Tootsie Roll Industries Inc., the Chicago-based candy maker, said its second quarter profit fell 18 percent, reflecting rising costs of distribution and ingredients — in particular, sugar.
The family-run manufacturer of Junior Mints and Dots reported net income of $8.5 million, or 15 cents a share for the three months ended July 3, down from $10.3 billion, or 18 cents a share, a year ago.
Sales fell 3 percent to $107.8 million.
The company, run by the taciturn Gordon family, has expanded in the past decade through acquisitions, buying Andes Candies from Brach Confections, and Fluffy Stuff Cotton Candy from O’Tec Industries. It also purchased the Canadian company Concord Confections, maker of Dubble Bubble gum.
Austrian immigrant Leo Hirshfield created the Tootsie Roll in 1896. The chocolate-flavored candy was named after his daughter.
