Record cocoa prices heading into Valentines Day
Hershey is cautioning on its 2024 profit growth as the company contends with rising cocoa costs that are leading to higher prices for chocolate.
Source: cbs8.com
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Hershey says 'historic' cocoa inflation could push prices higher
Prices have doubled in the past year as West African growers have been hit with extreme weather.
Source: sunjournal.com
Your Chocolate Cravings May Get Costlier: Cocoa Shortage Sends Prices Skyrocketing To All-Time Highs - Hershey (NYSE:HSY)
This shortage is expected to impact chocolate manufacturers like Hershey, which stated in its recent earnings report that "historic cocoa prices" are likely to impede earnings growth in 2024.
Source: benzinga.com
Cocoa prices cut into Hershey earnings
Implementing a software program also affects the fourth quarter negatively.
Source: foodbusinessnews.net
Cocoa bean prices at all-time highs
Prices soar more than 100% since early 2023.
Source: foodbusinessnews.net