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MarketScreener Homepage  >  Equities  >  Nyse  >  The Hershey Company    HSY

THE HERSHEY COMPANY

(HSY)
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Hershey : Halloween sales up despite fewer trick-or-treaters

11/06/2020 | 03:28pm EST

Hershey says its Halloween candy sales were up slightly this year despite a lower turnout of trick-or-treaters amid the pandemic.

Michele Buck — chairman, president and CEO of Hershey Co. — said Friday that earlier shipments of Halloween candy to stores helped boost sales. So did marketing messages that suggested safe ways to celebrate and even included maps showing community coronavirus risk levels.

“We made that decision to lean in and drive and build a Halloween season versus back away from it,” Buck said Friday on a conference call with investors.

Buck said investments in online sales capacity also helped move more candy. Hershey’s e-commerce sales grew 80% in the third quarter.

Early Halloween sales helped Hershey to a stronger-than-expected third quarter. The company said Friday its sales rose 4% to $2.2 billion in the July-September period. That was ahead of Wall Street’s estimates, according to analysts polled by FactSet.

Hershey reported net income of $447.4 million for the quarter. Adjusted for one-time items, earnings were up 15.5% to $1.86 per share. That was also ahead of forecasts.

Buck said initial estimates indicate that industrywide candy sales were down in the Halloween period. With coronavirus cases rising, many people decided not to give out candy or hold parties. But Hershey managed to buck the trend.

“’We saw strength early in the season for at-home consumption as well as baking and crafts, and we saw lower participation in trick or treat in the final two weeks, but overall, the category showed resilience in a very volatile environment,” Buck said.

The National Confectioners Association had showed strong sales gains for Halloween candy in August and September as stores set up displays earlier. But the association said Friday it didn’t yet have sales data for October.

Buck said Hershey’s results should give retailers more confidence to put up holiday displays despite the pandemic. Some retailers were nervous about Halloween and downplayed the holiday, she said.

“We know that consumers will buy that holiday or seasonal product, whether it’s Easter or whatever, early for in-home consumption,” she said. “If you get it out there, it kind of sparks the trigger of fun moments earlier.”

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials (USD)
Sales 2020 8 079 M - -
Net income 2020 1 281 M - -
Net Debt 2020 3 377 M - -
P/E ratio 2020 24,3x
Yield 2020 2,09%
Capitalization 30 901 M 30 901 M -
EV / Sales 2020 4,24x
EV / Sales 2021 4,11x
Nbr of Employees 15 330
Free-Float 66,5%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 19
Average target price 157,50 $
Last Close Price 148,46 $
Spread / Highest target 15,9%
Spread / Average Target 6,09%
Spread / Lowest Target -10,4%
EPS Revisions
Managers and Directors
NameTitle
Michele G. Buck Chairman, President & Chief Executive Officer
Steven E. Voskuil Senior VP, Chief Financial & Accounting Officer
William C. Papa Chief Research & Development Officer, Senior VP
Charles Arthur Davis Independent Director
David Lloyd Shedlarz Independent Director
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