
Williamson1223687
Sumner10700144
Out of TN919354
Wilson812788
Montgomery723887
Sullivan7128114
Washington6651118
Maury639675
Blount617665
Putnam616285
Bradley577538
Madison5671116
Unassigned537729
Sevier531738
Robertson410957
Tipton389939
Hamblen375263
Gibson344672
Greene338074
Dyer333552
Anderson327232
Coffee307943
Dickson307839
Carter300763
Bedford298134
Lawrence293738
McMinn284257
Obion279855
Cumberland274138
Roane257833
Warren253919
Jefferson249535
Loudon246921
Fayette238840
Monroe235046
Hardeman230938
Franklin228340
Weakley227836
Hawkins215936
Lauderdale214423
Wayne198611
Henderson198334
Macon193630
Trousdale192912
White190919
Rhea188836
Carroll187336
Hardin186529
Marshall186122
Lincoln178620
Cocke174430
Cheatham172017
Haywood169530
Campbell168524
Henry165322
Giles158951
Overton158237
Smith151820
Johnson147923
McNairy144434
Fentress127524
DeKalb126725
Hickman125819
Bledsoe12275
Marion121219
Lake12077
Crockett119329
Scott11778
Grainger109918
Chester106923
Claiborne99510
Decatur98313
Unicoi96928
Benton88816
Cannon8254
Lewis81916
Grundy81514
Morgan8097
Union7715
Humphreys7709
Jackson72811
Polk71515
Stewart63618
Houston60720
Sequatchie5965
Clay57819
Meigs53912
Perry51522
Moore4212
Pickett40714
Van Buren3893
Hancock2004

Community Events