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The Hershey Company’s bets on India is paying off with the chocolate-maker registering the highest net sales growth of 16 per cent in the country, beating other emerging markets such as Brazil and Mexico.
Speaking about the growth, Michele Buck, President and Chief Executive Officer, said: “We're making measured investments in our core markets of Mexico, Brazil and India, where we're seeing solid marketplace gains. Combined constant currency net sales growth in these markets was 8 per cent, and we're improving on operating income trends at the same time. I'm pleased with our progress in this segment.”
Outside of North America, India is one of only four focus markets for The Hershey Company (other focus markets China, Brazil and Mexico).
Patricia A Little, CFO, added: “Constant currency net sales in India increased 16 per cent and slightly exceeded our plan. Growth in the brands we're investing continues to be solid. Our transition of the India portfolio is enabling a higher margin business, and we are on track to expand gross margins here by 1,000 basis points in 2017.
“This is enabling adjustments in the local marketplace that should result in a sustainable operating model”.
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