On October 25, Hershey Foods Corporation announced a sharp decline in revenue and earnings for its third fiscal quarter ended September 30, 1999. Consolidated net sales were $1.07 billion compared with $1.22 billion for the third quarter of 1998. Net income for the third quarter was $87.6 million, or $ 0.62 per share-diluted, compared with $107.5 million, or $ 0.74 per share-diluted, for the third quarter of 1998. Hershey Chairman and CEO Kenneth L. Wolfe blamed the poor showing on problems encountered since July, when the company switched over to new systems for customer service, warehousing and order fulfillment.
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