Hershey see more commodity costs pressures in 2009
CHICAGO, June 17
CHICAGO, June 17 (Reuters) - Hershey Co (HSY.N) expects to continue to feel pressure from rising commodity costs in 2009, even as it increases marketing spending to try to boost sluggish sales.
"We expect 2009 to be another trying year for us with respect to input costs," Chief Executive David West said during a meeting with analysts in New York.
The company has been hurt by soaring prices for cocoa, energy and other commodities. Hershey has been overhauling its supply chain in an attempt to reduce costs.
"We will continue to take an aggressive look at our cost structure," West said, adding that the company is also working to reap higher net prices from its products. (Reporting by Brad Dorfman, editing by Gerald E. McCormick)
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