The Hershey Co. is raising the prices of most of its chocolate products by about 9% in a move that will reach consumers next year.
The Wall Street Journal reports that Hershey CEO Michele Buck announced the price increase for chocolate and other wrapped candies, including its flagship chocolate bars and Reese’s Peanut Butter Cups, in a recent interview with analysts. The move comes on the heels of a 2.5% price increase for bagged candies, gum and mints, which took effect this year.
Competing sweets have already raised their prices, including M&Ms and other candy made by Mars Inc. and Oreo cookies from Mondelēz. Buck said that retailers have been receptive to the increase, especially as Hershey has promised to devote some of the increased revenue into improvements in the brands.
Hershey posed a profit of $312.8 million in the second quarter, a 38% increase from a year earlier.