Net Sales of Hershey increase 5.1%

The Hershey Company announced sales and earnings for the second quarter ended June 29, 2008. Consolidated net sales were $1,105,437,000 compared with $1,051,916,000 for the second quarter of 2007. Net income for the second quarter of 2008 was $41,467,000 or $0.18 per share-diluted, compared with $3,554,000 or $0.01 per share-diluted, for the comparable period of 2007.
"Hershey s second quarter results reflect the progress the Company continues to make in the marketplace," said David J. West, President and Chief Executive Officer. "Sales increased by 5.1 percent, driven by organic sales gains of 3.5 percent from pricing and overall growth in core brands and new products, offset by softness in snacks and refreshment. The Godrej Hershey Ltd. venture in India accounted for the remaining growth.”
For the first six months of 2008, consolidated net sales were $2,265,779,000 compared with $2,205,025,000 for the first six months of 2007. Reported net income for the first six months of 2008 was $104,712,000 or $0.46 per share-diluted, compared with $97,027,000, or $0.42 per share-diluted, for the first six months of 2007.
"Marketplace momentum has continued as we enter the third quarter and we re encouraged about our prospects in the second half of the year,” West stated. “The Global Supply Chain Transformation program will deliver productivity savings during the remainder of the year. These savings, combined with price realization and good visibility into our cost structure in the second half of the year, will enable us to expand consumer investment, support solid seasonal programming and continue to build our international business. Therefore, for the full-year 2008, we continue to expect net sales growth of 3-4 percent."