国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

US EUROPE AFRICA ASIA 中文
World / Reporter's Journal

Chocolate sales in China more a trick than a treat for Hershey

By William Hennelly (China Daily USA) Updated: 2015-06-22 12:21

 Chocolate sales in China more a trick than a treat for Hershey

Hershey's Kisses on display at food fair in Changzhou in 2012. Hershey's China sales have disappointed. [Provided to China Daily]

It looks like the Chinese don't have as big a sweet tooth as the Hershey Co believed.

On Friday, the Pennsylvania-based maker of Hershey's Kisses, Reese's Peanut Butter Cups, Kit Kat and Mr. Goodbar, among other rich confectionaries, cut its profit outlook and announced that it will trim 300 jobs. The reason given: slowing sales growth in China.

"Hershey chocolate growth was below expectations in April and May (in China)," the company said in a release on Friday. "As a result, the company has tempered its expectations for organic net sales and operating income growth.

"Macroeconomic challenges and trends are affecting consumer shopping behavior, resulting in continued softness within the China modern trade, particularly the tier one hypermarkets where the company generates the majority of its chocolate sales.

"Additionally, increased chocolate category competitive activity and the accelerated momentum of e-commerce and online purchases are impacting results and prolonging trade inventory destocking."

The company also said it was moderating its 2015 net sales expectation for the Shanghai Golden Monkey Food Joint Stock Co Ltd (SGM) acquisition. Hershey said that recent market visits with sales and distribution networks "have indicated that the slowdown in the economy is affecting many consumers, resulting in lower than expected retail velocities".

Chocolate sales in China more a trick than a treat for Hershey

Inventory is at greater than optimal levels, the company said. Hershey also is working with SGM representatives to reassess the value of the business, including the 20 percent of outstanding shares that Hershey is scheduled to acquire on the one-year anniversary of the initial close.

In an interview with China Daily last November, CEO J.P. Bilbrey said the acquisition of SGM, a privately held confectionary company, "gives us access now to over 1,000 distributors all across China and into small cities - including tier two and three cities".

"So when you think about the size of China, people's changing eating habits, imagine that there is an opportunity [that] the market will grow," Bilbrey said enthusiastically in November. "We see China as probably the most dynamic market anywhere in the world. We believe our business (by 2020) in China will be over $1 billion."

"They haven't been overly successful in terms of getting a handle on local tastes," Erin Lash, an analyst at Morningstar Inc who estimates that China accounts for about 5 percent of Hershey's sales, told Bloomberg.com. "It's a very difficult undertaking."

Hershey shares dropped 3.5 percent on June 19, closing at $89.04 on the New York Stock Exchange, just $1.16 from their 52-week low.

The job cuts Hershey announced will result in pretax charges of as much as $120 million, or 35 cents a share, mostly in cash.

Hershey's Kisses are more popular as gifts than for chomping on in China, but a deceleration in the economy made Chinese consumers cut spending even during the Lunar New Year holidays in February, Reuters reported. Hershey was banking that China would become its No 2 market behind the United States by 2017, and forecast sales of $450 million in the country this year.

Hershey's "disappointing performance" in China has left it ripe for potential shareholder activism, Philip Van Deusen, director of research at Tigress Financial Partners, told Reuters. But other analysts noted that 80 percent of the company's voting rights are held by the Hershey Trust, Reuters reported.

Financial pundit Jim Cramer posited on cnbc.com that the slowing chocolate sales, along with lower liquor sales and a drop in business at casinos in Macau, are connected to the Chinese government's efforts to curtail luxury spending.

"This all seems government led to me, not consumer led," Cramer said.

Contact the writer at williamhennelly@chinadailyusa.com

Trudeau visits Sina Weibo
May gets little gasp as EU extends deadline for sufficient progress in Brexit talks
Ethiopian FM urges strengthened Ethiopia-China ties
Yemen's ex-president Saleh, relatives killed by Houthis
Most Popular
Hot Topics

...
在线碰免费视频在线观看| 国产精品一区在线| 欧美激情成人在线| 日韩精品久久久久久久电影99爱| 久久超级碰碰| 99精品在免费线中文字幕网站一区 | 国产亚洲在线播放| 亚洲精品wwwww| 亚洲国产精品成人va在线观看| 欧美丰满一区二区免费视频| 欧美亚洲国产一区二区三区 | 成年人视频在线看| 邻家有女韩剧在线观看国语| 四虎国产精品永远| 日韩精品系列| 九一国产在线| www.亚洲免费| 日本美女高清在线观看免费| 免费大片黄在线观看视频网站| 亚洲免费视频一区二区三区| 免费在线观看黄| 国产在线二区| 超碰中文在线| 欧美黑人粗大| 国产精品美女午夜爽爽| 欧美97人人模人人爽人人喊视频| 91精品国产一区二区在线观看| 祥仔av免费一区二区三区四区| 国内欧美日韩| 亚洲专区**| 日韩黄色网络| 欧美日韩在线播放视频| 91蜜臀精品国产自偷在线| 亚洲成人一区| 亚洲乱码视频| 美腿丝袜亚洲三区| 国产91丝袜在线播放九色| www.久久精品| 国产精品日日摸夜夜摸av| 亚洲欧美韩国综合色| 亚洲图片欧美一区| 色综合色综合色综合色综合色综合 | 国产二区精品| 欧美日本一区二区视频在线观看 | a级免费视频| 国产福利图片| 在线看国产视频| 午夜在线视频播放| 欧美hdxxxx| free欧美| 一区二区三区亚洲变态调教大结局| 国产精品久久久网站| 欧美日韩国产传媒| 亚洲欧美综合| 日韩精品一二三区| 国产99久久久久久免费看农村| 久久在线免费观看| 一区二区三区欧美亚洲| 色网综合在线观看| 日韩欧美高清在线| 亚洲香蕉av在线一区二区三区| 美女av一区二区三区 | 欧美日韩一区二区三区视频播放| 欧美涩涩网站| 日本亚洲最大的色成网站www| 国产精品538一区二区在线| 97se亚洲国产综合自在线观| 1024成人网| 色综合 综合色| 日韩精品一区二区在线| 亚洲最新av在线| 8x拔播拔播x8国产精品| 国产精品入口麻豆免费看| 麻豆视频入口| 视频午夜在线| 成人av影院在线观看| 日韩午夜电影免费看| 亚洲欧美tv| 亚洲视频日本| 国产精一品亚洲二区在线视频| 久久精品人人爽人人爽| 亚洲国产aⅴ成人精品无吗| 欧美丰满少妇xxxxx高潮对白| 亚洲免费影视第一页| 欧美国产乱视频| 国产网站免费看| 国产成人午夜电影| 免费在线观看黄| 国精品产品一区| 精品国产欧美日韩| 亚洲欧美日韩国产一区二区| 岛国一区二区三区| 一区二区三区免费在线观看| 91精品国产黑色紧身裤美女| 色黄久久久久久| 性欧美videos白嫩| 大陆一级毛片| a级网站在线播放| 在线成人免费| 88国产精品视频一区二区三区| 免费精品视频最新在线| 久久精品视频网| 欧洲精品在线观看| 一级做a爰片久久毛片美女图片| 亚洲色图自拍偷拍美腿丝袜制服诱惑麻豆| 蜜桃狠狠狠狠狠狠狠狠狠| 日韩电影在线观看完整版| 国产精品yjizz视频网| 国产色噜噜噜91在线精品 | 国产美女在线观看| 亚洲人成777| 91精品久久久久久久久久不卡| 国产在线精品一区二区三区不卡| 日韩毛片在线免费观看| 欧美一区二区三区性视频| 欧美成人黄色小视频| 少妇与大狼拘作爱性a| 视频一区二区在线播放| 国产 日韩 欧美一区| 日本不卡高清| 韩国欧美国产1区| 一区二区高清在线| 亚洲成人精品在线| 影音先锋中文一区| 免费av高清| 国产精品一区二区日韩| 一区三区在线欧| 久久综合综合久久综合| 亚洲女与黑人做爰| 亚洲国产精品久久精品怡红院| 97视频在线观看播放| 天天干 天天插| 人人超在线公开视频| 欧美三级电影在线| 蜜臀av在线播放一区二区三区| 亚洲视频一二区| 亚洲国模精品一区| 欧美另类黑人巨大videos| 在线视频中文字幕久| 成人黄色免费短视频| 97精品国产| 不卡影院免费观看| 欧美午夜精品一区| 久久久在线观看| 国产毛片毛片| 自拍在线观看| 一本到12不卡视频在线dvd| av毛片久久久久**hd| 欧美日韩在线一区二区| 欧美国产中文字幕| 国产精品粉嫩av| 日韩成人影音| 在线看片一区| 国产精品美日韩| 日韩精品福利在线| 成人亚洲欧美日韩在线观看| 成年人视频在线免费观看| 国产精品久久久网站| 极品少妇一区二区三区精品视频 | 国产亚洲精品美女久久久久| 91嫩草香蕉| 成人在线播放免费观看| 在线成人动漫av| 国产精品羞羞答答xxdd| 日本二三区不卡| 久久久久久成人| 在线观看污污视频| 亚洲ww精品| 日本怡春院一区二区| 天天免费综合色| 久久国产色av| 91se在线观看| av日韩久久| 日本免费在线视频不卡一不卡二| 香蕉影视欧美成人| 精品自在线视频| 又黄又爽无遮挡| 国产成年精品| 蜜桃视频一区二区| 欧亚一区二区三区| 免费男女羞羞的视频网站中文字幕妖精视频| 在线一级观看| 精品丝袜久久| 从欧美一区二区三区| 这里是久久伊人| 欧美黑人xxxxx性受| 欧美私人网站| 99欧美视频| 中文字幕一区二区不卡 | 国产黄在线播放| 亚瑟一区二区三区四区| 播五月开心婷婷综合| 精品少妇一区二区三区在线播放| 国产精品人人| 538视频在线| 午夜国产一区| 亚洲一区二区三区在线播放| 久久99精品久久久久久琪琪| 在线中文字幕视频| 精品综合久久88少妇激情| 成av人片一区二区| 亚洲精品久久久久国产| 777丰满影院| 福利一区二区| 久久精品国产一区二区三| 欧美又粗又大又爽| 欧美a一片xxxx片| 日本动漫同人动漫在线观看| 激情综合视频| 懂色av中文一区二区三区天美| 777777777亚洲妇女| freemovies性欧美| 91亚洲国产高清| 亚洲欧美日韩国产手机在线| 欧美另类xxx| 国产一级片在线播放| 久久国产精品亚洲人一区二区三区| 中文字幕在线一区二区三区| 久久久黄色av| 国产资源在线观看| 天堂美国久久| 亚洲一区二区在线观看视频| 亚洲97在线观看| 国产视频在线播放| 最新亚洲一区| 日本韩国一区二区| 国内精品露脸在线视频播放| av在线中出| 日韩电影网1区2区| 欧美一个色资源| 18岁以下禁止观看的美女视频| 亚洲日日夜夜| 99久久99久久综合| 在线不卡国产精品| 在线免费观看h| 成人综合专区| 一区二区三区日韩欧美精品| 88xx成人精品| 青春草视频在线观看| 精品偷拍激情视频在线观看| 97福利电影| 奇米777国产一区国产二区| 久久久蜜桃精品| 日韩在线视频网站| 国产私人尤物无码不卡| 你懂的亚洲视频| 色哟哟欧美精品| 日日日日人人人夜夜夜2017| 亚洲18在线| 久久久久国产精品人| 久久九九有精品国产23| 97视频在线观看网站| 国产在线欧美| 欧美蜜桃一区二区三区| 美女福利视频导航| 成人性生交大片免费看96| 亚洲国产成人一区二区三区| 欧美寡妇偷汉性猛交| 羞羞污视频在线观看| 日韩电影在线免费观看| 精品福利在线导航| 波多野结衣av在线| 99久久综合| 日本道精品一区二区三区 | 一个人看免费www视频有多爽 | 国产一区二区三区四区老人| 在线观看日韩一区| www黄com| 岳的好大精品一区二区三区| 亚洲夂夂婷婷色拍ww47| 精品极品三级久久久久| 9.1麻豆精品| 国产精品网站一区| 亚洲图区综合网| 成人免费在线观看视频| 91亚洲国产成人精品一区二三| 欧美成人午夜激情| 男女在线视频| 国产精品一区三区| 日韩在线视频国产| av免费在线观看网址| 久久国产精品区| 中文字幕精品一区二区精品| 视频免费一区| 奇米综合一区二区三区精品视频| 亚洲欧美日韩区| а天堂8中文最新版在线官网| 亚洲美女网站| 亚洲成人免费网站| 欧美视频综合| 99国产精品99久久久久久粉嫩| 日韩精品专区在线影院观看 | 午夜欧美理论片| 51精品秘密在线观看| 性视频在线播放| 欧美日韩mv| 精品电影一区二区| 黑人与亚洲人色ⅹvideos| 久久一综合视频| 亚洲少妇激情视频| 国产一二区在线| 国产精品2024| 久久久久久国产三级电影| 黑人巨大精品欧美一区二区桃花岛| 久久综合久久综合久久| 成人综合社区| 精品国产亚洲一区二区在线观看| 亚洲欧洲中文日韩久久av乱码| 国产免费av网站| 日本成人7777| 色欧美乱欧美15图片| 久久久久久77777| 激情久久婷婷| 国产午夜精品久久久| 黄色网址在线免费播放| 国产精品影视在线观看| 欧美精品九九久久| 久久天天久久| 亚洲男人电影天堂| 免费网站你懂的| 日韩欧美1区| 日韩午夜三级在线| 福利片在线看| 国产一区二区网址| 97国产精品视频人人做人人爱| 国产亚洲人成a在线v网站| 亚洲情趣在线观看| 好色视频app| 小处雏高清一区二区三区| 日韩午夜三级在线| av在线日韩国产精品| 国产大陆精品国产| 9.1国产丝袜在线观看| 精品视频一区二区三区在线观看| 亚洲国产中文字幕| avtt天堂资源网| 在线亚洲伦理| www.亚洲一区| 亚洲精品555| 亚洲国产美国国产综合一区二区| 蜜桃特黄a∨片免费观看| 亚洲大黄网站| 精品国产区一区二区三区在线观看| 中文字幕资源网在线观看免费| 国产精品免费看片| eeuss影院www在线| 欧美黄污视频| 国产一区二区三区四区福利| 中文字幕不卡三区视频| 最新成人av在线| 香蕉521av成人网| 国产免费成人| 欧美区二区三区| 精品一区91| 欧美主播一区二区三区| 欧美在线一卡| 丁香激情综合国产| 久久精品亚洲牛牛影视| 久久精品国产68国产精品亚洲| 亚洲福利视频久久| 精品日韩av| 中文字幕综合网| 91在线精品| 日韩高清在线电影| 91av在线影院| 四虎影视精品| 欧美大片国产精品| 国内老司机av在线| 亚洲日本在线看| 免费激情网址| 国产制服丝袜一区| 青青久精品观看视频最新| 国产欧美日韩免费观看| 亚洲国产精品成人av| 三妻四妾完整版在线观看电视剧| 亚洲精品欧美激情| 白白色视频在线| 国产精品资源在线看| 免费观看欧美成人禁片| 久久精品国产www456c0m| 亚洲午夜精品久久久久久久久久久久| 欧美一级二级视频| 狠狠躁夜夜躁人人爽天天天天97| 日本aaa在线观看| 不卡视频在线看| 免费大秀视频在线播放| 国产亚洲精品久久久久婷婷瑜伽| 九九热最新视频//这里只有精品 | 91成人app| 在线免费一区三区| 在线观看免费黄视频| 久久久噜噜噜久久中文字幕色伊伊 | 99久久影视| 久久这里只有精品视频首页| 欧美久久亚洲| 日韩欧美国产综合| 最新欧美色图| 色88888久久久久久影院按摩 | 色在人av网站天堂精品| 婷婷精品视频|