The Hershey Company (HSY): Business Model Canvas

Tauchen Sie ein in die süße Welt von The Hershey Company, einem Schokoladenimperium, das sich von einer kleinen Schokoladenfabrik in Pennsylvania zu einem globalen Süßwarenkonzern entwickelt hat. Mit einer reichen, über ein Jahrhundert umspannenden Tradition offenbart das Geschäftsmodell von Hershey einen strategischen Ansatz, der Innovation, Nachhaltigkeit und verbraucherorientierte Produktentwicklung vereint. Von der Beschaffung hochwertiger Kakaobohnen in Westafrika bis hin zur Schaffung ikonischer Schokoladenmarken, die bei Generationen Anklang finden – diese Erkundung zeigt, wie Hershey weiterhin die Geschmacksknospen erfreut und seinen Wettbewerbsvorteil auf dem sich ständig weiterentwickelnden globalen Süßwarenmarkt behauptet.

The Hershey Company (HSY) – Geschäftsmodell: Wichtige Partnerschaften

Kakaolieferanten in Westafrika und Lateinamerika

Hershey bezieht Kakao aus mehreren Regionen mit spezifischen Beschaffungsdetails:

Region	Jährliche Kakaomenge	Prozentsatz des Angebots
Elfenbeinküste	38.000 Tonnen	45%
Ghana	25.000 Tonnen	30%
Ecuador	12.000 Tonnen	15%

Hersteller von landwirtschaftlichen Geräten

• John Deere – Hauptlieferant für landwirtschaftliche Geräte
• AGCO Corporation – Partner für Sekundärausrüstung
• Jährliche Ausrüstungsbeschaffung: 42,6 Millionen US-Dollar

Verpackungs- und Vertriebsunternehmen

Partner	Vertragswert	Erbrachte Dienstleistungen
WestRock Company	87,3 Millionen US-Dollar	Verpackungsmaterialien
FedEx-Fracht	63,5 Millionen US-Dollar	Vertriebslogistik

Einzelhandelspartner

Zu den wichtigsten Einzelhandelspartnerschaften gehören:

• Walmart – 425 Millionen US-Dollar Jahresumsatz
• Ziel: 210 Millionen US-Dollar Jahresumsatz
• Kroger – 185 Millionen US-Dollar Jahresumsatz
• Costco – 160 Millionen US-Dollar Jahresumsatz

Marketing- und Werbeagenturen

Agentur	Jährlicher Vertragswert	Dienstleistungen
Publicis Groupe	35,7 Millionen US-Dollar	Globale Marketingstrategie
WPP plc	28,4 Millionen US-Dollar	Digitale Werbung

The Hershey Company (HSY) – Geschäftsmodell: Hauptaktivitäten

Herstellung von Schokoladen- und Süßwarenprodukten

Die Hershey Company betreibt sieben Produktionsstätten in Nordamerika mit einer Gesamtproduktionskapazität von etwa 1,3 Millionen Quadratfuß. Im Jahr 2022 produzierte das Unternehmen über 90 Millionen Pfund Schokolade und Süßwaren.

Produktionsstandort	Jährliche Produktionskapazität
Hershey, Pennsylvania	500.000 Quadratfuß
West Hershey, Pennsylvania	350.000 Quadratfuß
Hazleton, Pennsylvania	250.000 Quadratfuß

Produktforschung und -entwicklung

Hershey investierte im Jahr 2022 214 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf Innovation und die Entwicklung neuer Produkte.

• Jährlich werden durchschnittlich 250 neue Produktkonzepte entwickelt
• 25–30 neue Produkteinführungen pro Jahr
• Innovationszentren in Hershey, PA und Singapur

Globales Supply Chain Management

Das Unternehmen verwaltet eine komplexe globale Lieferkette mit jährlichen Beschaffungsausgaben von etwa 2,8 Milliarden US-Dollar im Jahr 2022.

Lieferkettenmetrik	Daten für 2022
Anzahl der Lieferanten	1,200+
Globale Beschaffungsländer	35+
Kakao-Beschaffungsländer	12

Marketing und Markenförderung

Hershey stellte im Jahr 2022 579 Millionen US-Dollar für Werbe- und Marketingausgaben bereit.

• Das Marketingbudget macht 8,2 % des Gesamtumsatzes des Unternehmens aus
• Digitales Marketing macht 40 % der Marketingausgaben aus
• Aktive Präsenz in über 80 Ländern

Nachhaltigkeits- und ethische Beschaffungsinitiativen

Das Unternehmen hat bis 2030 500 Millionen US-Dollar für nachhaltige Beschaffungsprogramme bereitgestellt.

Nachhaltigkeitsinitiative	2022 Fortschritt
Nachhaltigkeitsinvestition in Kakao	27,5 Millionen US-Dollar
Nachhaltige Kakaobeschaffung	62 % des Kakaos stammen aus zertifizierten Quellen
CO2-Reduktionsziel	Reduzierung um 25 % bis 2025

The Hershey Company (HSY) – Geschäftsmodell: Schlüsselressourcen

Produktionsanlagen

Die Hershey Company betreibt 6 Produktionsstätten in den Vereinigten Staaten mit Hauptstandorten in:

• Hershey, Pennsylvania
• West Hershey, Pennsylvania
• Stuarts Draft, Virginia
• Robinson, Illinois
• Hazleton, Pennsylvania
• Shanghai, China

Standort	Produktionskapazität (jährlich)	Primärprodukte
Hershey, PA	70 Millionen Pfund Schokolade	Küsse, Bars, Reese's
West Hershey, PA	85 Millionen Pfund Schokolade	Hershey's Bars, Kisses
Shanghai, China	25 Millionen Pfund Schokolade	Lokale Marktprodukte

Geistiges Eigentum

Markenportfolio: Über 130 eingetragene Marken weltweit, darunter:

• Hersheys
• Reeses
• Kit Kat
• Twizzler
• Lustiger Rancher

Vertriebsnetz

Umfangreiche Vertriebsinfrastruktur mit:

• 50 Staaten in den Vereinigten Staaten
• Über 70 Länder weltweit
• Mehr als 200.000 Einzelhandelsgeschäfte

Technologie und Ausrüstung

Technologietyp	Investition (2023)	Zweck
Automatisierte Verpackungssysteme	85 Millionen Dollar	Produktionseffizienz
KI-Qualitätskontrolle	45 Millionen Dollar	Produktkonsistenz
IoT-Fertigungssensoren	30 Millionen Dollar	Echtzeitüberwachung

Belegschaft

Gesamtzahl der Mitarbeiter: 19.000 ab 2023

• Fertigung: 12.500 Mitarbeiter
• Forschung & Entwicklung: 650 Mitarbeiter
• Durchschnittliche Betriebszugehörigkeit: 8,5 Jahre

The Hershey Company (HSY) – Geschäftsmodell: Wertversprechen

Hochwertige Schokoladen- und Süßwarenprodukte

Die Hershey Company produziert täglich 90 Millionen Hershey's Kisses. Der jährliche Nettoumsatz im Jahr 2022 betrug 9,98 Milliarden US-Dollar. Das Produktportfolio umfasst über 80 verschiedene Schokoladen- und Süßwarenmarken.

Produktkategorie	Jährliches Verkaufsvolumen	Marktanteil
Schokoriegel	3,4 Milliarden US-Dollar	44.2%
Schokoladentüten/Tüten	2,6 Milliarden US-Dollar	36.7%
Saisonale Schokolade	1,2 Milliarden US-Dollar	19.1%

Ikonisches und erkennbares Markenerbe

Hershey wurde 1894 gegründet und hat einen Markenwert, der auf 6,8 Milliarden US-Dollar geschätzt wird. Die weltweite Markenbekanntheitsrate liegt bei etwa 92 %.

Große Auswahl an Produktangeboten

• Gesamtproduktportfolio: über 90 Marken
• Produktkategorien: Schokoriegel, Bonbons, Getränke, Brotaufstriche
• Weltweite Marktpräsenz in 85 Ländern

Engagement für nachhaltige und ethische Beschaffung

500 Millionen US-Dollar in nachhaltige Kakaoanbauprogramme investiert. Bis 2020 Bezug von 100 % zertifiziert nachhaltigem Kakao.

Nachhaltigkeitsmetrik	Leistung 2022
Zertifizierter nachhaltiger Kakao	100%
Programme zur Unterstützung von Landwirten	75 Millionen US-Dollar investiert
Reduzierung der Kohlenstoffemissionen	22 % Reduzierung seit 2018

Innovative Produktentwicklung

Jährliche F&E-Investitionen von 124 Millionen US-Dollar. Im Jahr 2022 wurden 35 neue Produktvarianten eingeführt.

• Einführung neuer Geschmacksrichtungen: 12 pro Jahr
• Verbraucherorientierte Produktentwicklung
• Digitale Innovation in Verpackung und Marketing

The Hershey Company (HSY) – Geschäftsmodell: Kundenbeziehungen

Treueprogramme und Prämien

Das Hershey Rewards-Programm bietet Mitgliedern:

• Punkte für Produktkäufe
• Exklusive Rabatte
• Geburtstagsbelohnungen

Programmmetrik	Daten für 2023
Mitglieder des Treueprogramms	1,2 Millionen
Durchschnittliche Punkteeinlösung	15,50 $ pro Mitglied
Jährliche Programminvestition	3,7 Millionen US-Dollar

Aktives Social-Media-Engagement

Soziale Plattform	Anhänger	Engagement-Rate
Instagram	2,1 Millionen	3.8%
Facebook	3,5 Millionen	2.9%
Twitter	850,000	1.5%

Kundenfeedback und Personalisierung

Jährliche Kundenfeedbackkanäle:

• Online-Umfragen: 125.000 Antworten
• Direktes E-Mail-Feedback: 87.000 Einsendungen
• Interaktionen in sozialen Medien: 62.000 Kommentare

Konsistente Markenkommunikation

Kommunikationskanal	Jährliche Touchpoints
E-Mail-Marketing	24 Kampagnen
Digitale Werbung	1.800 zielgerichtete Anzeigen
Personalisierte Empfehlungen	8,5 Millionen

Gemeinschaftliche und gemeinnützige Initiativen

Initiative	Investition 2023	Auswirkungen
Kakao-Nachhaltigkeitsprogramm	12,5 Millionen US-Dollar	37.000 Landwirte unterstützt
Gemeinschaftsbildungsstipendien	2,3 Millionen US-Dollar	89 Bildungsprogramme
Spenden der örtlichen Lebensmittelbank	1,7 Millionen US-Dollar	2,4 Millionen Mahlzeiten bereitgestellt

The Hershey Company (HSY) – Geschäftsmodell: Kanäle

Einzelhandelsgeschäfte und Supermärkte

Die Hershey Company vertreibt Produkte über mehr als 85.000 Einzelhandelsstandorte in den Vereinigten Staaten. Zu den wichtigsten Handelspartnern gehören:

Einzelhändler	Anzahl der Geschäfte
Walmart	4.742 Geschäfte
Kroger	2.742 Geschäfte
Ziel	1.948 Geschäfte

Online-E-Commerce-Plattformen

Zu den Online-Vertriebskanälen von Hershey gehören:

• Amazon.com
• Walmart.com
• Target.com

Online-Verkäufe repräsentieren 12.4% des Gesamtumsatzes des Unternehmens im Jahr 2023.

Direct-to-Consumer-Websites

Hershey betreibt Direktvertriebsplattformen, darunter:

• Hersheys.com
• Reeses.com
• Kisses.com

Großhändler

Händler	Jährliches Verkaufsvolumen
McLane-Händler	47,3 Millionen US-Dollar
SUPERWERT	36,8 Millionen US-Dollar

Internationale Exportmärkte

Hershey exportiert nach 75 Länder Zu den wichtigsten Märkten gehören:

• Kanada: 543 Millionen US-Dollar Jahresumsatz
• Mexiko: 276 Millionen US-Dollar Jahresumsatz
• Japan: 186 Millionen US-Dollar Jahresumsatz

The Hershey Company (HSY) – Geschäftsmodell: Kundensegmente

Kinder und Familien

Marktgröße für Kindersüßwaren: 4,2 Milliarden US-Dollar im Jahr 2023

Altersgruppe	Verbrauchsprozentsatz	Jährliche Ausgaben
Kinder (4-12)	38%	620 Millionen Dollar
Familien	52%	845 Millionen Dollar

Junge Erwachsene und Millennials

Zielgruppe: Alter 18–40

• Gesamtwert des Marktsegments: 3,7 Milliarden US-Dollar
• Kaufhäufigkeit: 2,4 Mal pro Monat
• Durchschnittliche jährliche Ausgaben: 275 $ pro Person

Liebhaber von Schokolade und Süßwaren

Verbrauchertyp	Marktanteil	Jährlicher Verbrauch
Premium-Schokoladenliebhaber	22%	1,6 Milliarden US-Dollar
Regelmäßige Schokoladenkonsumenten	65%	3,9 Milliarden US-Dollar

Geschenkartikel und saisonale Verbraucher

Saisonaler Marktwert: 2,5 Milliarden US-Dollar im Jahr 2023

• Einkäufe von Weihnachtsgeschenken: 780 Millionen US-Dollar
• Valentinstag-Segment: 420 Millionen US-Dollar
• Halloween-Süßigkeitenmarkt: 680 Millionen US-Dollar

Gesundheitsbewusste Verbraucher

Premium-Produktsegment für die Gesundheit: 1,2 Milliarden US-Dollar

Produktkategorie	Marktwachstum	Verbraucherpräferenz
Schokolade mit niedrigem Zuckergehalt	12.5%	35 % der gesundheitsbewussten Verbraucher
Dunkle Schokolade	8.3%	42 % der gesundheitsbewussten Verbraucher

The Hershey Company (HSY) – Geschäftsmodell: Kostenstruktur

Rohstoffbeschaffung

Gesamtkosten für die Beschaffung von Kakaobohnen im Jahr 2022: 1,15 Milliarden US-Dollar

Rohstoff	Jährliche Kosten	Prozentsatz der Gesamtkosten
Kakaobohnen	652 Millionen Dollar	32.4%
Zucker	287 Millionen Dollar	14.3%
Milch	214 Millionen Dollar	10.6%

Herstellungs- und Produktionskosten

Gesamtherstellungskosten im Jahr 2022: 2,01 Milliarden US-Dollar

• Betriebskosten der Produktionsanlage: 678 Millionen US-Dollar
• Gerätewartung: 214 Millionen US-Dollar
• Arbeitskosten: 512 Millionen US-Dollar
• Energieverbrauch: 186 Millionen US-Dollar

Marketing- und Werbekosten

Gesamte Marketingausgaben im Jahr 2022: 571 Millionen US-Dollar

Marketingkanal	Ausgaben	Prozentsatz des Marketingbudgets
Digitales Marketing	187 Millionen Dollar	32.7%
Fernsehwerbung	214 Millionen Dollar	37.5%
Print- und Außenwerbung	170 Millionen Dollar	29.8%

Forschungs- und Entwicklungsinvestitionen

Gesamtausgaben für Forschung und Entwicklung im Jahr 2022: 124 Millionen US-Dollar

• Entwicklung neuer Produkte: 68 Millionen US-Dollar
• Prozessinnovation: 42 Millionen US-Dollar
• Verpackungstechnologie: 14 Millionen US-Dollar

Vertriebs- und Logistikkosten

Gesamtvertriebskosten im Jahr 2022: 412 Millionen US-Dollar

Logistikkomponente	Jährliche Kosten	Prozentsatz des Verteilungsbudgets
Transport	218 Millionen Dollar	52.9%
Lagerbetrieb	124 Millionen Dollar	30.1%
Bestandsverwaltung	70 Millionen Dollar	17%

The Hershey Company (HSY) – Geschäftsmodell: Einnahmequellen

Verkauf von Einzelhandelsprodukten

Im Jahr 2023 meldete The Hershey Company einen Nettoumsatz von 11,2 Milliarden US-Dollar. Der Verkauf von Einzelhandelsprodukten über verschiedene Kanäle umfasst:

Vertriebskanal	Umsatzbeitrag
Lebensmittelgeschäfte	38 % des gesamten Einzelhandelsumsatzes
Convenience-Stores	22 % des gesamten Einzelhandelsumsatzes
Massenvermarkter	18 % des gesamten Einzelhandelsumsatzes
Drogerien	12 % des gesamten Einzelhandelsumsatzes

Großhandelsvertrieb

Der Großhandelsvertrieb erwirtschaftet einen Jahresumsatz von 4,5 Milliarden US-Dollar. Zu den wichtigsten Segmenten gehören:

• Großverkauf von Süßigkeiten an Einzelhändler
• Vertrieb von Verkaufsautomaten
• Foodservice-Großhandel

Internationale Marktexporte

Der internationale Umsatz erreichte im Jahr 2023 1,2 Milliarden US-Dollar, mit den Hauptmärkten:

• Kanada: 450 Millionen US-Dollar
• Mexiko: 280 Millionen US-Dollar
• Andere internationale Märkte: 470 Millionen US-Dollar

Saisonale und limitierte Produktlinien

Saisonale Produktumsätze:

Saison/Feiertag	Einnahmen
Halloween	600 Millionen Dollar
Weihnachten	450 Millionen Dollar
Ostern	380 Millionen Dollar
Valentinstag	250 Millionen Dollar

Lizenz- und Markenpartnerschaften

Details zu den Lizenzeinnahmen:

• Gesamter Lizenzumsatz: 120 Millionen US-Dollar im Jahr 2023
• Wichtige Partnerschaften mit Disney, Warner Bros. und Marvel
• Markenartikel und Co-Branding-Produktlinien

The Hershey Company (HSY) - Canvas Business Model: Value Propositions

You're looking at what The Hershey Company actually delivers to its customers right now, late in 2025. It's not just about the classic chocolate bar anymore; it's a full snacking strategy built on a few key pillars.

Affordable, nostalgic, and high-quality indulgent treats.

The core value proposition still hinges on that familiar, high-quality indulgence. You see this play out in their pricing strategy, which has been a major driver of growth. For the third quarter ended September 28, 2025, The Hershey Company reported that its North America Confectionery segment achieved net sales growth of 5.6%, largely supported by approximately 7 points of net price realization. This price realization, even as volume declined approximately 1 point, shows they are successfully passing on costs while maintaining the premium perception of their treats. Furthermore, their U.S. candy, mint, and gum (CMG) retail takeaway grew 21.8% for the 12-week period ending June 29, 2025, indicating strong consumer pull for their core offerings, even at higher price points. They are also using value-focused tactics, like the Everyday Multiples (EDM) bundle deal strategy, to encourage multi-unit purchases.

Diversified portfolio spanning chocolate, salty, and protein snacks.

The shift to a broader snacking company is evident in the segment performance data. The Hershey Company is actively balancing its traditional confectionery business with high-growth salty and protein categories. For Q3 2025, consolidated net sales hit $3,181.4 million, up 6.5% year-over-year, showing the combined strength of the portfolio. The North America Salty Snacks unit was a standout performer, posting a 10% increase in net sales and an 11% volume increase in that same quarter. This diversification is key to weathering volatility in any single category, like the cocoa market.

Here's a quick look at how the main segments contributed to that Q3 2025 momentum:

Segment	Q3 2025 Net Sales Growth (YoY)	Key Driver/Metric
North America Confectionery	5.6% increase	Volume declined ~1 point; Price realization ~7 points
North America Salty Snacks	10.0% increase	Volume increased ~11 points
International	12.1% increase	Volume increased ~6%; Price realization ~7 points

Better-for-you (BFY) options (Lily's, LesserEvil) for health-conscious consumers.

The investment in health-conscious snacking is now a material part of the revenue base. As of 2025, revenue generated from better-for-you snacks rose 12% year-over-year. Honestly, this category now accounts for 22% of The Hershey Company's total sales. The planned acquisition of LesserEvil, a producer of organic, clean-label snacks, is set to further bolster this commitment in late 2025. This focus helps capture the market where 68% of U.S. consumers prioritize snacks with "clean labels."

Seasonal and limited-edition product excitement (e.g., Reese's OREO Cup).

Innovation drives excitement and trial, which is crucial for maintaining relevance. The Reese's OREO Cup is cited as a top growth driver, with a robust pipeline extending into 2026-27. While the Halloween selling period got off to a "somewhat soft" start due to weather and timing, strong execution on innovation helps offset these seasonal fluctuations. The company is using new product launches to keep consumers engaged across its confectionery lines.

Wide availability and convenience across all retail formats.

You can find The Hershey Company's products almost everywhere you shop. Their chocolate is available in 60 countries worldwide. Domestically, they are pushing hard in convenience channels; for instance, their salty brands saw a 9.5% Year-to-Date sales increase in C-stores (convenience stores). To support this massive footprint, the company operates three large distribution centers utilizing modern labor management systems. This infrastructure is designed to ensure that when a consumer wants a treat, it's right there on the shelf.

The Hershey Company (HSY) - Canvas Business Model: Customer Relationships

You're looking at how The Hershey Company (HSY) keeps its massive customer base engaged, from the biggest grocery chains to the youngest TikTok users. It's a complex mix of high-volume automation and targeted, personal outreach.

Automated, high-volume transactional relationship with retailers.

The foundation of The Hershey Company's volume relationship is its deep penetration across traditional retail. This means a high-volume, automated transactional flow with major partners. The company maintains a significant presence in supermarkets, convenience stores, mass merchandisers, drugstores, and wholesale clubs. This scale necessitates efficiency, which was a focus area, especially following the 2024 ERP system implementation, which aimed to create a more efficient and flexible global chain network. The company's ability to drive sales growth through net price realization, seen in Q3 2025 with an approximate 7 points of net price realization in the North America Confectionery segment, relies on these smooth, high-volume transactions.

Dedicated sales teams managing key account relationships.

For the largest retailers, the relationship moves beyond simple transactions. Andrew Archambault, as President of U.S. Confection, leads brand and commercial strategies, execution, and P&L oversight, which inherently involves managing the most critical customer relationships. This dedicated management structure is crucial for negotiating shelf space and promotional displays, especially as The Hershey Company pushes for changes like moving more snack-size confections into stand-up bags. The company's focus on omnichannel integration suggests these teams are aligning execution across both physical and digital retail touchpoints.

Direct-to-consumer (DTC) engagement via Hershey's Chocolate World.

While the bulk of revenue flows through third-party retailers, direct engagement is a key relationship lever. The Hershey Company utilizes e-commerce platforms and its own website for DTC sales. The physical locations, like Hershey's Chocolate World, serve as high-touch brand experiences, though specific foot traffic or DTC revenue figures for late 2025 aren't public. The overall digital sales strategy is designed to meet changing consumer needs, focusing on seamless availability.

Social media marketing targeting Gen Z (e.g., Sour Strips).

Targeting younger consumers requires a different relationship style, one built on digital conversation. The acquisition of the chewy candy brand Sour Strips in November 2024 specifically targets this demographic by leveraging the brand's strong social media presence. This brand, known for its social media savvy, posted an impressive nearly 50% surge in total sales over the previous fiscal year (as of May 2025). As of June 2025, The Hershey Company executives, like Paige Walker, were presenting on how they turn social data into smart business decisions, showing active management of these digital relationships.

Loyalty built on over a century of brand trust and nostalgia.

The deepest relationship asset is brand equity, built over more than 125 years. This heritage is actively used in marketing, such as the relaunch of travel retail exclusives with new graphics that celebrate the company's American heritage to drive consumer engagement. This trust allows The Hershey Company to maintain strong consumer loyalty, which is evident in the salty snacks category where research shows 70% of consumers are loyal to their favorite multipacks. This long-standing trust helps offset current headwinds; for instance, in Q3 2025, volume declined by approximately 1 point in North America Confectionery, which was partially offset by price elasticity, suggesting brand loyalty helps absorb price increases.

Here's a snapshot of the retail landscape supporting these relationships:

Relationship Channel Focus	Metric/Data Point	Source Context Year
Salty Snack Multipacks Household Penetration	73.4% household penetration	2025
Salty Snack Multipacks Growth Rate (4-Year)	Up 14%	2025
Sour Strips Sales Growth (YoY)	Nearly 50% surge	2025
North America Confectionery Price Realization (Q3 2025)	Approximately 7 points	2025
Brand Heritage Tenure	Over 125 years	2025

Finance: draft the Q4 2025 customer acquisition cost analysis by next Tuesday.

The Hershey Company (HSY) - Canvas Business Model: Channels

You're looking at how The Hershey Company (HSY) gets its products-the chocolate bars, the salty snacks, the mints-into consumers' hands as of late 2025. This is all about the physical and digital pathways they use to move product from their plants to your shopping cart.

The core of The Hershey Company (HSY)'s distribution relies heavily on established, high-volume retail partners. This includes the mass merchandisers and large grocery chains, which are the backbone of their North America Confectionery segment sales. For the 12-week period ending September 28, 2025, the U.S. candy, mint, and gum retail takeaway across the multi-outlet plus convenience channels (MULO+C) saw a year-over-year increase of 5.4%.

The channel mix is critical, and you see the difference in growth rates between categories. For instance, the convenience stores (C-stores) and gas stations, which are part of that MULO+C figure, saw strong performance, though the salty snacks category within those channels grew even faster. For the 12 weeks ending September 28, 2025, The Hershey Company (HSY)'s U.S. salty snack retail takeaway in the multi-outlet plus convenience channels rose by 14.2% year-over-year.

The Hershey Company (HSY) also maintains a direct-to-consumer presence through e-commerce platforms and a company-owned online store. While specific revenue percentages for this channel aren't broken out in the latest reports, the company uses these platforms for offering exclusive bundles and personalized gifting options, helping control the brand experience directly. This digital push complements the traditional routes.

The structure of their sales across major segments in Q3 2025 clearly shows the scale of these channel operations:

Segment/Channel Focus	Q3 2025 Net Sales (Millions USD)	Year-over-Year Growth
North America Confectionery (Mass/Grocery/C-Store)	$2,615.6	5.6%
North America Salty Snacks (Mass/Grocery/C-Store)	$321	10%
International Retail (Key Growth Markets)	$244.8	12.1%

The International segment, which includes markets like Brazil and Mexico, is a key growth driver, with Q3 2025 net sales reaching $244.8 million, a 12.1% increase over the prior year. This international volume growth was approximately 6%, with Brazil showing double-digit growth.

The company's overall channel execution is tied to its financial guidance. For the full year 2025, The Hershey Company (HSY) raised its net sales outlook to approximately 3% growth. To support this scale, they forecast capital expenditures of $425 million for 2025. Furthermore, the company is actively managing costs across its supply chain, expecting its Agility & Automation Initiative to deliver $150 million in savings during 2025, which helps offset input cost pressures that affect pricing strategies across all channels.

The wholesale distributors and foodservice channels are integrated within these segment results, facilitating placement in non-retail locations. The overall consolidated net sales for Q3 2025 hit $3,181.4 million, reflecting the combined output of all these distribution methods.

You should keep an eye on the Q4 shipment timing, as volume increases in Q3 were partially due to a shift of shipments from the fourth quarter in Europe and Mexico, which is expected to reverse. That's a near-term channel risk to watch. Finance: draft 13-week cash view by Friday.

The Hershey Company (HSY) - Canvas Business Model: Customer Segments

You're looking at the core groups The Hershey Company targets to drive its sales across confectionery and its growing salty snacks portfolio. This isn't just about candy anymore; it's a multi-faceted approach to snacking.

The primary segment remains mass-market consumers seeking everyday and seasonal indulgence. This group drives the core business, as seen in the North America Confectionery segment, which reported net sales of $2,615.6 million in the third quarter of 2025, and $2,300.1 million in the first quarter of 2025.

A significant and growing focus is on health-conscious snackers. This segment now accounts for 22% of total revenue for The Hershey Company as of 2025, a notable increase from 15% in 2023. Revenue from better-for-you snacks saw a rise of 12% year-over-year in 2025. This aligns with the broader consumer trend, where 68% of U.S. consumers prioritize snacks with clean labels.

The Hershey Company also heavily relies on its wholesale and retail partners (B2B). These partners are crucial for distribution across various channels. For instance, in convenience stores (C-stores), confectionery promotions using the Everyday Multiples (EDM) strategy deliver a 56% average unit lift, and standard bars achieve a 92% promotional lift. The company maintains a 47% market share in snack size confections, a key area for retail shelf space.

Targeting younger consumers and Gen Z is being executed through strategic innovation and acquisitions. The acquisition of Sour Strips in late 2024 is specifically noted for boosting appeal among Gen Z shoppers. Furthermore, a limited-edition "Dubai chocolate" bar launch, priced at $8.99 with only 10,000 bars produced via GoPuff, directly targets this demographic, as roughly 85% of GoPuff users fall into the Gen Z category. For branded desserts overall, 63% of Gen Z consumers will choose a restaurant specifically for one they love, and 70% of Gen Zers are likely to return to a restaurant where they enjoyed a Hershey-branded dessert.

Here is a look at the market context for these segments:

Market Segment	2025 Valuation/Metric	Projected 2030/2035 Value	Projected CAGR
Global Candy Market (Valuation)	$73.4 billion	$97.6 billion (by 2030)	4.6% (through 2030)
Global Salty/Savory Snack Market (Valuation)	Approximately $250.5 billion (in 2021)	$386.8 billion (by 2030)	4.9% (through 2030)
Global Better-For-You Snacks Market (Valuation)	$32.7 billion (in 2024)	$70.3 billion (by 2035)	7.2% (through 2035)

The willingness to pay a premium by these younger consumers is quantifiable:

• One-third of Gen Z and Millennial consumers will pay between $0.50 and $1.50 more for a Hershey-branded dessert.
• The North America Salty Snacks segment margin reached 21.1% in the second quarter of 2025.
• The North America Salty Snacks segment margin was 15.1% in the first quarter of 2025.

The Hershey Company (HSY) - Canvas Business Model: Cost Structure

The Cost Structure for The Hershey Company is heavily weighted toward input costs and significant brand investment. You see this pressure acutely in 2025, especially with commodity volatility.

High variable costs for raw materials (cocoa, sugar, dairy).

The cost of goods sold remains a primary driver of expense, with cocoa being the most volatile input. To manage this, The Hershey Company hedges over 40% of its annual cocoa requirements to try and mitigate some of that price swing. For the latest twelve months ending September 2025, Cost of Sales was reported at $2.14B.

Significant manufacturing and logistics expenses.

Manufacturing and supply chain efficiency are key levers to offset input cost inflation. The company is actively pursuing productivity improvements, targeting approximately $150 million in savings from its Advancing Agility & Automation Initiative for the full year 2025, an increase from the previously stated $125 million goal. The longer-term goal is to achieve $300 million in productivity savings by 2026.

You can see a snapshot of the key cost components and projections here:

Cost Component	Latest Reported/Projected Value (2025)	Reference Period/Context
Cost of Sales (TTM)	$2.14B	Twelve Months ending September 2025
Selling, General & Admin Expenses (TTM)	$2.385B	Twelve Months ending September 30, 2025
Interest Expense (Projected)	$190 million to $195 million	Full-Year 2025 Outlook (as of Feb 2025)
Interest Expense (Projected)	$200 million	Full-Year 2025 Outlook (as of July 2025)
Capital Expenditures (Projected)	$425 million to $450 million	Full-Year 2025 Outlook
Full Year 2024 Cost of Sales	$5,901.4 million	Fiscal Year Ended December 31, 2024

Sales, advertising, and promotional spending.

Brand building is a substantial, ongoing cost. For the second quarter of 2025, advertising and related consumer marketing expenses jumped 35.5% compared to the same period last year. Overall Selling, marketing and administrative expenses increased 11.5% in Q2 2025 over Q2 2024, though expenses excluding advertising only rose 2.2%.

Capital expenditures for automation and capacity expansion.

The Hershey Company is investing in its future operational base. The projection for capital expenditures, including capitalized software, for the full year 2025 is set between $425 million and $450 million. This spending is intended to bring capital spending as a percentage of sales back to historical levels. For context, actual CapEx in 2024 was $605.9 million.

Debt servicing costs from recent note offerings.

Financing costs are clearly rising due to the general interest rate environment. The full-year 2025 interest expense is projected to be approximately $200 million, reflecting higher leverage and interest rates on note issuances. This compares to the actual interest expense of $174.3 million recorded for the full year 2024. Long-term debt stood at $3.49 billion at the end of 2024.

You need to watch that interest expense projection closely; it's a fixed commitment.

The Hershey Company (HSY) - Canvas Business Model: Revenue Streams

You're looking at how The Hershey Company actually brings in the money, which, as of late 2025, is still heavily weighted toward its core. The North America Confectionery sales remain the primary engine for revenue generation, which you can see clearly when you look at the third-quarter numbers.

Here's a quick look at the segment net sales performance for the third quarter ended September 28, 2025, compared to the prior year period:

Revenue Stream Segment	Q3 2025 Net Sales Amount	Year-over-Year Growth Rate
North America Confectionery	$2,615.6 million	5.6%
North America Salty Snacks	$321.0 million	10.0%
International Segment	$244.8 million	12.1%
Consolidated Total Net Sales	$3,181.4 million	6.5%

The North America Salty Snacks stream, which includes brands like SkinnyPop and Dot's, delivered robust growth in that same quarter. That segment posted net sales of $321.0 million, marking a 10.0% increase versus the third quarter of 2024. Honestly, that growth rate outpaced the core confectionery business for the quarter.

The International segment, while smaller in absolute terms, showed the strongest percentage growth rate in Q3 2025. Net sales for this stream increased by 12.1% year-over-year, reaching $244.8 million. Still, that segment reported a loss of $13.6 million in Q3 2025, showing profitability challenges despite the top-line acceleration.

When you look at the full-year expectations based on that Q3 momentum, management raised the guidance. The overall revenue picture for The Hershey Company for the full year 2025 is now projected at approximately 3% net sales growth, up from the prior guidance of at least 2%.

The complete set of revenue streams contributing to The Hershey Company's top line includes:

• North America Confectionery sales (primary stream).
• North America Salty Snacks sales (e.g., SkinnyPop, Dot's).
• International segment sales (Q3 2025 growth of 12.1%).
• Full-year 2025 net sales growth projected at approximately 3%.
• Licensing and royalty income from brand usage.