Hershey releases financial results05 February 2010US confectioner the Hershey Company has announced year-on-year net sales increases of 3.2 per cent during 2009. The company's fourth quarter and end-of-year financial results show that net income for last year was $435.9 million (£ 277.7 million) compared with $311.4 million in 2008. David J West, president and chief executive officer of Hershey said that during 2009 the company focused on "its consumer-driven approach to core brand investment while implementing significant, but necessary, price increases". Looking forward, Mr West said during the first part of 2010 the company would be working on the roll-out of the Hershey's Bliss white chocolate product and the expansion of the company's Pieces range. Plans to step up advertising efforts on the company's major brands later in the year have also been put forward. "Our brand-building initiatives continue to resonate with consumers as evidenced by our core brand market share gains," he explained. Predictions are that the strategies "should deliver improvement in net sales within our three to five percent long-term objective". Speculation had been rife earlier this year that Hershey would make a bid for Cadbury, which completed a deal with US food manufacturer Kraft at the start of February, however the company ruled itself out on January 22nd. Posted by Lauren Cook.  | |||||||||||||||||||||
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