While businesses across the world have been facing huge losses due to the Coronavirus pandemic. But, Hershey’s sales have seen a boost and outperformed in the times when people are quarantined.
Analysts with the bank said that the chocolate giant tends to see a spike in demand during crises, like the recession between 2008 and 2010.
The biggest threat it has been facing includes health-conscious consumers abandoning the confectionery category altogether and “business disruption or weaker impulse purchase occasions during the spread of COVID-19.”
Hershey’s CEO Michele Buck posted a letter stating that food companies play a critical role in the crisis and that Hershey will get through this just like other unprecedented times in the past.
“The Hershey Company has more than 125 years of experience managing through tough, fast-moving and unprecedented moments in time – two World Wars, economic depressions and recessions, and other momentous events. Each time, we planned. We took action. We learned and adapted. And we kept our focus on making the best decisions for our employees, our partners, our communities, and the consumers that we serve,” Buck wrote in her letter. “This moment in time is no different. It calls us all to be our best— working together, with compassion and understanding, to do what’s best for our global society. We appreciate your partnership and patience and believe our shared resilience will only make us stronger in the days and years ahead.