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Hershey trims FY sales forecast, announces 300 job cuts
[BENGALURU] Chocolate maker Hershey Co cut its full-year sales growth forecast, citing weak sales in China, and said it would cut 300 jobs by the end of the year.
The company said on Friday that it now expects sales to grow 4-5 per cent for the full year, excluding foreign exchange fluctuations, compared with its prior estimate of 6-7 per cent growth.
The company has also made changes to its leadership team under a new productivity program that it expects will result in US$65 million to US$75 million in pretax savings, primarily in 2016.
Hershey's shares were down 3 per cent at US$89.50 in premarket trading on Friday.