hershey's lecturer book
TRANSCRIPT
Hershey Company - 2009Case Notes Prepared by: Dr. Mernoush Banton
Case Author: Anne Walsh and Ellen Mansfield
A. Case Abstract
Hershey Company (www.hersheys.com) is a comprehensive strategic management case that includes the company’s calendar December 31, 2008 financial statements, competitor information and more. The case time setting is the year 2009. Sufficient internal and external data are provided to enable students to evaluate current strategies and recommend a three-year strategic plan for the company. Headquartered in Hershey, Pennsylvania, Hershey Company is traded on the New York Stock Exchange under ticker symbol HSY.
B. Vision Statement (Proposed)
To be the world leading company of confectionary and other related products by bringing innovative and sweet products to our customers.
C. Mission Statement (Actual)
The mission of the Hershey Company is “Bringing sweet moments of Hershey happiness to the world every day” (3)To our stakeholders, this means:Consumers: Delivering quality consumer driven confectionery experiences for all occasions. (1, 2)Employees: Winning with an aligned and empowered organization while having fun. (9)Business Partners: Building collaborative relationships for profitable growth with our customers, suppliers, and partners. (4, 5)Shareholders: Creating sustainable value. (8)Communities: Honoring our heritage through continued commitment to making a positive difference. (6, 7)
1. Customer2. Products or services3. Markets4. Technology5. Concern for survival, profitability, growth6. Philosophy7. Self-concept8. Concern for public image9. Concern for employees
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D. External Audit
CPM – Competitive Profile Matrix
Hershey Nestle Cadbury MarsCritical Success Factors Weight
Rating
Weighted Score
Rating
Weighted Score
Rating
Weighted Score
Rating
Weighted Score
Price competitiveness 0.14 2 0.28 1 0.14 3 0.42 4 0.56
Global Expansion 0.08 2 0.16 4 0.32 1 0.08 3 0.24Organizational Structure 0.02 3 0.06 2 0.04 1 0.02 4 0.08
Employee Morale 0.03 3 0.09 2 0.06 1 0.03 4 0.12
Technology 0.08 3 0.24 3 0.24 1 0.08 4 0.32
Product Safety 0.11 2 0.22 1 0.11 4 0.44 3 0.33
Customer Loyalty 0.10 4 0.40 2 0.20 1 0.10 3 0.30
Market Share 0.08 1 0.08 2 0.16 4 0.32 4 0.32
Advertising 0.09 2 0.18 3 0.27 1 0.09 4 0.36
Product Quality 0.10 3 0.30 2 0.20 4 0.40 1 0.10
Product Image 0.11 4 0.44 3 0.33 1 0.11 2 0.22
Financial Position 0.06 3 0.18 4 0.24 1 0.06 2 0.12
Total 1.00 2.63 2.31 2.15 3.07
Opportunities
1. The global market is valued at approximately $107.4 billion by 20102. Chocolate accounts for 55.8 percent of the market’s overall global value3. There has been many mergers and acquisitions in the confectionery
industry4. Organic foods products are one of the fastest growing sectors in the
United States with a projected value of $26.3 billion by 20115. The major 50 firms in the industry control less than 40 percent of the
market6. The confectionery industry is fragmented with consumer tastes that drive
the diverse demand for products in the industry which range from gums and jelly beans to chocolate products
7. Due to product’s price point, the recession does not impact confectionery products drastically
Threats
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1. Obesity is increasing drastically and consumers have become more health conscious
2. Consumers are becoming more aware of the nutritional value of the ingredients in products they are purchasing
3. More consumers are demanding to organic and nonadulterated products4. Wholesale sugar prices in the U.S. were up more than 70 percent in the
first eight months of 2009, reaching a near 30-year high of 22.21 cents a pound.
5. It is expected that that international wholesale sugar prices may reach 40 cents a pound
6. Due to high unemployment, many consumers are cutting back in buying items that are not a necessity
7. Increase in fuel cost could impact the distribution and shipping costs
External Factor Evaluation (EFE) Matrix
Key External Factors Weight Rating Weighted Score
Opportunities
1. The global market is valued at approximately $107.4 billion by 2010
0.08 4 0.32
2. Chocolate accounts for 55.8 percent of the market's overall global value
0.09 3 0.27
3. There has been many mergers and acquisitions in the confectionery industry
0.05 3 0.15
4. Organic foods products are one of the fastest growing sectors in the United States with a projected value of $26.3 billion by 2011
0.1 3 0.3
5. The major 50 firms in the industry control less than 40 percent of the market
0.06 3 0.18
6. The confectionery industry is fragmented with consumer tastes that drive the diverse demand for products in the industry which range from gums and jelly beans to chocolate products
0.06 3 0.18
7. Due to product's price point, the recession does not impact confectionery products drastically
0.08 4 0.32
Threats
1. Obesity is increasing drastically and consumers have become more health conscious
0.09 2 0.18
2. Consumers are becoming more aware of the nutritional value of the ingredients in products they are purchasing
0.08 2 0.16
Copyright © 2011 Pearson Education, Inc. publishing as Prentice Hall.
3. More consumers are demanding to organic and nonadulterated products
0.07 2 0.14
4. Wholesale sugar prices in the U.S. were up more than 70 percent in the first eight months of 2009, reaching a near 30-year high of 22.21 cents a pound.
0.07 2 0.14
5. It is expected that that international wholesale sugar prices may reach 40 cents a pound
0.06 1 0.06
6. Due to high unemployment, many consumers are cutting back in buying items that are not a necessity
0.05 3 0.15
7. Increase in fuel cost could impact the distribution and shipping costs
0.06 2 0.12
Total 1.00 2.67
Positioning Map
E. Internal Audit
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Nestle
Brand Loyalty (High)
Brand Loyalty (Low)
Price (High)
Price (Low)
Hershey Company
MarsCadbury
Strengths
1. Hershey’s organic line includes Dagoba Organic, a company with a strong product line of high-quality organic chocolates and baking products that are sold via natural food and gourmet stores
2. Hershey continues to appeal to consumers with its premium line of dark chocolates that promote the antioxidant benefits of flavonoids
3. Largest producer of chocolate in North America4. Reported second quarter 2009 sales up 5.9 percent to $1.17 billion and
profit of $71.3 million on July 23, the fourth strong quarter in a row for the company
5. The company plans to close their online gift business which featured seasonal products and gifts that could be personalized by the consumer
6. Hershey is actively involved in organizations such as the World Cocoa Foundation, which supports environmental projects that include non chemical pest, management practices, and which encourage sustainable farming practices to support ecosystems in the region.
7. Changes in product packaging have resulted in lighter materials and less waste during the manufacturing process
8. Due to global supply initiatives, the company projects a reduction of 1,500 positions over the next three-year period
9. Hershey recently closed their Reading, Pennsylvania, plant in 2009, eliminating 300 jobs
Weaknesses
1. Advertising expenses for the quarter increased by 46 percent as the company continued to promote iconic brands such as the Hershey Kiss and Reese’s products
2. Some of Hershey’s premium products of have faltered lately as customers switched to lower price products
3. The company plans to discontinue their Cacao Reserve brand as well as their Starbucks chocolate partnership
4. Total charges to Hershey’s Global Supply Transformation Program have been forecasted downward from $665 million to $640 million
5. Hershey projects a net sales growth of 2 to 3 percent in 2009 due to a decline in core brand sales as well as unfavorable currency exchange rates
6. The company’s long-term debt increased from $1,279,965 in 2007 to $1,505,954 in 2008
7. Hershey’s other assets declined to $151,561 in 2008 from $540,249 in 2007
Financial Ratio Analysis (December 2009)
Growth Rates % Hershey Industry S&P 500
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Sales (Qtr vs year ago qtr) -0.40 34.10 -4.80Net Income (YTD vs YTD) 34.90 -18.20 -6.00Net Income (Qtr vs year ago qtr) 30.10 23.10 26.80Sales (5-Year Annual Avg.) 4.23 -0.65 12.99Net Income (5-Year Annual Avg.) -7.07 -2.54 12.69Dividends (5-Year Annual Avg.) 10.49 1.66 11.83
Price Ratios Hershey Industry S&P 500
Current P/E Ratio 20.9 35.3 26.7P/E Ratio 5-Year High NA 12.3 16.6P/E Ratio 5-Year Low NA 4.5 2.6Price/Sales Ratio 1.55 1.78 2.25Price/Book Value 13.65 5.97 3.48Price/Cash Flow Ratio 13.80 19.00 13.70
Profit Margins % Hershey Industry S&P 500
Gross Margin 37.6 20.6 38.9Pre-Tax Margin 11.6 7.6 10.3Net Profit Margin 7.4 5.5 7.15Yr Gross Margin (5-Year Avg.) 36.5 41.5 38.65Yr PreTax Margin (5-Year Avg.) 13.5 9.6 16.65Yr Net Profit Margin (5-Year Avg.) 8.9 7.0 11.5
Financial Condition Hershey Industry S&P 500
Debt/Equity Ratio 2.93 1.33 1.09Current Ratio 1.3 1.2 1.5Quick Ratio 0.8 0.8 1.3Interest Coverage 7.5 4.7 23.7Leverage Ratio 6.3 3.6 3.4Book Value/Share 2.62 10.42 21.63Adapted from www.moneycentral.msn.com
Avg P/E Price/ Sales Price/ BookNet Profit
Margin (%)
12/08 26.90 1.55 24.79 6.112/07 52.30 1.84 15.09 4.312/06 22.70 2.41 16.78 11.312/05 30.40 2.85 13.07 10.112/04 20.50 3.23 12.04 13.012/03 20.70 2.44 7.79 10.8
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12/02 23.10 2.25 6.60 9.812/01 41.90 2.25 8.00 5.012/00 20.30 2.33 7.47 8.812/08 26.90 1.55 24.79 6.1
Book Value/
ShareDebt/
EquityReturn on Equity (%)
Return on Assets (%)
Interest Coverage
12/08 $1.40 6.31 97.9 8.6 5.912/07 $2.61 3.60 36.1 5.0 3.812/06 $2.97 3.06 81.8 13.4 8.412/05 $4.23 1.73 48.1 11.5 9.512/04 $4.61 1.15 50.5 15.1 12.912/03 $4.94 0.77 35.1 12.5 11.812/02 $5.11 0.64 29.4 11.6 10.812/01 $4.23 0.77 18.1 6.4 5.812/00 $4.31 0.97 28.5 9.7 7.712/08 $1.40 6.31 97.9 8.6 5.9
Adapted from www.moneycentral.msn.com
Internal Factor Evaluation (IFE) Matrix
Key Internal Factors Weight Rating Weighted Score
Strengths
1. Hershey's organic line includes Dagoba Organic, a company with a strong product line of high-quality organic chocolates and baking products that are sold via natural food and gourmet stores
0.08 4 0.32
2. Hershey continues to appeal to consumers with its premium line of dark chocolates that promote the antioxidant benefits of flavonoids
0.07 4 0.28
3. Largest producer of chocolate in North America
0.04 4 0.16
4. Reported second quarter 2009 sales up 5.9 percent to $1.17 billion and profit of $71.3 million on July 23, the fourth strong quarter in a row for the company
0.08 4 0.32
5. The company plans to close their online gift business which featured seasonal products and gifts that could be personalized by the consumer
0.08 3 0.24
Copyright © 2011 Pearson Education, Inc. publishing as Prentice Hall.
6. Hershey is actively involved in organizations such as the World Cocoa Foundation Cocoa Foundation, which supports environmental projects that include non chemical pest, management practices, and which encourage sustainable farming practices to support ecosystems in the region.
0.04 3 0.12
7. Changes in product packaging have resulted in lighter materials and less waste during the manufacturing process
0.03 3 0.09
8. Due to global supply initiatives, the company projects a reduction of 1,500 positions over the next three-year period
0.07 4 0.28
9. Hershey recently closed their Reading, Pennsylvania, plant in 2009, eliminating 300 jobs
0.05 3 0.15
Weaknesses
1. Advertising expenses for the quarter increased by 46 percent as the company continued to promote iconic brands such as the Hershey Kiss and Reese's products
0.07 1 0.07
2. Some of Hershey's premium products of have faltered lately as customers switched to lower price products
0.08 1 0.08
3. The company plans to discontinue their Cacao Reserve brand as well as their Starbucks chocolate partnership
0.05 2 0.1
4. Total charges to Hershey's Global Supply Transformation Program have been forecasted downward from $665 million to $640 million
0.05 2 0.1
5. Hershey projects a net sales growth of 2 to 3 percent in 2009 due to a decline in core brand sales as well as unfavorable currency exchange rates
0.05 1 0.05
6. The company's long-term debt increased from $1,279,965 in 2007 to $1,505,954 in 2008
0.08 1 0.08
7. Hershey's other assets declined to $151,561 in 2008 from $540,249 in 2007
0.08 1 0.08
Total 1.00 2.52
F. SWOT Strategies
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Strengths Weaknesses1. Hershey’s organic line
includes Dagoba Organic, a company with a strong product line of high-quality organic chocolates and baking products that are sold via natural food and gourmet stores
2. Hershey continues to appeal to consumers with its premium line of dark chocolates that promote the antioxidant benefits of flavonoids
3. Largest producer of chocolate in North America
4. Reported second quarter 2009 sales up 5.9 percent to $1.17 billion and profit of $71.3 million on July 23, the fourth strong quarter in a row for the company
5. The company plans to close their online gift business which featured seasonal products and gifts that could be personalized by the consumer
6. Hershey is actively involved in organizations such as the World Cocoa Foundation, which supports environmental projects that include non chemical pest, management practices, and which encourage sustainable farming practices to support ecosystems in the
1. Advertising expenses for the quarter increased by 46 percent as the company continued to promote iconic brands such as the Hershey Kiss and Reese’s products
2. Some of Hershey’s premium products of have faltered lately as customers switched to lower price products
3. The company plans to discontinue their Cacao Reserve brand as well as their Starbucks chocolate partnership
4. Total charges to Hershey’s Global Supply Transformation Program have been forecasted downward from $665 million to $640 million
5. Hershey projects a net sales growth of 2 to 3 percent in 2009 due to a decline in core brand sales as well as unfavorable currency exchange rates
6. The company’s long-term debt increased from $1,279,965 in 2007 to $1,505,954 in 2008
7. Hershey’s other assets declined to $151,561 in 2008 from $540,249 in 2007
Copyright © 2011 Pearson Education, Inc. publishing as Prentice Hall.
region.7. Changes in product
packaging have resulted in lighter materials and less waste during the manufacturing process
8. Due to global supply initiatives, the company projects a reduction of 1,500 positions over the next three-year period
9. Hershey recently closed their Reading, Pennsylvania, plant in 2009, eliminating 300 jobs
OpportunitiesS-O Strategies
W-O Strategies
1. The global market is valued at approximately $107.4 billion by 2010
2. Chocolate accounts for 55.8 percent of the market’s overall global value
3. There has been many mergers and acquisitions in the confectionery industry
4. Organic foods products are one of the fastest growing sectors in the United States with a projected value of $26.3 billion by 2011
5. The major 50 firms in the industry control less than 40 percent of the market
6. The confectionery industry is fragmented with consumer tastes that drive the diverse demand for products in the industry which range from gums and jelly
1. Partner with other intermediaries for including Hershey’s products in their gift baskets (S2, S3, O1, O2, O6)
2. Develop and introduce additional organic products (S1, S2, O4, O6)
3. Develop new dietary chocolate for individuals who would like to lose weight or are diabetics (S1, S2, S3, O4, O6)
1. Close additional plants and lay off more employees in areas where the products are not selling (W2, W3, O2, O7)
2. Sell off some of the Treasury Stocks and use the cash to produce healthier products (W7, O3, O6, O7)
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beans to chocolate products
7. Due to product’s price point, the recession does not impact confectionery products drastically
ThreatsS-T Strategies
W-T Strategies
1. Obesity is increasing drastically and consumers have become more health conscious
2. Consumers are becoming more aware of the nutritional value of the ingredients in products they are purchasing
3. More consumers are demanding to organic and nonadulterated products
4. Wholesale sugar prices in the U.S. were up more than 70 percent in the first eight months of 2009, reaching a near 30-year high of 22.21 cents a pound.
5. It is expected that that international wholesale sugar prices may reach 40 cents a pound
6. Due to high unemployment, many consumers are cutting back in buying items that are not a necessity
7. Increase in fuel cost could impact the distribution and shipping costs
1. Advertise the organic products more in the US by disclosing the ingredients and educating the consumers (S1, S2, T1, T2, T3)
2. Hedge or use forward contracts to lock the price of future sugar purchases (S3, S4, T4, T5)
1. Create a joint venture with an international marketing company to increase international market share (W1, W5, W6, W7, T6)
2. Improve the company’s web site by offering more recipes using Hershey’s low sugar content products (W2, W5, T1, T2, T3)
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G. SPACE Matrix
Financial Stability (FS) Environmental Stability (ES)Return on Investment 2 Unemployment -5Leverage 2 Technological Changes -3Liquidity 5 Price Elasticity of Demand -1Working Capital 5 Competitive Pressure -4Cash Flow 5 Barriers to Entry -4
Financial Stability (FS) Average 3.8 Environmental Stability (ES) Average -3.4
Competitive Stability (CS) Industry Stability (IS)Market Share -2 Growth Potential 4Product Quality -2 Financial Stability 3Customer Loyalty -2 Ease of Market Entry 3Competition’s Capacity Utilization -3 Resource Utilization 3
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FS
CS
ES
IS654321
Conservative Aggressive
CompetitiveDefensive
1
2
3
4
5
6
7-2-3-4-5-7 -1-6
7
-7
-6
-5
-4
-3
-2
-1
Technological Know-How -3 Profit Potential 3
Competitive Stability (CS) Average -2.4 Industry Stability (IS) Average 3.2
Y-axis: FS + ES = 3.8 + (-3.4) = 0.4X-axis: CS + IS = (-2.4) + (3.2) = 0.8
H. Grand Strategy Matrix
1. Market development2. Market penetration3. Product development4. Forward integration5. Backward integration6. Horizontal integration7. Related diversification
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Weak Competitive
Position
Quadrant II Quadrant I
Quadrant IVQuadrant III
StrongCompetitive
Position
Rapid Market Growth
Slow Market Growth
I. The Internal-External (IE) Matrix
The IFE Total Weighted Score
Strong3.0 to 4.0
Average2.0 to 2.99
Weak1.0 to 1.99
High3.0 to 3.99
I II III
Medium2.0 to 2.99
IV IV
Hershey Company
VI
Low1.0 to 1.99
VII VIII IX
J. QSPM
Develop new dietary
chocolate for individuals who would like to lose
weight or are diabetics
Partner with other
intermediaries for including Hershey’s products in
their gift baskets
Key Factors Weight AS TAS AS TAS
Opportunities
1. The global market is valued at approximately 0.08 4 0.32 3 0.24
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The EFE Total
Weighted Score
$107.4 billion by 20102. Chocolate accounts for 55.8 percent of the
market's overall global value0.09 --- --- --- ---
3. There has been many mergers and acquisitions in the confectionery industry
0.05 3 0.15 4 0.2
4. Organic foods products are one of the fastest growing sectors in the United States with a projected value of $26.3 billion by 2011
0.1 4 0.4 2 0.2
5. The major 50 firms in the industry control less than 40 percent of the market
0.06 --- --- --- ---
6. The confectionery industry is fragmented with consumer tastes that drive the diverse demand for products in the industry which range from gums and jelly beans to chocolate products
0.06 4 0.24 3 0.18
7. Due to product's price point, the recession does not impact confectionery products drastically
0.08 --- --- --- ---
Threats 1. Obesity is increasing drastically and
consumers have become more health conscious
0.09 4 0.36 1 0.09
2. Consumers are becoming more aware of the nutritional value of the ingredients in products they are purchasing
0.08 3 0.24 2 0.16
3. More consumers are demanding to organic and nonadulterated products
0.07 4 0.28 3 0.21
4. Wholesale sugar prices in the U.S. were up more than 70 percent in the first eight months of 2009, reaching a near 30-year high of 22.21 cents a pound.
0.07 3 0.21 2 0.14
5. It is expected that that international wholesale sugar prices may reach 40 cents a pound
0.06 2 0.12 1 0.06
6. Due to high unemployment, many consumers are cutting back in buying items that are not a necessity
0.05 --- --- --- ---
7. Increase in fuel cost could impact the distribution and shipping costs
0.06 1 0.06 4 0.24
TOTAL 1.00 2.38 1.72Strengths 1. Hershey's organic line includes Dagoba
Organic, a company with a strong product line of high-quality organic chocolates and baking products that are sold via natural food and gourmet stores
0.08 4 0.32 3 0.24
2. Hershey continues to appeal to consumers with its premium line of dark chocolates that promote the antioxidant benefits of flavonoids
0.07 3 0.21 1 0.07
Copyright © 2011 Pearson Education, Inc. publishing as Prentice Hall.
3. Largest producer of chocolate in North America
0.04 2 0.08 4 0.16
4. Reported second quarter 2009 sales up 5.9 percent to $1.17 billion and profit of $71.3 million on July 23, the fourth strong quarter in a row for the company
0.08 --- --- --- ---
5. The company plans to close their online gift business which featured seasonal products and gifts that could be personalized by the consumer
0.08 --- --- --- ---
6. Hershey is actively involved in organizations such as the World Cocoa Foundation, which supports environmental projects that include non chemical pest, management practices, and which encourage sustainable farming practices to support ecosystems in the region.
0.04 --- --- --- ---
7. Changes in product packaging have resulted in lighter materials and less waste during the manufacturing process
0.03 1 0.03 4 0.16
8. Due to global supply initiatives, the company projects a reduction of 1,500 positions over the next three-year period
0.07 --- --- --- ---
9. Hershey recently closed their Reading, Pennsylvania, plant in 2009, eliminating 300 jobs
0.05 --- --- --- ---
Weaknesses 1. Advertising expenses for the quarter
increased by 46 percent as the company continued to promote iconic brands such as the Hershey Kiss and Reese's products
0.07 --- --- --- ---
2. Some of Hershey's premium products of have faltered lately as customers switched to lower price products
0.08 1 0.08 3 0.24
3. The company plans to discontinue their Cacao Reserve brand as well as their Starbucks chocolate partnership
0.05 --- --- --- ---
4. Total charges to Hershey's Global Supply Transformation Program have been forecasted downward from $665 million to $640 million
0.05 --- --- --- ---
5. Hershey projects a net sales growth of 2 to 3 percent in 2009 due to a decline in core brand sales as well as unfavorable currency exchange rates
0.05 1 0.05 3 0.15
6. The company's long-term debt increased from $1,279,965 in 2007 to $1,505,954 in 2008
0.08 1 0.08 4 0.32
7. Hershey's other assets declined to $151,561 0.08 1 0.08 4 0.32
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in 2008 from $540,249 in 2007SUBTOTAL 1.00 0.97 1.78SUM TOTAL ATTRACTIVENESS SCORE 3.35 3.50
K. Recommendations
Form more partnership with intermediaries such as 1-800-Flowers or WineCountryGiftBasket.com or similar to offer Hershey’s products as complementary or exclusively, packaged with the company’s existing products. The products should be shipped in bulk and in high volume in order to reduce shipping charges and handling fees.
L. EPS/EBIT Analysis
$ Amount Needed: $50 millionStock Price: $35.95Tax Rate: 36.7%Interest Rate: 6% # Shares Outstanding: 8.18 billion
Common Stock Financing Debt Financing Recession Normal Boom Recession Normal BoomEBIT $500,000,000 $800,000,000 $1,000,000,000 $500,000,000 $800,000,000 $1,000,000,000Interest 0 0 0 30,000,000 30,000,000 30,000,000EBT 500,000,000 800,000,000 1,000,000,000 470,000,000 770,000,000 970,000,000Taxes 185,000,000 296,000,000 370,000,000 173,900,000 284,900,000 358,900,000EAT 315,000,000 504,000,000 630,000,000 296,100,000 485,100,000 611,100,000# Shares 8,193,908,206 8,193,908,206 8,193,908,206 8,180,000,000 8,180,000,000 8,180,000,000EPS 0.04 0.06 0.08 0.04 0.06 0.07
70 Percent Stock - 30
Percent Debt
70 Percent Debt - 30 Percent Stock
Recession Normal Boom Recession Normal BoomEBIT $500,000,000 $800,000,000 $1,000,000,000 $500,000,000 $800,000,000 $1,000,000,000Interest 24,000,000 24,000,000 24,000,000 6,000,000 6,000,000 6,000,000EBT 476,000,000 776,000,000 976,000,000 494,000,000 794,000,000 994,000,000Taxes 176,120,000 287,120,000 361,120,000 182,780,000 293,780,000 367,780,000EAT 299,880,000 488,880,000 614,880,000 311,220,000 500,220,000 626,220,000# Shares 8,189,735,744 8,189,735,744 8,189,735,744 8,184,172,462 8,184,172,462 8,184,172,462EPS 0.04 0.06 0.08 0.04 0.06 0.08
M. Epilogue
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Hershey Canada, Inc., a wholly owned subsidiary of The Hershey Company, and the National Hockey League made a three year exclusive partnership in Canada which unveiled the one-of-a-kind Hershey’s® Chocolate Stanley Cup®, a milk chocolate replica of the most famous trophy in the sporting world, the Stanley Cup®. The new partnership will begin with a consumer promotion to support the 2011 Bridgestone NHL Winter Classic.
A recent poll published by Harris Poll revealed that Americans love Hershey’s Kisses Brand Chocolates and consider it an iconic treat and one of the most recognizable brands. The product also has been a “must-have” for those who love to bake and use the kisses chocolate as an ingredient for making all types of cookies or baking pastries. The online destination is a one-stop-shop for baking tips, recipe exchanges and party planning advice to sweeten any get-together. With over 9,000 members, Hershey’s Kisses baking enthusiasts can log-on to share delicious cookie recipes, photos, stories, party tips and more.
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