Hershey to raise candy prices nearly 10 percent
HERSHEY, PENNSYLVANIA - March 31, 2011 (WPVI) -- Chocolate is soon going to cost more green.
The Hershey Co. is raising wholesale prices by 9.7 percent, because its own costs have risen.
The candy maker says the price increase takes effect immediately.
Consumers may not see the impact on store shelves right away, because many retailers will be able to buy products at the old prices for about eight weeks.
The announcement comes just before a popular candy consumption holiday.
Americans spend about $2 billion on Easter candy annually.
The company expects most of the financial benefit from the increases in 2012.
It kept its estimate for adjusted 2011 profit of $2.70 to $2.76 per share, on sales between $5.25 billion and $5.35 billion.
Wall Street expects profit of $2.78 per share, on $5.94 billion sales.
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