Oreo Maker Will Keep Cookies Cheap Until Cocoa Prices Settle [BNN Bloomberg (Canada)]
Evercore Inc. Class A (EVR)
Last evercore inc. class a earnings: 4/22 06:00 am
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Source: BNN Bloomberg
“My most probable scenario into next year is that costs will come down,” Chief Financial Officer Luca Zaramella said during a virtual conference hosted by Evercore ISI. The comments come as investors increasingly fear that surging commodity prices could end up destroying demand. Cocoa prices have more than doubled this year as bad harvests in top growers Ivory Coast and Ghana created a massive global shortage. Zaramella said part of the Chicago-based company's strategy will be assessing where cocoa prices will land in order to buy at lower levels. Still, there could be a temporary gap between elevated cocoa costs and affordable chocolate prices to consumers, he added. “The name of the game for us is — particularly in a context where we believe chocolate costs will come down — to go through a potential temporary dislocation and protect volume and share as much as possible,” he said. ©2024 Bloomberg L.P. Top Picks Top Stories Pembina nears investment decision for US$4 bil
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