Hershey Q2 net sales -16.7% to $2.07B, adj EPS $1.27; FY2024 outlook lowered

HERSHEY CO

Consolidated net sales $2,074.5M, down 16.7% YoY; organic constant currency down 16.8%.
Reported EPS $0.89, down 55.1%; adjusted EPS $1.27, down 36.8% YoY.
Full-year 2024 net sales growth guidance revised to ~2% from 2-3%; adjusted EPS growth now 'down slightly' from ~0%.
ERP system implementation caused ~9 point sales decline from planned inventory reductions; seasonal shipment timing another ~7 point headwind.
North America Confectionery segment net sales down 20.7% to $1.58B; Salty Snacks up 6.4% to $289.9M; International down 8.9% to $204.8M.

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