The cost of the key ingredient for making chocolate has now roughly doubled since the start of last year.
Soaring cocoa prices are already filtering through to consumers and squeezing major chocolate makers.
Soaring cocoa prices are already filtering through to consumers and squeezing major chocolate makers.
The company’s chief executive Michele Buck also did not rule out putting up prices for customers.
“We can’t talk about future pricing,” she said in a call with analysts but added, “given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business.”
The comments came as Hershey announced its financial results for the three months to 31 December. The figures showed sales fell by 6.6% as inflation-hit consumers cut back spending on confectionary.
Last month, Mondelez, the company behind the Cadbury brand, identified rising costs of ingredients as one of the challenges it faced in the year ahead.
Chief financial officer Luca Zaramella said the firm had seen “significant increases in both cocoa and sugar”.
Soaring cocoa prices are already filtering through to consumers and squeezing major chocolate makers.
The cost of the key ingredient for making chocolate has now roughly doubled since the start of last year.
The company’s chief executive Michele Buck also did not rule out putting up prices for customers.
Soaring cocoa prices are already filtering through to consumers and squeezing major chocolate makers.
Soaring cocoa prices are already filtering through to consumers and squeezing major chocolate makers.
The company’s chief executive Michele Buck also did not rule out putting up prices for customers.
“We can’t talk about future pricing,” she said in a call with analysts but added, “given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business.”
The comments came as Hershey announced its financial results for the three months to 31 December. The figures showed sales fell by 6.6% as inflation-hit consumers cut back spending on confectionary.
Last month, Mondelez, the company behind the Cadbury brand, identified rising costs of ingredients as one of the challenges it faced in the year ahead.
Chief financial officer Luca Zaramella said the firm had seen “significant increases in both cocoa and sugar”.
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