```html

Hershey's Sales and Earnings Hit by Reduced Chocolate Purchases

Declining Sales and Revenue Impact Financial Forecast

Hershey Co., a leading chocolate manufacturer, has recently reported a significant decline in its sales and earnings outlook for the current year. This announcement comes as shoppers increasingly opt for lower-priced chocolate options.

Financial Performance

Hershey reported a near 17% drop in quarterly sales, leading to revised annual profit and sales forecasts. The company's earnings per share (EPS) for the second quarter fell short of expectations, decreasing by 36.8% to $1.27 per share. Total sales reached $2.07 billion, a 16.7% decline compared to analyst estimates of $2.31 billion.

Market Reaction

The stock market reacted negatively to Hershey's financial performance. HSY, traded on the New York Stock Exchange (NYSE), saw a sharp decline in early trading after the announcement. The stock's value fell slightly further after the release of the company's earnings report, indicating investor concern over the company's financial outlook.

Consumer Trends

The decline in Hershey's sales is attributed to changing consumer preferences. Shoppers are increasingly opting for lower-priced chocolate brands, reflecting a shift in spending habits amidst inflationary pressures. This trend has negatively impacted the sales of higher-priced chocolates, such as those produced by Hershey.

Industry Implications

Hershey's financial performance highlights the challenges faced by the chocolate industry. As consumers prioritize affordability, chocolate manufacturers may need to adapt their product offerings and marketing strategies to cater to changing demand patterns.

```