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Hershey Co. reports $8.97 billion in net sales for 2021
Paula Wolf//February 3, 2022
The Hershey Co. reported consolidated net sales of more than $8.97 billion in 2021, an increase of 10.1% from the year before.
“In 2021, we delivered a record year of production and double-digit sales and earnings growth, with a strong finish and momentum heading into 2022,” Hershey’s president and CEO, Michele Buck, said in a release. “While the environment remains volatile, we are confident in our ability to continue to respond to the changes in the world around us and deliver another year of advantaged performance in 2022.”
The fourth-quarter 2021 operating profit of $459.2 million was up 13.3% from the fourth quarter of 2020, with price realization gains and reduced levels of advertising the catalysts.
North America confectionary net sales rose 4.9% in the quarter while North America net sales of salty snacks jumped 38.9%. International market net sales grew slightly, inching up 1.7%.
Hershey projects net sales growth of 8% to 10% in 2022, spurred by list price increases across the board. Capital expenditures of approximately $550 million to $600 million are also anticipated, the release added, “driven by key strategic initiatives including expanding the agility and capacity of the company’s supply chain and building digital infrastructure across the enterprise.”
Rising prices, the release added, should partially offset investments in labor; higher logistics costs; and raw material inflation.
