Hershey Q2 Sales Up 5.3% To $1.23m
Hershey has reported net sales of $1.23m for the second quarter of 2010, an increase of 5.3% compared to $1.17m in the same quarter last year.
According to the company, the rise in the net sales was due to volume, including improvements in the company's international business, an approximate one point benefit from foreign currency exchange rates, as well as some net price realization.
The net income for the quarter $46.72m compared to $71.29m compared to the previous year quarter, while EBIT for the quarter was $124,424 compared to $116,676 in the prior year quarter.
For the first six months of 2010, consolidated net sales were $2.64bn compared with $2.4bn for the previous year period, the company said.
Net income for the first six months was $194.11m or $0.84 per share-diluted, compared with $147.19m or $0.64 per share-diluted, for the first six months of 2009.
EBIT for the six month period was $377,758 compared to $269,610 compared to the last year period.
David West, president and chief executive officer of Hershey, said: In the second quarter, advertising expense increased about 50% as we were on air supporting our core brands, the kick-off of our annual Hershey’s S’mores promotion and the launch of Hershey’s Special Dark, Almond Joy and York Pieces new products.
Advertising, as well as greater levels of in-store selling, merchandising and programming has resulted in strong marketplace performance.
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