Hershey Company (NYSE:HSY) reported fourth-quarter fiscal 2023 sales of $2.66 billion, a slight increase of 0.2% year-over-year, missing the consensus of $2.70 billion.
Adjusted EPS was $2.02 (flat YoY), above the consensus of $1.95. Gross margin contracted 90 bps YoY to 42.3%, and gross profit declined 1.9% Y/Y to $1.12 billion.
Operating margin contracted 238 bps to 17.5%, and the operating income for the quarter was $464.33 million (-11.8% Y/Y).
North America Confectionery segment net sales rose 2.1% Y/Y to $2.22 billion. Sales for the North America Salty …