Hershey increased sales in Mexico, India and Brazil
The Hershey Company’s International segment net sales increased $119.9 million, or 16.3%, in 2022 compared with 2021.
The result reflects volume growth of 11.9 percent, favorable price realization of 4.1 percent and a favorable foreign exchange rate impact of 0.3 percent.
Primarily, the volume increase was attributed to solid market growth in Brazil, Mexico and India, where net sales increased 21.6 percent, 20.6 percent and 13.7 percent, respectively.
Financial results of Hershey
Also, its International segment includes travel retailing worldwide, where net sales increased about 28.6 percent.
Hershey is a world leader in confectionery, with production and sales of chocolate, candies, mints and other great-tasting snacks.
In particular, the company is North America’s largest producer of quality chocolate, one of the top U.S. snack manufacturers and a world leader in chocolate and non-chocolate confectionery.
It markets, sells and distributes its products under more than 100 brands in some 80 countries around the world.
For reference: in 2021, its international segment’s net sales increased $106.9 million, or 17.1%, year-over-year, representing favorable price realization of 12.1%, volume growth of 4.2% and a favorable foreign exchange rate impact of 0.8 percent.
More than anything else, the volume increase was attributable to solid market growth in Mexico, India and Brazil, where net sales advanced 39.0, 23.9 and 21.3 percent, respectively.
The international segment is a combination of all other operating segments that are not individually significant, including the geographic regions in which the company operates outside North America.
Hershey currently has operations and manufactures products in Mexico, Brazil, India and Malaysia, primarily for consumers in these regions, and also distributes and sells confectionery products in export markets in Asia, Latin America, the Middle East, Europe, Africa and other regions.
In addition, the company conducts research and development activities in several countries, including the United States, Mexico, Brazil, India and Malaysia.
It develops new products, improves the quality of existing products, enhances and modernizes production processes, and develops and implements new technologies to increase the quality and value of current and proposed product lines.