Hershey quarterly sales misses estimates

(Reuters) – Hershey Co quarterly sales missed estimates on Thursday, as the economic fallout of the COVID-19 pandemic kept people from spending on its chocolates and candies in overseas markets, such as Brazil and Mexico.

Net sales fell to $1.71 billion, in the second quarter ended June 28, from $1.77 billion a year ago, falling short of analysts’ average estimate of $1.74 billion, according to IBES data from Refinitiv data.

However, the company said it expected sales to accelerate in the second half of the year.

(Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber)