Hershey's sales flat with an early Easter

HARRISBURG, Pa. — Hershey's first quarter wasn't so sweet, with the nation's largest candymaker reporting that sales remained flat, profits fell by a third and results missed analyst expectations.

The Hershey Co. said Thursday it was hurt by an early Easter holiday and the discontinuation of one of its mint lines, Ice Breakers Pacs, as dairy and cocoa costs continue to rise and it increases promotional spending in an effort to revive foundering sales. Hershey in February said it plans to put a distribution center in Ogden, with construction beginning this spring.

The Hershey, Pa.-based maker of Hershey's Kisses and Reese's said it earned $63.2 million, or 28 cents a share, for the three months ended March 30. That compares with last year's first-quarter profit of $93.5 million, or 40 cents a share.

Hershey shares fell 48 cents, or 1.4 percent, to close at $34.75 Thursday.