Hershey, the chocolate company behind Reese's and Kit Kats, said it is planning 'list price increases across all segments' as a way to drive sales growth.
"Pricing will be an important lever for us this year and is expected to drive most of our growth," Hershey CEO Michele Buck said in prepared remarks discussing the company's financial results Thursday. In its 2022 financial forecast, the chocolate company behind Reese's and Kit Kats said it is planning"list price increases across all segments" as a way to drive sales growth.
Still the company faces challenges. Demand is still outstripping supply, and Hershey is ramping up capacity to meet it. Strategic price hikesThe candy maker has already raised prices, and consumers have accepted them. Higher prices contributed to sales growth in the fourth quarter, according to the company. "Historically, our category has successfully been able to execute price increases and we expect that to be the case this year as well," said Buck.
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