Hershey's Ice Breakers grew over 8% at retail as its North America confectionery volumes fell 4%
On April 30, 2026, reporting first-quarter results, Hershey CEO Kirk Tanner said Ice Breakers retail sales rose over 8%, citing GLP-1 adoption as one tailwind. His wording puts the drug in a list of functional snacking tailwinds, so its share of the gain is unmeasured.
The Investor · Invest desk
Correction, : An earlier version presented Hershey's April 30, 2026 first-quarter results as recent and watched for a second-quarter report that has since been released. The story now dates the results and updates the watch list.
Protein bar sales jumped 17% in the first quarter. Ice Breakers retail sales rose over 8% in the first quarter. Hershey's North America confectionery volumes fell 5% in the fourth quarter of 2025, then 4% in the first quarter.
| Figure | Value | Note | Claim |
|---|---|---|---|
| Protein bar sales jump, first quarter | 17% | 11 | |
| Ice Breakers retail sales | 8% rise, over | 1 | |
| N. America confectionery volumes, Q4 2025 | 5% decline | Fell 4% in the following quarter | 7 |
What happened
- Hershey's North America confectionery volumes fell 4% in the quarter, following a 5% decline in the fourth quarter of 2025.
- Protein bar sales jumped 17%, and with mints and gum they helped lift quarterly revenue by more than 10%, CNBC reported.
- Hershey reiterated its annual sales and profit growth targets, and analysts said in April 2026 that the guidance implied a deceleration over the rest of the year.
- Shares were down more than 2% in morning trading on April 30, 2026, according to CNBC.
Why it matters
- What doesn't add up contradiction CNBC says Tanner did not specify why GLP-1 use lifts mint sales, while KSL attaches the Ozempic-breath explanation to the company; the remarks CNBC quotes do not contain it.
- Who's exposed exposure Hershey's core candy volume has a non-drug threat in the same quarter: lower-income households cutting spending and food stamp limits on sugary snacks, so the loser side is not pinned on GLP-1.
- Who has to decide decision Tanner called functional snacking "a small but mighty part of our growth" and promised innovation investment; with annual targets unchanged, no higher outlook is there to absorb that spending.
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Ice Breakers is Hershey's third-largest confection brand, behind Reese's and the Hershey name itself [2], and its "over 8%" first-quarter gain, reported on April 30, 2026 [1] [5], is a retail sales figure, a different measure from the volume figure Hershey gave for the confectionery segment [7]. The two cannot be netted against each other.
The quarter's upside came mostly from somewhere other than the top line. Net sales beat estimates by $70 million, or 2.3% [19], while adjusted earnings of $2.35 a share against $2.04 expected [10] was a 15.2% beat [20].
CNBC's summary line puts the 8% down to the GLP-1 trend [24], but Tanner's own sentence is more careful. "We've also seen strong demand for gum and mints, as the category benefits from functional snacking tailwinds, including GLP-1 adoption," Tanner said in pre-recorded remarks before the earnings call [6]. GLP-1 is one named item in that list. The causal chain people reach for runs from drug to dry mouth to mint: dental experts link the drugs to dry mouth [4], and some users report bad breath, though it is not an official listed side effect [3].
We think the evidence shows one winner, or rather one brand with a plausible link to a side effect, and no measured loser. The segment's volume decline has a second cause in the same quarter: lower-income households tempering spending on higher gasoline prices, and food stamp changes that restrict access to sugary snacks and candy [18]. That gives the weak candy volumes an explanation that does not involve the drugs. The Ice Breakers gain could owe more to price, promotion or distribution than to the drug. A retail sales figure does not include who bought the packs. The drugs could be a bigger drag on candy than the 4% suggests, with the food stamp changes a smaller one. Or Ice Breakers could keep growing above 8% until it is large enough to move segment results.
Peers describe different routes. Lindt said in March that US premium chocolate sales rose faster last year among people using the medication than among those who were not [14]. Peter ter Kulve, chief executive of The Magnum Ice Cream Company, said on the February earnings call that consumers using GLP-1s are dropping low-quality munching categories first, and that premium chocolate, premium ice cream and protein snacks could gain share in the overall snacking market as a result [16]. His company calls it "the premium treat substitution effect" [15]. Both are claims about what users buy instead of cheaper snacks, where the Ice Breakers case is about what they buy to manage the drug.
Salty snacks show how much one brand can carry. North America salty snacks organic volumes rose 5%, with a 20-percentage-point contribution from LesserEvil, which Hershey acquired last year [13]. Taken at face value, the remaining brands lost about 15 points [21].
We would revise the view if Hershey disclosed Ice Breakers dollar sales large enough to move the segment, or attributed any part of the confectionery volume decline to the drugs.
What to watch
- Hershey's third-quarter report and whether it gives Ice Breakers sales or a GLP-1 attribution.
- North America confectionery volumes after back-to-back declines of 5% in the fourth quarter of 2025 and 4% in the first quarter of 2026; a third decline would test whether mints and protein bars can offset it.
- Whether Hershey holds its annual targets given analysts' view in April 2026 that the guidance implied a slowdown.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence55
- Adoption
- Not scored
- Hype gap+30
- Incentives60
- Confidence65
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Tanner said retail sales of Ice Breakers, Hershey's third-largest confection brand, increased over 8% in the first quarter.
- [2]
Ice Breakers is Hershey's third-largest confectionery brand after Reese's and its namesake label.
- [3]
Some people who take medications like Ozempic, Wegovy and Mounjaro report bad breath, but so-called Ozempic breath is not an official listed side effect of the medication.
- [4]
Dental experts have linked the drugs to dry mouth, likely caused by dehydration and changes to saliva caused by the medication.
- [5]
Hershey reported its first-quarter 2026 results on Thursday, April 30, 2026, when CEO Kirk Tanner gave the Ice Breakers retail sales figure in pre-recorded remarks ahead of the earnings call.
- [6]
"We've also seen strong demand for gum and mints, as the category benefits from functional snacking tailwinds, including GLP-1 adoption," Hershey CEO Kirk Tanner said in pre-recorded remarks ahead of the company's earnings conference call on Thursday.
- [7]
Volumes for Hershey's North America confectionery segment fell 4%, following a 5% decline in the fourth quarter of 2025.
- [8]
Hershey reiterated its annual sales and profit growth targets, and as of April 2026 analysts said the guidance implied a deceleration in the remainder of the year.
- [9]
Hershey reported quarterly net sales of $3.10 billion, beating estimates of $3.03 billion, according to data compiled by LSEG.
- [10]
Hershey's adjusted earnings per share came in at $2.35, topping estimates of $2.04.
- [11]
The boost from breath-freshening mints and gum, plus a 17% jump in protein bar sales, helped Hershey's first-quarter revenue climb more than 10%.
- [12]
Hershey shares were down more than 2% in morning trading on April 30, 2026, the day it reported first-quarter results.
- [13]
Organic volumes in Hershey's North America salty snacks segment rose 5%, with a 20-percentage-point contribution from the LesserEvil brand, which Hershey acquired last year.
- [14]
Swiss chocolatier Lindt & Spruengli said in March that U.S. sales of premium chocolate rose faster last year among people using GLP-1 medication than among those who were not.
- [15]
The Magnum Ice Cream Company told investors that data suggests growing GLP-1 adoption will likely boost sales of its more expensive products, and called the trend "the premium treat substitution effect."
- [16]
"As consumers using GLP-1s are eliminating [the] low-quality munching categories first, categories like premium chocolate, premium ice cream and protein snacks could gain share in the overall snacking market," Magnum CEO Peter ter Kulve said on the company's February earnings conference call.
- [17]
"It (functional snacking) is a small but mighty part of our growth and you'll see the investment in innovation," said Hershey CEO Kirk Tanner.
- [18]
Packaged food makers are focusing on functional categories at a time when lower-income households are tempering spending due to higher gasoline prices and changes to food stamp benefits that restrict access to sugary snacks and candy.
- [19]
Net sales beat estimates by $70 million, or about 2.3% of the $3.03 billion estimate.
- [20]
Adjusted EPS beat the estimate by $0.31, or about 15.2%.
- [21]
If salty snacks volumes rose 5% with a 20-point contribution from LesserEvil, the rest of the segment implicitly lost about 15 points.
- [22]
CNBC reported that Tanner did not specify why increasing use of GLP-1 agonists fueled mint and gum sales.
- [23]
KSL reported that the company said GLP-1 adoption helped drive an 8% increase in Ice Breakers retail sales as users increasingly turn to mints and chewing gum to fend off Ozempic breath.
- [24]
CNBC's summary says sales of Hershey's Ice Breakers rose 8% in the first quarter due to the GLP-1 trend, Tanner said.
Sources
2 independent publishers whose own reporting we read for this story.
- cnbc.compromoting gum and mints
1 article · October 12, 2026
- Ozempic breath
ksl.com
1 article · October 12, 2026
Topics and entities
Topics
- Packaged food earnings
- Functional snacking
- GLP-1 drugs and food demand
Entities
- The Hershey Company
- The Magnum Ice Cream Company
- LSEG
- Lindt & Spruengli