It seems US shoppers are late in filling their trick-or-treat bowls and buckets this year. Those keeping an eye on sweets sales say people are leaving their Halloween shopping to the last minute.
Last-minute Halloween candy sales not a bitter concern for Hershey
The weekend just before Halloween is a crucial one for those in the candy business when companies such as Hershey (HSY) hope customers will stock up on their sweet treats to meet targets. A successful Halloween run is especially important in light of soaring cocoa prices that are hobbling chocolate sales.
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On Saturday, the organisation did not seem too perturbed as it banked on the remaining shopping days before 31 October. Hershey’s Q3 performance impressed analysts with an 11.1% increase in net sales despite the cocoa dilemma. The company also reported a 29.9% increase in its net income, which came in at $518.6m.
In her remarks on Hershey’s quarter-three financial performance, President and Chief Executive Officer (CEO) Michele Buck said the company is on track to reach the annual targets. She noted:
We remain on track to deliver our full-year sales and earnings commitments after delivering strong third-quarter seasonal sell-in and successfully implementing our new Salty Snacks ERP system in October. As we exit the year, our retail teams are building impactful displays to engage consumers and drive demand while we increase brand investment and partner with retailers to launch exciting innovation to get 2024 off to a fast start.
A Yahoo Finance report indicated that last year Hershey warned consumers it would fall short. This year, however, the shelves are stocked. Buck said that Hershey’s Halloween sales are slightly up from last year.
