Hershey raises profit, sales growth forecasts on price hikes

[July 28, 2022]  (Reuters) - Hershey Co on Thursday raised its annual adjusted profit and sales growth forecast, as the Kit Kat maker expects to benefit from price hikes for its chocolates and candies.

Packaged food makers including Hershey, Kraft Heinz and Campbell Soup Co have been raising prices to combat inflationary pressures and supply chain costs that have been aggravated by the Russia-Ukraine crisis.

The company said it now expects full-year 2022 adjusted profit per share growth of 12% to 14%, compared with its prior forecast of a 10% to 12% rise.

The company said it now expects full-year 2022 net sales to grow between 12% and 14%, compared with its previous forecast of a 10% to 12% growth.

(Reporting by Mehr Bedi in Bengaluru; Editing by Vinay Dwivedi)

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