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Case Notes Prepared by: Dr. Mernoush Banton Case Author: Anne Walsh and llen Mans!"eld
A.
Case Abstract
Hershey Company #$$$.hersheys.%om& "s a %omprehens"'e strate("% mana(ement %ase that "n%ludes the %ompany)s %alendar De%ember *+, 200!"nan%"al statements, %ompet"tor "n!ormat"on and more. .he %ase t"me sett"n( "s the year 2009. /u!!"%"ent "nternal and e0ternal data are pro'"ded to enable students to e'aluate %urrent strate("es and re%ommend a three-year strate("% plan !or the %ompany. Head1uartered "n Hershey, Pennsyl'an"a, Hershey Company "s traded on the Ne$ 2or3 /to%3 0%han(e under t"%3er symbol H/2.
B.
.o be the $orld lead"n( %ompany o! %on!e%t"onary and other related produ%ts by br"n("n( "nno'at"'e and s$eet produ%ts to our %ustomers.
C.
.he m"ss"on o! the Hershey Company "s 4Bringing sweet moments of Hershey happiness to the world every day #*& To o r sta!eholders" this means# Cons mers# Del"'er"n( 1ual"ty %onsumer dr"'en %on!e%t"onery e0per"en%es !or all o%%as"ons. #+, 2& $mployees# W"nn"n( $"th an al"(ned and empo$ered or(an"5at"on $h"le ha'"n( !un. #9& B siness %artners: Bu"ld"n( %ollaborat"'e relat"onsh"ps !or pro!"table (ro$th $"th our %ustomers, suppl"ers, and partners. #6, 7& Shareholders# Creat"n( susta"nable 'alue. #-& Comm nities: Honor"n( our her"ta(e throu(h %ont"nued %omm"tment to ma3"n( a pos"t"'e d"!!eren%e. #8, 9& +. 2. *. 6. 7. 8. 9. -. 9. Customer Produ%ts or ser'"%es Mar3ets .e%hnolo(y Con%ern !or sur'"'al, pro!"tab"l"ty, (ro$th Ph"losophy /el!-%on%ept Con%ern !or publ"% "ma(e Con%ern !or employees
&.
$'ternal A dit
Hershey
Critical S ccess *actors +eigh t ,atin g +eighte d Score
)estle
,atin g +eighte d Score
Cadb ry
,atin g +eighte d Score ,atin g
Mars
+eighted Score
Pr"%e %ompet"t"'eness <lobal 0pans"on =r(an"5at"onal /tru%ture mployee Morale .e%hnolo(y Produ%t /a!ety Customer >oyalty Mar3et /hare Ad'ert"s"n( Produ%t ?ual"ty Produ%t ;ma(e @"nan%"al Pos"t"on Total
0.+6 0.00.02 0.0* 0.00.++ 0.+0 0.00.09 0.+0 0.++ 0.08 -...
2 2 * * * 2 6 + 2 * 6 *
+ 6 2 2 * + 2 2 * 2 * 6
0.+6 0.*2 0.06 0.08 0.26 0.++ 0.20 0.+8 0.29 0.20 0.** 0.26 /.1-
* + + + + 6 + 6 + 6 + +
0.62 0.00.02 0.0* 0.00.66 0.+0 0.*2 0.09 0.60 0.++ 0.08 /.-2
6 * 6 6 6 * * 6 6 + 2 2
0.78 0.26 0.00.+2 0.*2 0.** 0.*0 0.*2 0.*8 0.+0 0.22 0.+2 1..3
4pport nities +. .he (lobal mar3et "s 'alued at appro0"mately A+09.6 b"ll"on by 20+0 2. Cho%olate a%%ounts !or 77.- per%ent o! the mar3et)s o'erall (lobal 'alue *. .here has been many mer(ers and a%1u"s"t"ons "n the %on!e%t"onery "ndustry 6. =r(an"% !oods produ%ts are one o! the !astest (ro$"n( se%tors "n the Bn"ted /tates $"th a proCe%ted 'alue o! A28.* b"ll"on by 20++ 7. .he maCor 70 !"rms "n the "ndustry %ontrol less than 60 per%ent o! the mar3et 8. .he %on!e%t"onery "ndustry "s !ra(mented $"th %onsumer tastes that dr"'e the d"'erse demand !or produ%ts "n the "ndustry $h"%h ran(e !rom (ums and Celly beans to %ho%olate produ%ts 9. Due to produ%t)s pr"%e po"nt, the re%ess"on does not "mpa%t %on!e%t"onery produ%ts drast"%ally Threats
+. =bes"ty "s "n%reas"n( drast"%ally and %onsumers ha'e be%ome more health %ons%"ous 2. Consumers are be%om"n( more a$are o! the nutr"t"onal 'alue o! the "n(red"ents "n produ%ts they are pur%has"n( *. More %onsumers are demand"n( to or(an"% and nonadulterated produ%ts 6. Wholesale su(ar pr"%es "n the B./. $ere up more than 90 per%ent "n the !"rst e"(ht months o! 2009, rea%h"n( a near *0-year h"(h o! 22.2+ %ents a pound. 7. ;t "s e0pe%ted that that "nternat"onal $holesale su(ar pr"%es may rea%h 60 %ents a pound 8. Due to h"(h unemployment, many %onsumers are %utt"n( ba%3 "n buy"n( "tems that are not a ne%ess"ty 9. ;n%rease "n !uel %ost %ould "mpa%t the d"str"but"on and sh"pp"n( %osts $'ternal *actor $val ation 5$*$6 Matri'
+eight
,ating
+eighted Score
6 * * *
(ro$"n( se%tors "n the Bn"ted /tates $"th a proCe%ted 'alue o! A28.* b"ll"on by 20++ 7. .he maCor 70 !"rms "n the "ndustry %ontrol less than 60 per%ent o! the mar3et
8. .he %on!e%t"onery "ndustry "s !ra(mented $"th
0.08 0.08
* *
0.+0.+-
%onsumer tastes that dr"'e the d"'erse demand !or produ%ts "n the "ndustry $h"%h ran(e !rom (ums and Celly beans to %ho%olate produ%ts 9. Due to produ%tDs pr"%e po"nt, the re%ess"on does not "mpa%t %on!e%t"onery produ%ts drast"%ally
0.0-
0.*2
Threats
+. =bes"ty "s "n%reas"n( drast"%ally and 0.09 2 0.+-
%onsumers ha'e be%ome more health %ons%"ous 2. Consumers are be%om"n( more a$are o! the nutr"t"onal 'alue o! the "n(red"ents "n produ%ts they are pur%has"n(
0.0-
0.+8
0.09 0.09
2 2
0.+6 0.+6
more than 90 per%ent "n the !"rst e"(ht months o! 2009, rea%h"n( a near *0-year h"(h o! 22.2+ %ents a pound. 7. ;t "s e0pe%ted that that "nternat"onal $holesale su(ar pr"%es may rea%h 60 %ents a pound
8. Due to h"(h unemployment, many %onsumers
0.08 0.07
+ *
0.08 0.+7
are %utt"n( ba%3 "n buy"n( "tems that are not a ne%ess"ty 9. ;n%rease "n !uel %ost %ould "mpa%t the d"str"but"on and sh"pp"n( %osts
0.08 -...
0.+2 /.03
Total
%ositioning Map
Pr"%e #H"(h&
Cadbury
Pr"%e #>o$&
$.
8nternal A dit
Strengths +. Hershey)s or(an"% l"ne "n%ludes Da(oba =r(an"%, a %ompany $"th a stron( produ%t l"ne o! h"(h-1ual"ty or(an"% %ho%olates and ba3"n( produ%ts that are sold '"a natural !ood and (ourmet stores 2. Hershey %ont"nues to appeal to %onsumers $"th "ts prem"um l"ne o! dar3 %ho%olates that promote the ant"o0"dant bene!"ts o! !la'ono"ds *. >ar(est produ%er o! %ho%olate "n North Amer"%a 6. Eeported se%ond 1uarter 2009 sales up 7.9 per%ent to A+.+9 b"ll"on and pro!"t o! A9+.* m"ll"on on Fuly 2*, the !ourth stron( 1uarter "n a ro$ !or the %ompany 7. .he %ompany plans to %lose the"r onl"ne ("!t bus"ness $h"%h !eatured seasonal produ%ts and ("!ts that %ould be personal"5ed by the %onsumer 8. Hershey "s a%t"'ely "n'ol'ed "n or(an"5at"ons su%h as the World Co%oa @oundat"on, $h"%h supports en'"ronmental proCe%ts that "n%lude non %hem"%al pest, mana(ement pra%t"%es, and $h"%h en%oura(e susta"nable !arm"n( pra%t"%es to support e%osystems "n the re("on. 9. Chan(es "n produ%t pa%3a("n( ha'e resulted "n l"(hter mater"als and less $aste dur"n( the manu!a%tur"n( pro%ess -. Due to (lobal supply "n"t"at"'es, the %ompany proCe%ts a redu%t"on o! +,700 pos"t"ons o'er the ne0t three-year per"od 9. Hershey re%ently %losed the"r Eead"n(, Pennsyl'an"a, plant "n 2009, el"m"nat"n( *00 Cobs +ea!nesses +. Ad'ert"s"n( e0penses !or the 1uarter "n%reased by 68 per%ent as the %ompany %ont"nued to promote "%on"% brands su%h as the Hershey G"ss and Eeese)s produ%ts 2. /ome o! Hershey)s prem"um produ%ts o! ha'e !altered lately as %ustomers s$"t%hed to lo$er pr"%e produ%ts *. .he %ompany plans to d"s%ont"nue the"r Ca%ao Eeser'e brand as $ell as the"r /tarbu%3s %ho%olate partnersh"p 6. .otal %har(es to Hershey)s <lobal /upply .rans!ormat"on Pro(ram ha'e been !ore%asted do$n$ard !rom A887 m"ll"on to A860 m"ll"on 7. Hershey proCe%ts a net sales (ro$th o! 2 to * per%ent "n 2009 due to a de%l"ne "n %ore brand sales as $ell as un!a'orable %urren%y e0%han(e rates 8. .he %ompany)s lon(-term debt "n%reased !rom A+,299,987 "n 2009 to A+,707,976 "n 2009. Hershey)s other assets de%l"ned to A+7+,78+ "n 200- !rom A760,269 "n 2009 *inancial ,atio Analysis #De%ember 2009&
9rowth ,ates : Hershey 8nd stry S;% 2..
/ales #?tr 's year a(o 1tr& Net ;n%ome #2.D 's 2.D& Net ;n%ome #?tr 's year a(o 1tr& /ales #7-2ear Annual A'(.& Net ;n%ome #7-2ear Annual A'(.& D"'"dends #7-2ear Annual A'(.&
%rice ,atios
Current PH Eat"o PH Eat"o 7-2ear H"(h PH Eat"o 7-2ear >o$ Pr"%eH/ales Eat"o Pr"%eHBoo3 Ialue Pr"%eHCash @lo$ Eat"o
%rofit Margins :
<ross Mar("n Pre-.a0 Mar("n Net Pro!"t Mar("n 72r <ross Mar("n #7-2ear A'(.& 72r Pre.a0 Mar("n #7-2ear A'(.& 72r Net Pro!"t Mar("n #7-2ear A'(.&
*inancial Condition
DebtH 1u"ty Eat"o Current Eat"o ?u"%3 Eat"o ;nterest Co'era(e >e'era(e Eat"o Boo3 IalueH/hare
Adapted !rom $$$.money%entral.msn.%om
Avg %<$
%rice< Sales
%rice< Boo!
9.7.0 -.8.+
8nterest Coverage
A+.60 A2.8+ A2.99 A6.2* A6.8+ A6.96 A7.++ A6.2* A6.*+ A+.60
8.*+ *.80 *.08 +.9* +.+7 0.99 0.86 0.99 0.99 8.*+
-.8 7.0 +*.6 ++.7 +7.+ +2.7 ++.8 8.6 9.9 -.8
0.0-
0.*2
0.09
0.2-
0.06 0.0-
6 6
0.+8 0.*2
0.0-
0.26
0.06
0.+2
0.0*
0.09
0.09
0.2-
0.07
0.+7
2. *. 6.
0.0-
0.0-
0.07
0.+
0.07
0.+
7.
0.07
0.07
8.
0.00.0-...
+ +
0.00.0/.2/
Total
*.
S+4T Strategies
Strengths
+ea!nesses
+. Hershey)s or(an"% l"ne "n%ludes Da(oba =r(an"%, a %ompany $"th a stron( produ%t l"ne o! h"(h-1ual"ty or(an"% %ho%olates and ba3"n( produ%ts that are sold '"a natural !ood and (ourmet stores 2. Hershey %ont"nues to appeal to %onsumers $"th "ts prem"um l"ne o! dar3 %ho%olates that promote the ant"o0"dant bene!"ts o! !la'ono"ds *. >ar(est produ%er o! %ho%olate "n North Amer"%a 6. Eeported se%ond 1uarter 2009 sales up 7.9 per%ent to A+.+9 b"ll"on and pro!"t o! A9+.* m"ll"on on Fuly 2*, the !ourth stron( 1uarter "n a ro$ !or the %ompany 7. .he %ompany plans to %lose the"r onl"ne ("!t bus"ness $h"%h !eatured seasonal produ%ts and ("!ts that %ould be personal"5ed by the %onsumer 8. Hershey "s a%t"'ely "n'ol'ed "n or(an"5at"ons su%h as the World Co%oa @oundat"on, $h"%h supports en'"ronmental proCe%ts that "n%lude non %hem"%al pest, mana(ement pra%t"%es, and $h"%h en%oura(e susta"nable !arm"n( pra%t"%es to support e%osystems "n the
+. Ad'ert"s"n( e0penses !or the 1uarter "n%reased by 68 per%ent as the %ompany %ont"nued to promote "%on"% brands su%h as the Hershey G"ss and Eeese)s produ%ts 2. /ome o! Hershey)s prem"um produ%ts o! ha'e !altered lately as %ustomers s$"t%hed to lo$er pr"%e produ%ts *. .he %ompany plans to d"s%ont"nue the"r Ca%ao Eeser'e brand as $ell as the"r /tarbu%3s %ho%olate partnersh"p 6. .otal %har(es to Hershey)s <lobal /upply .rans!ormat"on Pro(ram ha'e been !ore%asted do$n$ard !rom A887 m"ll"on to A860 m"ll"on 7. Hershey proCe%ts a net sales (ro$th o! 2 to * per%ent "n 2009 due to a de%l"ne "n %ore brand sales as $ell as un!a'orable %urren%y e0%han(e rates 8. .he %ompany)s lon(term debt "n%reased !rom A+,299,987 "n 2009 to A+,707,976 "n 2009. Hershey)s other assets de%l"ned to A+7+,78+ "n 200- !rom A760,269 "n 2009
re("on. 9. Chan(es "n produ%t pa%3a("n( ha'e resulted "n l"(hter mater"als and less $aste dur"n( the manu!a%tur"n( pro%ess -. Due to (lobal supply "n"t"at"'es, the %ompany proCe%ts a redu%t"on o! +,700 pos"t"ons o'er the ne0t three-year per"od 9. Hershey re%ently %losed the"r Eead"n(, Pennsyl'an"a, plant "n 2009, el"m"nat"n( *00 Cobs
4pport nities S>4 Strategies +>4 Strategies
+. .he (lobal mar3et "s +. Partner $"th other 'alued at appro0"mately "ntermed"ar"es !or A+09.6 b"ll"on by 20+0 "n%lud"n( Hershey)s 2. Cho%olate a%%ounts !or produ%ts "n the"r ("!t 77.- per%ent o! the bas3ets #/2, /*, =+, mar3et)s o'erall (lobal =2, =8& 'alue 2. De'elop and "ntrodu%e *. .here has been many add"t"onal or(an"% mer(ers and produ%ts #/+, /2, =6, a%1u"s"t"ons "n the =8& %on!e%t"onery "ndustry *. De'elop ne$ d"etary 6. =r(an"% !oods produ%ts %ho%olate !or "nd"'"duals are one o! the !astest $ho $ould l"3e to lose (ro$"n( se%tors "n the $e"(ht or are d"abet"%s Bn"ted /tates $"th a #/+, /2, /*, =6, =8& proCe%ted 'alue o! A28.* b"ll"on by 20++ 7. .he maCor 70 !"rms "n the "ndustry %ontrol less than 60 per%ent o! the mar3et 8. .he %on!e%t"onery "ndustry "s !ra(mented $"th %onsumer tastes that dr"'e the d"'erse demand !or produ%ts "n the "ndustry $h"%h ran(e !rom (ums and Celly
+. Close add"t"onal plants and lay o!! more employees "n areas $here the produ%ts are not sell"n( #W2, W*, =2, =9& 2. /ell o!! some o! the .reasury /to%3s and use the %ash to produ%e health"er produ%ts #W9, =*, =8, =9&
beans to %ho%olate produ%ts 9. Due to produ%t)s pr"%e po"nt, the re%ess"on does not "mpa%t %on!e%t"onery produ%ts drast"%ally
Threats S>T Strategies +>T Strategies
+. =bes"ty "s "n%reas"n( +. Ad'ert"se the or(an"% drast"%ally and produ%ts more "n the B/ %onsumers ha'e by d"s%los"n( the be%ome more health "n(red"ents and %ons%"ous edu%at"n( the 2. Consumers are %onsumers #/+, /2, .+, be%om"n( more a$are .2, .*& o! the nutr"t"onal 'alue o! 2. Hed(e or use !or$ard the "n(red"ents "n %ontra%ts to lo%3 the produ%ts they are pr"%e o! !uture su(ar pur%has"n( pur%hases #/*, /6, .6, *. More %onsumers are .7& demand"n( to or(an"% and nonadulterated produ%ts 6. Wholesale su(ar pr"%es "n the B./. $ere up more than 90 per%ent "n the !"rst e"(ht months o! 2009, rea%h"n( a near *0-year h"(h o! 22.2+ %ents a pound. 7. ;t "s e0pe%ted that that "nternat"onal $holesale su(ar pr"%es may rea%h 60 %ents a pound 8. Due to h"(h unemployment, many %onsumers are %utt"n( ba%3 "n buy"n( "tems that are not a ne%ess"ty 9. ;n%rease "n !uel %ost %ould "mpa%t the d"str"but"on and sh"pp"n( %osts
+. Create a Co"nt 'enture $"th an "nternat"onal mar3et"n( %ompany to "n%rease "nternat"onal mar3et share #W+, W7, W8, W9, .8& 2. ;mpro'e the %ompany)s $eb s"te by o!!er"n( more re%"pes us"n( Hershey)s lo$ su(ar %ontent produ%ts #W2, W7, .+, .2, .*&
9.
S%AC$ Matri' @/
Conservative
9 8 7 6 * 2 +
Aggressive
C/
;/
-9 -8 -7 -6 -* -2 -+ -+ -2 -* -6 -7 -8 + 2 * 6 7 8 9
&efensive
-9
Competitive
*inancial Stability 5*S6 Eeturn on ;n'estment >e'era(e >"1u"d"ty Wor3"n( Cap"tal Cash @lo$ *inancial Stability 5*S6 Average Competitive Stability 5CS6 Mar3et /hare Produ%t ?ual"ty Customer >oyalty Compet"t"on)s Capa%"ty Bt"l"5at"on
2 2 7 7 7 1.?
$nvironmental Stability 5$S6 Bnemployment .e%hnolo("%al Chan(es Pr"%e last"%"ty o! Demand Compet"t"'e Pressure Barr"ers to ntry $nvironmental Stability 5$S6 Average 8nd stry Stability 58S6 <ro$th Potent"al @"nan%"al /tab"l"ty ase o! Mar3et ntry Eesour%e Bt"l"5at"on
-7 -* -+ -6 -6 >1.@
-2 -2 -2 -*
6 * * *
.e%hnolo("%al Gno$-Ho$ Competitive Stability 5CS6 Average 2-a0"s: @/ J / K *.- J #-*.6& K 0.6 L-a0"s: C/ J ;/ K #-2.6& J #*.2& K 0.-
-* >/.@
* 1./
H.
Quadrant III
Quadrant IV
+. Mar3et de'elopment 2. Mar3et penetrat"on *. Produ%t de'elopment 6. @or$ard "nte(rat"on 7. Ba%3$ard "nte(rat"on 8. Hor"5ontal "nte(rat"on 9. Eelated d"'ers"!"%at"on
8.
;I
;I
I;
Hershey Company
I;;
I;;;
;L
A.
BS%M
De'elop ne$ d"etary %ho%olate !or "nd"'"duals $ho $ould l"3e to lose $e"(ht or are d"abet"%s AS TAS 6 0.*2 Partner $"th other "ntermed"ar"es !or "n%lud"n( Hershey)s produ%ts "n the"r ("!t bas3ets AS TAS * 0.26
7ey *actors 4pport nities +. .he (lobal mar3et "s 'alued at appro0"mately
+eight
0.0-
A+09.6 b"ll"on by 20+0 2. Cho%olate a%%ounts !or 77.- per%ent o! the mar3etDs o'erall (lobal 'alue *. .here has been many mer(ers and a%1u"s"t"ons "n the %on!e%t"onery "ndustry 6. =r(an"% !oods produ%ts are one o! the !astest (ro$"n( se%tors "n the Bn"ted /tates $"th a proCe%ted 'alue o! A28.* b"ll"on by 20++ 7. .he maCor 70 !"rms "n the "ndustry %ontrol less than 60 per%ent o! the mar3et 8. .he %on!e%t"onery "ndustry "s !ra(mented $"th %onsumer tastes that dr"'e the d"'erse demand !or produ%ts "n the "ndustry $h"%h ran(e !rom (ums and Celly beans to %ho%olate produ%ts 9. Due to produ%tDs pr"%e po"nt, the re%ess"on does not "mpa%t %on!e%t"onery produ%ts drast"%ally Threats +. =bes"ty "s "n%reas"n( drast"%ally and %onsumers ha'e be%ome more health %ons%"ous 2. Consumers are be%om"n( more a$are o! the nutr"t"onal 'alue o! the "n(red"ents "n produ%ts they are pur%has"n( *. More %onsumers are demand"n( to or(an"% and nonadulterated produ%ts 6. Wholesale su(ar pr"%es "n the B./. $ere up more than 90 per%ent "n the !"rst e"(ht months o! 2009, rea%h"n( a near *0-year h"(h o! 22.2+ %ents a pound. 7. ;t "s e0pe%ted that that "nternat"onal $holesale su(ar pr"%es may rea%h 60 %ents a pound 8. Due to h"(h unemployment, many %onsumers are %utt"n( ba%3 "n buy"n( "tems that are not a ne%ess"ty 9. ;n%rease "n !uel %ost %ould "mpa%t the d"str"but"on and sh"pp"n( %osts T4TAC Strengths +. HersheyDs or(an"% l"ne "n%ludes Da(oba =r(an"%, a %ompany $"th a stron( produ%t l"ne o! h"(h-1ual"ty or(an"% %ho%olates and ba3"n( produ%ts that are sold '"a natural !ood and (ourmet stores 2. Hershey %ont"nues to appeal to %onsumers $"th "ts prem"um l"ne o! dar3 %ho%olates that promote the ant"o0"dant bene!"ts o! !la'ono"ds
--* 6 --6
--6 2 --*
0.08 0.08
0.0-
---
---
---
---
0.09
6 * 6 *
+ 2 * 2
0.0-
0.09 0.09
0.08 0.07
2 --+
+ --6
0.08
-...
0.0-
0.*2
0.26
0.09
0.2+
0.09
0.06 0.0-
2 ---
0.0---
6 ---
0.+8 ---
0.0-
---
---
---
---
0.06
---
---
---
---
0.0*
+ -----
0.0* -----
6 -----
0.+8 -----
0.09
0.07
0.09
---
---
---
---
0.0-
+ -----
0.0-----
* -----
0.26 -----
0.07
0.07
0.07
0.07
0.+7
0.0-
+ +
0.00.0-
6 6
0.*2 0.*2
0.0-
"n 200- !rom A760,269 "n 2009 SDBT4TAC SDM T4TAC ATT,ACT8V$)$SS SC4,$
-...
..E3 1.12
-.3? 1.2.
7.
,ecommendations
@orm more partnersh"p $"th "ntermed"ar"es su%h as +--00-@lo$ers or W"neCountry<"!tBas3et.%om or s"m"lar to o!!er Hershey)s produ%ts as %omplementary or e0%lus"'ely, pa%3a(ed $"th the %ompany)s e0"st"n( produ%ts. .he produ%ts should be sh"pped "n bul3 and "n h"(h 'olume "n order to redu%e sh"pp"n( %har(es and handl"n( !ees.
C.
$%S<$B8T Analysis
A Amount Needed: A70 m"ll"on /to%3 Pr"%e: A*7.97 .a0 Eate: *8.9M ;nterest Eate: 8M N /hares =utstand"n(: -.+- b"ll"on
Common Stoc! *inancing Recession Normal Boom A700,000,000 A-00,000,000 A+,000,000,000 0 0 0 700,000,000 -00,000,000 +,000,000,000 +-7,000,000 298,000,000 *90,000,000 *+7,000,000 706,000,000 8*0,000,000 -,+9*,90-,208 -,+9*,90-,208 -,+9*,90-,208 ...@ ...0 ...? &ebt *inancing Normal Boom A-00,000,000 A+,000,000,000 *0,000,000 *0,000,000 990,000,000 990,000,000 2-6,900,000 *7-,900,000 6-7,+00,000 8++,+00,000 -,+-0,000,000 -,+-0,000,000 ...0 ...3
Recession A700,000,000 *0,000,000 690,000,000 +9*,900,000 298,+00,000 -,+-0,000,000 ...@ 3. %ercent &ebt > 1. %ercent Stoc! Recession A700,000,000 8,000,000 696,000,000 +-2,9-0,000 *++,220,000 -,+-6,+92,682 ...@
3. %ercent Stoc! > 1. %ercent &ebt Recession A700,000,000 26,000,000 698,000,000 +98,+20,000 299,--0,000 -,+-9,9*7,966 ...@
M.
$pilog e
Hershey Canada, ;n%., a $holly o$ned subs"d"ary o! .he Hershey Company, and the Nat"onal Ho%3ey >ea(ue made a three year e0%lus"'e partnersh"p "n Canada $h"%h un'e"led the one-o!-a-3"nd Hersheys Cho%olate /tanley CupO, a m"l3 %ho%olate repl"%a o! the most !amous trophy "n the sport"n( $orld, the /tanley Cup. .he ne$ partnersh"p $"ll be("n $"th a %onsumer promot"on to support the 20++ Br"d(estone NH> W"nter Class"%. A re%ent poll publ"shed by Harr"s Poll re'ealed that Amer"%ans lo'e Hershey)s G"sses Brand Cho%olates and %ons"der "t an "%on"% treat and one o! the most re%o(n"5able brands. .he produ%t also has been a 4must-ha'eP !or those $ho lo'e to ba3e and use the 3"sses %ho%olate as an "n(red"ent !or ma3"n( all types o! %oo3"es or ba3"n( pastr"es. .he onl"ne dest"nat"on "s a one-stop-shop !or ba3"n( t"ps, re%"pe e0%han(es and party plann"n( ad'"%e to s$eeten any (et-to(ether. W"th o'er 9,000 members, Hersheys Kisses ba3"n( enthus"asts %an lo(-on to share del"%"ous %oo3"e re%"pes, photos, stor"es, party t"ps and more.