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Consumers are continuing to stock Campbell Soup Company’s (NYSE:CPB) products in their pantries even as states begin to reopen their economies, according to CEO Mark Clouse.
What Happened
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Campbell saw robust sales of food and snacks as millions of people were ordered into lockdowns to contain the COVID-19 pandemic.
Referring to IRI data showing a boost in sales of more than 50% during the peak of the pandemic for Campbell brands such as Pepperidge Farm and Snyder’s of Hanover, Clouse said, “If you go deeper down that [IRI] list, you’re going to see some soup numbers that are right around 20%, and that is the first week of June, traditionally, perhaps, not the time where you’re seeing that kind of growth.”
Clouse attributed the increased sales to consumer “behaviors that were built in last several months,” which have the “real potential to continue to provide a catalyst for improved results.”
Why It Matters
Even though all 50 states have emerged from lockdowns, nearly half of the states have reported a rise in new infections, according to CNBC.
Clouse claims that pantry loading has not fully spiked in countries that are still seeing a rise in infections and the soup company was getting ready to meet demand should it arise.
He said, “Although we haven’t seen a dramatic shift back into that early pantry loading, we are trying to do the best we can to be ready for whatever may unfold here in the next couple months.”
Price Action
Campbell Soup shares traded 0.66% higher at $48.70 in the after-hours session on Monday. The shares had closed the regular session 2.78% higher at $48.38.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.