Hershey's 4Q Sales Sour, but Focus on Sweetening the Core Still Prudent; Shares Pique Our Interest
Despite Hershey's faltering sales trajectory (organic sales down 2%) and profit erosion (gross margins down 180 basis points to 42.7% and operating margins down 240 basis points to 16.8%) in the fourth quarter, we believe the company is prudently investing to enhance its long-term competitive position. The market fails to share our sentiment, with the stock down midsingle digits after the earnings release, but we view this retreat as an opportunity for investors to add wide-moat Hershey to their...
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