3:38 a.m. Nov. 6, 2020
- By Tomi Kilgore
Hershey's stock surges after profit and sales beats, as consumers 'reach for small treats' during the pandemicShares of Hershey Co. surged 2.8% in premarket trading Friday, after the chocolate and confectionery products company reported third-quarter profit and revenue that rose above expectations, and provided an upbeat full-year outlook. "Our core U.S. business remains healthy as consumers reach for small treats during the pandemic, and our decision to lean into Halloween ahead of the season supported consumers' desire to find new and creative ways to celebrate safely," said Chief Executive Michele Buck. Net income rose to $447.3 million, or $2.14 a share, from $325.3 million, or $1.54 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.86, above the FactSet consensus of $1.74. Revenue rose 4.0% to $2.22 billion, just above the FactSet consensus of $2.18 billion, as price realization provided a 2.9 percentage point benefit and volume growth was a 90 basis point benefit. Gross margin improved to 48.7% from 44.2% last year. The company reinstated its 2020 earnings guidance, after withdrawing it in April because of the uncertain effects of the COVID-19 pandemic. The company now expects 2020 adjusted EPS of $6.18 to $6.24, above the FactSet consensus of $6.05. The stock has slipped 1.6% year to date through Thursday, while the S&P 500 has advanced 8.7%.
1:04 a.m. Oct. 20, 2020
- By Sally French
10 theme parks where Halloween is still happening Here’s a guide to the best spots if you still want to celebrate Halloween, and how to get there on pointsIs Halloween canceled this year? It might be in your neighborhood, but it’s not canceled everywhere.
6:03 a.m. Oct. 14, 2020
- By Tonya Garcia
Dunkin' launching Spicy Ghost Pepper doughnut with 'Hot Ones' host Sean EvansDunkin' Brands Group Inc. will launch a limited-time Spicy Ghost Pepper doughnut on Wednesday, available nationwide through December. The doughnut is made with strawberry icing that's been flavored with cayenne and ghost pepper. The company has partnered with Sean Evans, host of the popular series, for a special episode on Oct. 19, where he will eat one of the doughnuts with a variety of hot sauces. Dunkin' is also making doughnut decorating kits available for Halloween. Dunkin' stock has gained 13% for the year to date while the S&P 500 index is up 9.1% for the period.
11:26 a.m. Oct. 1, 2020
- By Tonya Garcia
Halloween sales forecast could be frightful to companies trying to create holiday season momentum Data shows that a lot of people intend to scale back their Halloween plansHalloween spending is forecast to drop, as retailers start putting their holiday shopping season plans into place amid the ongoing coronavirus pandemic.
5:56 a.m. Sept. 14, 2020
- By Chuck Raup
Halloween in the time of the coronavirus — families are going bigger and starting earlier Seasonal candy hit store shelves in July, while baking at home is ramping upSeasonal candy hit store shelves in July, while baking at home is ramping up.
11:44 a.m. July 27, 2020
- By Tonya Garcia
Hershey thinks there will be trick-or-treating this Halloween despite COVID-19Hershey Co. is confident that consumers will want to take their kids trick-or-treating this Halloween despite the ongoing COVID-19 pandemic. "It is an outdoor event. And it's an event where a lot of masks are already worn," said Michelle Buck, Hershey's chief executive on the company's recent call, according to a FactSet transcript. "There's no evidence of the virus being passed through packaging or food, so we feel pretty good based on what we're seeing so far from consumer feedback." Hershey reported a profit that beat expectations, but sales fell short. Hershey has already started shipping Halloween orders, Buck said, with shipments continuing through early October. Hershey didn't provide 2020 guidance due to the uncertainty caused by the pandemic, and Buck leaves the door open for a shift between now and Halloween. "[I]f trick-or-treat tends to be a little lower than expectation, clearly, we'll focus even more on the treat for me and the candy bowl occasion," she said. About half of the Halloween product sold is for "self-consumption," and some of the product has already shifted to "everyday packaging." Stifel analysts think that most of the orders for Halloween are set, but will still keep an eye on developments given the surge in coronavirus cases and lockdown measures. Analysts note that Halloween accounts for 10% of the company's sales and 40% of third-quarter sales. Stifel rates Hershey stock hold with a $140 price target. Hershey stock is down 0.3% for the year to date while the S&P 500 index is up 0.3% for the period.