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The Hershey Company (NYSE: HSY) today announced an increase in the wholesale prices on approximately one-third of its domestic confectionery line.
A weighted average 13% increase on the Company's standard bar, king-size bar, 6-pack and vending lines is effective immediately. During the four-week period ending February 24, 2008, existing customers may, based on their historic order patterns, order and take delivery of up to eight weeks of inventory of these items at current prices.
The changes approximate a 3% price increase over Hershey's entire domestic product line and will help offset increases in areas of the Company's input costs, including raw materials, fuel, utilities, and transportation.
The Company established its 2008 full-year net sales and earnings per share outlook on January 24, 2008, which is not changed by today's announcement. Details, including a reconciliation of GAAP and non-GAAP items to the Company's earnings per share-diluted outlook can be found at www.hersheys.com