The chocolatier has hiked prices on its candies to offset rising costs over the last several years. Consumers continued to buy its popular treats despite the increases, but sentiment has changed in recent months. In August, Hershey cut its annual profit and sales forecast, and reported a 17 percent drop in sales.
The Hershey, Pennsylvania-based company announced in February that it would be cutting jobs and incurring costs related to a productivity initiative aimed at generating US$300 million in savings by 2026. The initiative also aims to improve supply chain and manufacturing-related spending.
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