The Hershey Co.’s newest products, Hershey’s Drops and Reese’s Minis, have helped the chocolate maker post a strong showing for the first quarter.
The company reported that net sales increased 11.1%, to $1.56 billion from $1.4 billion during the first quarter of 2010.
Net income rose to $160 million from $147.4 million for the comparable period of 2010.
“Hershey’s first quarter results represent a good start to the year, and we maintained our marketplace momentum,” says David J. West, president and ceo.
He credited the increase to core brand growth in both the U.S. and international markets as well as new products such as Hershey’s Drops and Reese’s Minis.
West also said a seasonal shift in volume from the fourth quarter of last year to the first quarter of this year had an impact on the figures.
The company also increased advertising about 30%, a result of on-air support for core brands, new products, Hershey’s Syrup and PayDay advertising campaigns, as well as programming related to a longer Easter season, West explains.
“We’re very pleased with the start to 2011,” West says.
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