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The Hershey Company is preparing to pay between $170 and $180 million in tariffs this year, as revealed during its quarterly financial report on Wednesday (July 30). Despite the significant tariff expenses, Hershey's consolidated net sales increased by over 26%, totaling more than $6.2 billion. The announcement follows Hershey's recent decision to raise chocolate prices, though the company attributes this to rising ingredient costs rather than tariffs or trade policies.
According to Reuters, Hershey's North American Confections sales grew by 32%, reaching just over $2.08 billion, while its North American Salty Snacks saw an 8.8% increase. However, international sales faced challenges due to inflation and foreign exchange headwinds, resulting in a $5.2 million profit decrease.
Hershey's CFO, Steve Voskuil, noted that the current tariff expense estimate is below previous expectations and expressed hope for improvement as trade negotiations continue. The White House responded to Hershey's tariff claims, with spokesman Kush Desai stating that President Trump's tariffs have secured trade deals providing significant market access for American exports.
Hershey's CEO, Michele Buck, highlighted efforts to address cocoa inflation and restore margins through strategic pricing and productivity enhancements. Kirk Tanner is set to succeed Buck as CEO on August 18, 2025.